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AUGUST 3-AUGUST 16, 2016 Simpson buys LoDo/Ballpark apartments Inside by John Rebchook Denver-based Simpson Housing recently purchased two prized apartment com- munities in the LoDo/Ball- park area of downtown Den- ver. Simpson Housing beat out numerous other potential ‘Sea’ change buyers and paid $81.9 mil- lion, or $362,389 per door, for 6 Seagate continues its Colorado the 226-unit TwentyOne|01 buying spree with the $46.6 million apartment community at purchase of One Belmar Place 2010 Market St. As part of the same trans- action, Simpson also paid $62 million, or $378,048.78 Stabilized per unit, for the 164-unit Bat- tery on Blake Street build- 14 A medical office building in ing, which incorporates the Louisville trades for $5.8 million former Piggly Wiggly ware- house at 22nd and Market streets into the rental com- munity. The seller was the Phoenix- Shown is the TwentyOne|01, one of the two properties recently purchased by Simpson Housing. based Alliance Residential Group. our excellence in customer es within walking distance,” sale, expects that Simpson It bought and developed service to our residents,” said O’Connell said. will spend about $10,000 per TwentyOne|01 in 2008 and Sharon O’Connell, a senior “We look forward to con- unit on the building, basically developed what it had called regional vice president at the tributing to and being part of a block from Coors Field. the Broadstone on Blake Simpson Property Group. the Ballpark neighborhood,” “What is interesting is that Street in 2015. “At TwentyOne|01 and she added. the Piggly Wiggly site is a That building includes a The Battery on Blake Street, Simpson already has started true value-add property and bowling alley. residents can experience upgrading TwentyOne|01. the other one is a brand-new, Second course “We are excited about our extraordinary living, while Terrance Hunt, part of the turnkey development,” Hunt 15 expansion in the Denver mar- having an array of conve- ARA Newmark team that The new owner of the only turnkey ket and are eager to extend niences and urban experienc- represented Alliance in the Please see Simpson, Page 12 restaurant building on Fort Collins’ Harmony Road corridor knows the property well Swiss investment manager acquires site Fastened up by Jill Jamieson-Nichols 2015, almost half of its invest- ment, Partners Group as the high quality of life the A global investment man- ments on behalf of interna- employed approximately 150 state offers to our employ- 20 HFF secures $39.45 million ager that announced earlier tional clients were made in people in the Americas and ees,” David Layton, partner in construction and preferred equity this year it would build a North America. said, given the pace of growth and co-head of private equity, of its North American busi- who will relocate from New financing for an apartment North American headquar- In March, it said it would ness, it expected to broaden York to lead the Americas community in Brighton ters in Denver acquired 25.12 build a headquarters in the its U.S. team, with the Colo- headquarters, said back in acres in Interlocken Advanced Denver area to support con- rado campus serving as its March. Technology Environment, tinued growth of its Ameri- main base for that expansion. “Denver is one of the according to public records. cas operations. The “pur- pose-built” campus, Partners Partners Group will main- fastest-growing cities in the The buyer, Partners Group tain significant offices in New U.S., with a highly educated CONTENTS Colorado Propco LLC, lists Group said, will be capable of accommodating several hun- York, Houston and Sao Paulo, workforce, and it is becoming Metro Denver 4 Colorado Springs 17 the same address as the Den- but said once the Colorado a magnet for talented pro- Multifamily 6 Law & Accounting 18 ver office of Partners Group, a dred employees over time, with the first phase to be com- campus is complete, it will fessionals who are seeking Retail 8 Finance 20 Switzerland-based company pleted in 2018. gradually relocate its San dynamic careers outside of Industrial 10 CDE 22 with locations around the Francisco operations here. the typical financial centers. world. It paid $7.11 million “Our intention is to build a Office 13 EDC 31 hub for our Americas activi- “With clients and invest- In Colorado, we will create Boulder County 14 Profile 32 for the land at 1200 Eldorado ments located across the U.S., a unique campus culture at Blvd., according to Broom- ties in the same way that our Larimer & Weld Counties 15 Who’s News 32 headquarters in Zug, Switzer- we chose Colorado because the heart of our Americas field County records. of its central location, as well business.”s A Partners Group spokes- land, and our Singapore office woman said the company serve as hubs for Partners In this issue… wasn’t commenting on the Group in Europe and Asia,” acquisition. The seller was Dr. Charles Dallara, partner CC Interlocken Inc., an affili- and chairman of the Ameri- ate of Miami-based Courte- cas, said in a March 15 press lis Co., which didn’t return a release. “We will invest a sig- phone call. Newmark Grubb nificant amount of time and Knight Frank Executive Man- resources into building our aging Director David Hart, Colorado campus, which is a who handled the transaction, reflection of our commitment declined comment. to the Americas. We believe Site secured Partners Group has more Colorado is a great fit for Part- than $50 billion in investment ners Group and are excited to Edgemark Development LLC recently acquired a high-profile programs under management be able to offer our employees site in Glendale to develop its second self-storage project and in private equity, real estate, the option of working there.” a retail pad. (See story on Page 4) infrastructure and debt. In At the time of the announce- Page 2 — COLORADO REAL ESTATE JOURNAL — August 3-August 16, 2016 August 3-August 16, 2016 — COLORADO REAL ESTATE JOURNAL — Page 3 Page 4 — COLORADO REAL ESTATE JOURNAL — August 3-August 16, 2016 Metro Denver Edgemark plans self-storage, retail for busy Glendale corner by Jill Jamieson-Nichols mendous improvement” for part of how we live. We believe provide that amenity in a conve- first, which is located at East A long-vacant restaurant the highly trafficked corner the residents of Glendale and nient location,” said McNealy. Hampden Avenue and South building on a prominent corner of South Leetsdale Drive and Cherry Creek need more stor- The building will be Edge- Yosemite Street in Denver. The in Glendale will be demolished South Birch Street, said Brad age options and feel this loca- mark’s second self-storage facil- to make way for new develop- McNealy, Edgemark Devel- tion presents an opportunity to ity and will be similar to its Please see Edgemark, Page 12 ment. opment managing principal. Edgemark Development LLC Edgemark Self Storage will will develop a 4-story, climate- comprise just over 700 units. controlled self-storage facil- “We feel self-storage is an ity and 32,000-square-foot retail amenity that every commu- pad on 2.5 acres at 320 S. Birch nity should make available St. The development also will to its residents. As lifestyles house a 29-space parking lot. change, self-storage has The project will be a “tre- become more of an integral Highlights HomeAdvisor to move thrilled to be laying roots to ‘Hub’ in River North in the up-and-coming RiNo district,” said Chris Terrill, HomeAdvisor will relocate HomeAdvisor CEO. “Not its headquarters to the Hub only does the area embody at 3601 Walnut St. in Den- the enterprising spirit long ver’s River North area. celebrated within HomeAd- The Golden-based compa- visor, but it’s also undergoing ny will move approximate- a revitalization that offers an ly 300 employees to 58,000 active cultural scene along square feet of office space in with convenient public tran- the building in early 2018. sit and walkability.” HUB Development LLC is The Colorado Economic developing the mixed-use Development Commission building, which also will approved job growth incen- include retail space and a tive tax credits for the com- hotel. pany of up to $14 million The Hub will be located over the next eight years across from the 38th and based on employee growth Blake commuter rail station. in Colorado. HomeAdvisor “As the largest digital currently employs more than company in Colorado, we’re 1,200 people in the state.s The 320 S. Birch St. mixed-use development will include a self-storage facility, retail pad and parking. When it seems you need to move a mountain… 1600 Stout Street, Suite 1330, Denver, CO | 80202 | 303-623-1148 | www.crej.com Jon Stern Publisher & Founder x 101 [email protected] SUBSCRIPTIONS Jill Harris x103 [email protected] Published semi-monthly, the first and third week of each month. Subscriptions include the CREJ eNewsletter, digital edition and archives, Office Properties Quarterly, Multifamily Properties Quarterly, Retail Properties Quarterly, Property Management Quarterly, Health Care Properties Quarterly, Land & Development Quarterly and Building Dialogue magazine. Subscription rates: $85 one year; $155 two years. Single issue $4; back issues $5. Subscriptions are nonrefundable. SECTION EDITORS Jill Jamieson-Nichols x107 [email protected] Boulder County & U.S. 36 Corridor; Larimer & Weld Counties; Metro Denver: Office, Industrial, Hotel John Rebchook 303-945-6865 [email protected] Finance; Metro Denver: Multifamily, Retail; Western Slope/Mountain Towns Jennifer Hayes x106 [email protected] Colorado Springs/Southern Front Range; Contributed Expert Articles; Who’s News; EDC; Law & Accounting Kris Stern x109 [email protected] Construction, Design & Engineering QUARTERLIES EDITORS Michelle Askeland x104 [email protected] Multifamily Properties Quarterly Office Properties Quarterly Property Management Quarterly Retail Properties Quarterly Jennifer Hayes x106 [email protected] Health Care Properties Quarterly Land & Development Quarterly BUILDING DIALOGUE PUBLISHER & EDITOR Kris Stern x109 [email protected] PRODUCTION/GRAPHIC DESIGN: Jennifer Steidley 720-272-5902 [email protected] We’re here to help.