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COLORADO REAL ESTATE JOURNAL
— March 16-April 5, 2016
Metro Denver
by Jill Jamieson-Nichols
An industrial property in a
changing part of Lakewood will
undergo its own transformation
following its $3.1 million sale.
An affiliate of Provo, Utah-
based Lodging Dynamics bought
the 46,075-square-foot building on
2.76 acres at 140 S. Union Blvd. in
Lakewood. It likely will raze the
building to construct a hotel but
will offer the building for lease in
the meantime.
Lodging Dynamics operates
extended-stay and select-service
hotels. A spokesman said he
couldn’t discuss plans for the
property, which haven’t been
approved by the city.
What is clear are the changing
dynamics of the property and
Union Square, an area that stretch-
es along Union Boulevard from
West Sixth toAlameda avenues.
“What’s happening in Union
Square is just awesome. Things
are changing dramatically in that
area,” said Joe Dunn of Cresco
Properties, who represented the
seller in the transaction.
Office investment and retail
activity ramped up following con-
struction of St. Anthony Hospi-
tal and the W light-rail line, and
now Union Square is seeing the
first apartment development in
decades. The Union West Apart-
ments, a 267-unit community, will
open its first building in April,
with completion in September.
Lennar Multifamily is building
343 units at 85 S. Union Blvd.
The industrial building at 140 S.
Union has been vacant since mid-
2014. The seller was the Develop-
mental Disabilities Resource Cen-
ter, a nonprofit that assists persons
with developmental disabilities.
DDRC had occupied the build-
ing since the early 1990s, using it
for workshop programs involving
light assembly, including unload-
ing and preparing Monarch lug-
gage for display in Wal-Mart
stores, according to Dunn.
Many years prior to that, Stati-
trol occupied the building. The
company was founded by Duane
Pearsall, who invented the home
smoke detector and produced
smoke detectors on site. Amway
alsoowned the building for a time.
The property’s zoning allows for
a mix of uses, including hotels.
s
by Jill Jamieson-Nichols
It’s part corporate housing,
part hotel, part apartments and
new to Colorado.
WaterWalk Hotel Apart-
ments, created by a team that
invented hotel brands including
Residence Inn and Candlewood
Suites, will begin moving dirt
within the coming weeks for a
146-unit property in Centennial.
The two four-story buildings will
offer furnished and unfurnished,
apartment-size units for people
needing accommodations over-
night, for weeks or for months.
With proximity to companies
in the Denver Tech Center, the
Centennial WaterWalk will cater
to the corporate housing market.
“We wanted to be near the
Denver Tech Center, but in an
area that has some good livability
since people stay there for more
than just a night,” said David
Redfern, president of Wichita,
Kansas-based WaterWalk.
Located at the northeast cor-
ner of Arapahoe Road and Lima
Street, across from Centennial
Airport, WaterWalk will open
the approximately $19 million
WaterWalk a year from now and
already is looking for its next
location in Colorado.
The concept provides guests
with flexibility to stay for as little
or as long as they like; leases
that include all standard utili-
The property at 140 S. Union Blvd. in Lakewood, distinguished by the
white roof, is catty-corner from St. Anthony Hospital and, to the north,
the Federal Center stop on the W light-rail line.
aterWalk will offer both furnished and unfurnished units.
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