Toro Co.'s R&D Property North Of Denver Sells For $11M: The Denver Deal Sheet
Bear Peak Development sold a 30K SF industrial property in Frederick that houses the research and development operations of The Toro Co., a Fortune 500 maker of outdoor maintenance equipment.
The property at 4160 Busch Place sold for $11.4M, or about $381 per SF. It is also home to Owl Offroad, which makes and sells gear for adventure vans.
Pinnacle Real Estate Advisors’ Peter Sengelmann and Paul Schneider represented Bear Peak. The buyer wasn't disclosed.
Toro opened the Frederick location in 2024 after being awarded more than $500M in job-growth tax incentives from the Colorado Economic Development Commission.
Sengelmann said the property drew strong interest from a broad mix of investors, but ultimately the team focused on private capital to achieve better pricing. Pinnacle secured a buyer and closed in 92 days at 98% of the list price.
SALES
A 2K SF freestanding Starbucks drive-thru at 1835 W. 120th Ave. in Westminster sold for $2.1M. Elizabeth Morgan, Cody Stambaugh and Kyle Moyer of Pinnacle Real Estate Advisors represented the buyer, Surreal Holdings LLC, while David Wirgler of Northmarq represented the seller. The property is leased to Starbucks under a long-term, single-tenant net lease.
***
A 12K SF office building at 6855 W. 119th Ave. in Broomfield sold for $1.9M. Pinnacle Real Estate Advisors’ Mark Alley represented the unnamed buyer and seller in the transaction.
FINANCING
Mesa West Capital has provided an affiliate of Crow Holdings Capital with $52M in short-term, floating-rate debt to refinance Canyon Reserve at the Ranch, a 17-building, 256-unit garden-style community in Westminster. Built in 1984 and repositioned in 2022, the property is at 2890 W. 116th Place.
THIS AND THAT
The owners of Michelin-recommended Restaurant Olivia are launching Dear Emilia, an Italian eatery inspired by the Emilia-Romagna region. The 3,700 SF restaurant is slated to open in late 2025 or early 2026 on the ground floor of The Current at 3615 Delgany St. in the River North Art District.
***
Developers in Denver will no longer be required to include a set number of parking spaces in most new projects after the city council voted to eliminate the city’s parking minimums.
The change removes rules that previously tied parking requirements to zoning and project type — such as one space per apartment unit or four per 1K SF for restaurants — with some exemptions already in place for downtown buildings, single-family homes and accessory dwelling units.
***
Denver-based Forum Investment Group’s Real Estate Income Fund has surpassed $300M in net assets. Launched in 2019, the interval fund invests in a mix of public and private real estate debt, targeting high income potential with lower volatility.
