November 19-December 2, 2014 —
COLORADO REAL ESTATE JOURNAL
— Page 39
Michael Burnaz
joined the
Laramar Group
as vice presi-
dent of construction.
In his new role, Burnaz is
responsible for day-to-day
operations and is strategic
director for the Laramar Con-
struction Services Division to
include due diligence, value-
add, rede-
velopment
and capital
projects.
Burnaz
joined the
Laramar
Group from
Roy Jor-
gensen Asso-
ciates, where
he served
as national director of facility
management and was respon-
sible for daily operations and
overall direction of the main-
tenance/construction division.
In addition to Roy Jorgensen
Associates, Burnaz has served
as project manager for Avalon
Bay Communities, corporate
director of construction/facility
services for Vintage Senior Liv-
ing, regional service manager
for Archstone and was respon-
sible for code and neighbor-
hood services with the city of
Moreno Valley, California.
A former U.S. Marine and
Army reservist, Burnaz has
a bachelor’s degree in busi-
ness from the University of
Phoenix and is a licensed gen-
eral contractor in the state of
California.
s
Rowland+Broughton Archi-
tecture and Urban Design
added five new team members.
Mark Bever, LEED AP,
joined
as Level 3 designer,
Maria
Cook
as executive assistant,
David de L'Arbre
as office
concierge,
Ralph "Mitch"
Mitchell
as project architect
and
Michelle Kiese
as interior
designer.
In addition,
Caitlyn Gem-
barowicz
has been promoted
from office concierge to market-
ing communications manager
and
Delvon Nemechek, AIA,
LEED GA,
has passed the Archi-
tect Registration Examination.
Bever joined the Denver
office after most recently
being owner-designer at MBD
Designs, providing construction
documents, as-built drawings
and consulting services for new
construction and remodels. He
also recently provided similar
services on a contract basis
for Theodore K. Guy Associ-
ates PC, where he spent four
years as an intern architect.
Bever received his Bachelor of
Environmental Design from the
University of Colorado Boulder.
Cook joins the firm’s Aspen
studio, providing administra-
tive support to studio princi-
pals and collective architect,
design and marketing team
members and studio event
coordination. Most recently, she
worked as director of events
and sponsorships at Aspen 82
TV in Aspen. Previously, she
worked as a freelance execu-
tive assistant specializing in the
real estate field in Aspen and
Denver.
De L’Arbre also joined the
Aspen studio, where his
responsibilities will include
organizational administration,
project management sup-
port and office management.
Most recently, he worked in
the public programs depart-
ment for Aspen Institute as a
logistics coordinator. Prior to
that he was at Anvil Builders
Inc. in San Francisco, where he
managed projects from under-
ground utilities to high-end
tenant improvement for public-
sector clients. He received a
Bachelor of Arts degree from
Princeton University.
Mitchell joined the Aspen
studio as project architect. Most
recently, Mitchell spent two
years as principal at 39º North/
Design Build Collaborative
in Fayetteville, West Virginia.
Prior to that, he held project
manager positions at DPA
Architectural Group in Glen-
wood Springs as well as several
architecture firms in Aspen. He
also is a professional carpenter,
cabinetmaker and builder. He
earned his Bachelor of Architec-
ture from Kent State University.
Kiese join the Aspen studio
as interior designer. Previously,
she held a similar position at
Poss Interior Design in Aspen.
She also worked as project
manager at Dawson Design
Associates in Seattle and was
a design assistant on “Sell This
House,” a national series on the
A&E television network. Kiese
is a graduate of the University
of Colorado Boulder and the
Art Institute of Seattle.
Gembarowicz has been pro-
moted to marketing commu-
nications manager from office
concierge. Working at R+B's
Denver studio, her responsi-
bilities include social platform
management, developing/
maintaining marketing materi-
als, business and proposal devel-
opment, public relations efforts
and customer realtionship man-
agement application. She was
previously marketing communi-
cations and event manager at the
Viceroy Snowmass resort. She
earned a Bachelor of Arts degree
in art history from the University
of Vermont, and completed her
Master of Arts in contemporary
art and theory from Sotheby’s
Institute of Art in London.
Nemechek is a project architect
in the firm’s Aspen office and
is a graduate from Kansas State
University with a Bachelor of
Architecture degree.
s
Karen Gilbert
joined architec-
ture and engineering firm
Page’s
Denver office
as associate
principal and
client devel-
opment direc-
tor.
Gilbert
spent two
decades
managing
business
development
and marketing for leading archi-
tecture firms, including Fentress.
Her expertise includes complex
public projects including airport
terminals, civic buildings, con-
vention centers, federal build-
ings, museum and cultural facili-
ties, and mixed-use facilities.
s
Joseph Monteleone
was
named a project manager at
Jordy Construction.
Monteleone brings more than
10 years of experience work-
ing within
the building
construction
and landscap-
ing industries
to his new
role. Prior
to joining
Jordy, he was
the regional
manager for
Arborwell
Inc., a commercial tree care com-
pany in Hayward, California.
There he developed and execut-
ed all aspects of the Tree Mov-
ing Division, including sales,
operations, writing, marketing,
purchasing and planning.
s
Professional Service Indus-
tries Inc.
appointed
Michelle
Eaton, PE,
as principal consul-
tant for its Phase I environmen-
tal site assessments service line
in its Westminster office.
Eaton earned her Bachelor of
Science in chemical engineering
fromWashington University in
St. Louis and her Bachelor of
Arts in chemistry from Simpson
College in Iowa. She serves a
dual role as a project engineer in
the Westminster office and has
been with PSI since 2012.
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Michael Burnaz
Karen Gilbert
Joseph Monteleone
Denver Urban Renewal Author-
ity that have participated and
helped us all along the way,”
added EnviroFinance Group’s
Cameron Bertron.
The first phase of develop-
ment will include three to four
speculative buildings from
about 75,000 to 375,000 sf, to be
built in phases. Trammell Crow
also is working with a user
for an approximately 60,000-sf
build-to-suit and has sites for
60,000- to 70,000-sf buildings
that could bring the first phase
to more than 800,000 sf.
Crossroads Commerce Park
will include cross-dock build-
ings with 32-foot clear height;
front-park, rear-load buildings
with 24- to 32-foot ceilings; and
smaller (30,000- to 50,000-sf)
build-to-suit opportunities.
“We think it will be highly
sought after,” said Bill Mosher,
senior managing director of
Trammell Crow Co.’s Denver
Business Unit. “There has been
no new product in this cen-
tral market for so long. It’s a
market that’s been fully leased
with no new supply.”
“That market is starved
for new product,” said Tim
D’Angelo of Newmark Grubb
Knight Frank, who will market
the business park for Tram-
mell Crow with NGKF’s Mike
Wafer. Of the 32 million sf of
industrial product in the central
Denver submarket, only 1 mil-
lion has been built since 2000,
“and of that product, the vacan-
cy is zero,” D’Angelo said.
“We’re really excited about
this for that reason.”
As Denver has grown, prop-
erties once used for warehous-
ing and manufacturing have
transformed into apartments,
office buildings and retail. That
has pushed much of the indus-
trial product away from the city
core.
“I’ve kind of worried about
Denver pushing its industrial
job base to the periphery and
into the suburbs,” said Mosher.
“I think it’s really important to
maintain a sector of the city that
creates job base.”
“It will put hundreds if not
thousands of people back to
work where these jobs are criti-
cal. It’s a nice completion of
the circle given that this site
was once the largest employer
in that part of town,” Bertron
added.
Mosher said Trammell Crow
had been looking for a develop-
ment site along the I-70 corridor
since completing the 818,000-sf
Airways Business Center at I-70
and Airport Road in partner-
ship with Principal Real Estate
Investors in 2009. “It’s hard to
find properties, and when we
did find them, we weren’t able
to acquire them,” he said, add-
ing Trammell Crow approached
EnviroFinance at the right time
to be able to capitalize on the
opportunity. From an industrial
standpoint, Crossroads Com-
merce Park literally is at “Main
and Main,” he said. “I can’t
imagine a site that’s more cen-
tral than that.”
Trammell Crow has devel-
oped more than $2 billion in
industrial, office, residential,
health care and public-private
projects along the Front Range
over the last decade.
The ASARCO site was a
smelter for gold and silver ore
in the late 1880s. Around the
turn of the century, it was con-
verted to a lead production
facility. ASARCO produced
arsenic trioxide for insecticides,
medicines and glass from 1919
to 1926, and was producing
cadmium for protective coat-
ings for iron and steel when the
plant closed in 2006, according
to the U.S. Environmental Pro-
tection Agency.
“To put this property back
into productive use is a once-
in-a-generation opportunity for
Adams County and Denver,”
said Barry Gore, president and
CEO of Adams County Eco-
nomic Development.
Wafer, who has been involved
with the site over the last 15
years, said with EnviroFinance
Group completing remediation
and Trammell Crow ready to
step in during a very strong
period in the industrial real
estate cycle, “It’s kind of the
perfect storm of everything all
coming together at once.”
“It’s extremely exciting,” he
said.
s
to investors, has become one of
the hottest markets nationally.
Demonstrative of this trend is
the fact that Pricewaterhousec-
oopers and Urban Land Insti-
tute recently ranked Denver
fourth nationally, behind only
Houston, Austin, Texas, and
San Francisco for commercial
real estate investment in 2015.
The report cites the state’s
emerging technology and ener-
gy industries are sparking more
interest by investors.
Additionally, of significant
interest, will be the longer-term
impact that Colorado’s recent
legalization of recreation mari-
juana will have on industrial
demand. With the requirement
that dispensaries actually grow
a large percentage of the mari-
juana they sell, the Denver mar-
ket has seen approximately 1
million sf of space absorbed by
growing operations in the past
year. Most of these operations
are smaller in nature, but as
that industry matures and con-
solidates, increased demand of
larger spaces is one potential
outcome. The financing of this
property type remains prob-
lematic for bank lenders.
The good news has limita-
tions. Denver’s industrial mar-
ket is somewhat limited by its
geographical location. Denver
has struggled to be viewed as
a major hub of corporate head-
quarters and, similarly, is not
viewed as a major distribution
center for national and interna-
tional companies. As a result,
despite the increased invest-
ment appetite from national
investors, international invest-
ment and large-scale distribu-
tion operations remain less
attractive than coastal markets.
With the strengthening of
the industrial market, and the
overall Denver and Colorado
economy, financing options for
developers and owners have
become more attractive and
aggressive. Compared with
five years ago, large projects are
being financed speculatively,
with attractive recourse struc-
tures. These loan structures,
along with the historically low
interest rate environment, com-
pressed cap rates and abun-
dance of capital, make Den-
ver’s industrial market ripe for
continued future development.
VectraBankColorado remains
bullish on industrial financing
opportunities. Over the past
year, the bank has financed in
excess of 2.5 million sf of space,
both in local and national mar-
kets. Of primary interest are
high-clear projects; however,
flex and manufacturing projects
also have been closed. Typical
loan terms require a minimum
of 25 percent equity, with loan
term sufficient to cover con-
struction through stabilization.
*Industrial real estate statistics
pulled from CoStar reports.
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