Aurora Shopping Center Sells For $16M: The Denver Deal Sheet

Aurora Plaza, a 115K SF shopping center in Aurora, has been sold for $16M to Sidford Capital. JLL Capital Markets arranged the sale on behalf of the seller.

The 10.6-acre property at 15001-15293 E. Mississippi Ave. is 80% leased and sits at an intersection that sees more than 88,000 vehicles daily. Built in 1982 and renovated in 2001, the plaza includes tenants like Hero Dental, Kid to Kid, Rent-A-Center and Domino’s Pizza, and it is situated near national retailers such as King Soopers, Walmart and Best Buy.

JLL’s Jason Schmidt and Austin Snedden led the sales team.

SALES

Golub & Co. and Altre acquired Aurum, a 165-unit multifamily property at 18475 W. Colfax Ave. in Golden. Terms weren't disclosed. Built in 2022, Aurum features studios to three-bedroom units, shared kitchens and coworking areas on every floor. The deal expands Golub’s Mountain West portfolio, which includes Denargo Market in RiNo.

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Sprucewood Apartments, a 17-unit property at 3305 S. Clarkson St. in Englewood, sold for $2.8M, or roughly $165K per unit. The value-add asset traded at a 6.24% cap rate. Pinnacle Real Estate Advisors’ Robert Lawson represented the seller, while Chris Knowlton represented the buyer.

FINANCING

Marcus & Millichap Capital Corp. arranged $4.6M in financing for the acquisition of a 42K SF industrial marijuana cultivation facility at 1955 S. Quince St. in Denver. Despite cannabis tenancy and the asset’s specialized use, MMCC’s Dean Giannakopoulos sourced high-leverage debt from a life insurance company, a rare move for a traditionally risk-averse lender in this sector.

CONSTRUCTION AND DEVELOPMENT

Ryan Cos. and PGIM Real Estate completed Northwest Commerce Center, a two-building, 343K SF, Class-A industrial development in Broomfield’s Verve Innovation Park. The project offers 32-foot clear heights, 68 dock doors, 22 trailer stalls and 4,000-amp power. JLL’s Carmon Hicks, Patrick McGettigan and Jason White are handling leasing.

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Denver City Council approved a rezoning for 16 acres at The Shops at Northfield, allowing up to 1,500 residential units. The site, owned by Stockdale Capital Partners, sits at 8430 Northfield Blvd. and includes a 21K SF commercial building and surface parking. Plans call for townhomes of up to five stories and mixed-use buildings of up to eight stories, with a focus on walkability and neighborhood vibes.

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Defense giant Northrop Grumman opened a 100K SF integration facility in Englewood to expand delivery of its mobile and fixed-ground systems. The Highfield Integration Facility adds to the company’s 1M SF Colorado footprint and will support technologies used in space surveillance, missile defense and tactical military operations in low-connectivity environments.

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A concept plan submitted to the city proposes a 673-foot spiral observation tower in downtown Denver, just off the 16th Street Mall, the Denver Business Journal reported. The tower would rise at 1546 California and 1555 Welton streets — currently a surface lot — and become the city’s fourth-tallest structure.

Submitted by Ephraim LLC, an entity tied to NAI Shames Makovsky, the early-stage proposal includes minimal detail but shows a futuristic design with either a globe or pinwheel-shaped crown.

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Formativ has broken ground on a 310-unit multifamily development at 3850 Blake St. in RiNo, directly across from the 38th & Blake A-Line station. The project is the first of three on a multiparcel site Formativ plans to build out over five years, totaling more than 600 units, 15K SF of retail and a hotel. Nearly 70% of units will be priced for renters earning less than 100% of the area median income. Davis Partnership is the architect, and The Weitz Co. is the general contractor. JLL arranged financing through CIBC Bank USA.

THIS AND THAT

The long-shuttered La Vista Motel at 5500 E. Colfax Ave. is being revived this fall and will include a new twist: El Piñon, a dual coffee shop and cocktail bar. Servant Coffee will handle daytime brews, while Ephemeral Rotating Taproom’s Weston Scott will lead the nighttime drinks program.

Owner Nathan Beal purchased the 1950s-era 10K SF property in 2022 for $1.8M and is renovating it into a modernized, touchless 23-room motel. El Piñon will include 1K SF of outdoor patio space for guests and neighbors. Renovation costs are estimated between $2.5M and $3M.