This Week's Denver Deal Sheet: Quinlan Enters Denver Area With $32.5M Multifamily Buy

New York-based Quinlan Development Group entered the Denver market, partnering with local Leetsdale Acquisition Partners to purchase the 197-unit Atrii Apartments in Glendale for $32.5M. The deal was a short sale at a $17.1M discount from its previous sale price in 2021, according to a release from the companies.

Built in 1974, the property at 5100 Leetsdale Drive includes 141 one-bedroom and 56 two-bedroom units. Ownership plans a significant rebrand and upgrades to interiors, common spaces and amenities. Urban Phenix will manage the property.

“We are very excited to expand our operations into the Denver market, a region that continues to experience strong job and population growth, and one that we have been looking to invest in for some time,” Quinlan Development principal Tim Quinlan said in the release.

CBRE’s Andy Hellman and Justin Hunt represented the seller.

SALES

MMG closed the $16.3M sale of The Emerson at Olde Town, a 35K SF multifamily townhome property in Arvada. The community includes 20 two-bedroom and four three-bedroom units, all with rooftop decks and two-car garages. MMG’s Adam Riddle, Austin Smith and Jason Koch represented the seller. The buyer was an out-of-state 1031 exchange investor.

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Pinnacle Real Estate Advisors brokered the $2.3M off-market sale of an 8K SF retail strip center at 1697 Coalton Road in Superior. Pinnacle’s Levi Saxen and Jack Eberwein represented both the buyer and seller.

LEASES

Langan Engineering & Environmental Services leased 5K SF at Paradigm River North, a recently completed office building in the River North Art District. Rockefeller Group, co-developer of the property, leased 6K SF for its Rocky Mountain region headquarters.

Both tenants join anchor Davis Graham, which occupies 80K SF. Newmark’s Jamie Gard and Jeff Castleton represented Paradigm River North, while CBRE’s Hadley Cox and Drew Thomas brokered Langan’s lease.

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CDMM Corp. and A2M4SEEN LLLP renewed a 42K SF industrial lease at Enterprise Business Center at 9600 E. 40th Ave. in Denver. Newmark’s Mike Wafer, Mike Viehmann and Mike Wafer Jr. represented landlord United Properties. Cushman & Wakefield represented the tenant.

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Childs McCune LLC signed a new 12K SF office sublease at Wells Fargo Center, at 1700 Lincoln St. in downtown Denver, from prior tenant Fennemore Craig. Newmark’s Sam Depizzol and Ben Klimesh represented the landlord. Cushman & Wakefield represented Childs McCune.

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Transact Bank NA extended its 12K SF office lease at 700 17th St. in Denver. Newmark’s Sam Depizzol and Ben Klimesh represented the tenant. JLL represented landlord Transwestern as receiver.

FINANCING

CrossHarbor Capital Partners provided a $21.5M senior loan to refinance The Point, a two-building, 195K SF Class-A industrial park at 8039 Chambers St. in Englewood. Developed in 2024 by a joint venture of CenterSquare Investment Management and Denver-based Quannah Partners, the 15-acre site is currently leasing. Deal terms weren’t disclosed.

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Marcus & Millichap Capital Corp. arranged $15.9M in construction financing for The Jasper, a 34-unit multifamily project with 3K SF of ground-floor retail at 4353 Tennyson St. in the Berkeley neighborhood. The deal included $13.8M in debt financing and $2M in preferred equity on behalf of local developer First Stone Development. The nonrecourse loan carries a two-year term.

THIS AND THAT

St. Louis-based Intelica expanded its Colorado portfolio by acquiring Compton Dando, a Denver property management firm overseeing 823K SF and 317 tenants. This marks Intelica's third acquisition in Denver since 2021, increasing its total Denver holdings to 7.7M SF under management. Compton Dando founder David Lutes will remain as a consultant. Terms of the deal weren't disclosed.

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The Mercury Cafe has closed. Dom Garcia and Ashlee Cassity, also owners of lesbian speakeasy Pearl Divers, leased the iconic spot at 2199 California St. 

Pearl Divers will close, with Garcia and Cassity reopening The Mercury Cafe as "The Pearl" by late March. The operators said in a social media post that they plan to honor the Mercury's legacy as a Denver LGBTQIA+ gathering place. The Mercury Cafe first opened in 1975 and moved into the California Street location in 1990.