Page 14 —
COLORADO REAL ESTATE JOURNAL
— May 18-May 31, 2016
Industrial
by Jill Jamieson-Nichols
A company tied to the home-
building industry doubled its
footprint with a 200,972 square
feet lease for space in an indus-
trial building at 445W. 53rd Place
in Denver.
Precision Building Systems,
which builds wall panels and
trusses for residential structures,
has occupied
approximate-
ly 100,000 sf
in the build-
ing for several
years. It had
a few years
r e m a i n i n g
on its lease
but has been
growing and
needed room to expand its oper-
ations, according to Cushman
& Wakefield Managing Director
Alec Rhodes.
“We expanded them into the
full 200,000 sf and did a long-
term lease,” he said. “The build-
ing works well for them because
of the outside storage and rail
capability, which is paramount
for their process,” he said.
“It’s a good indication of the
strength of the housing market,”
Rhodes added
Rhodes, along with Cushman
& Wakefield’s Tyler Smith and
Aaron Valdez, represented the
tenant in the transaction. Mitch
Zatz of JLL represented the land-
lord, Colfin Cobalt I-II Owner
LLC.
Other News
n
J.R. Butler Inc.
recently pur-
chased the building it occupies
at HighField Business Park in
Douglas County for $12.6 mil-
lion.
Central Development
devel-
oped the building, located at
8535 HighField Parkway in
Englewood, in partnership
with
Bradbury Properties.
The building comprises 98,975
square feet, plus second-story
mezzanine space. J.R. Butler, a
glass and fenestration company,
leased the majority of the build-
ing, which also houses a data
center, last year.
Jeremy Records,
Central
Development principal, said
J.R. Butler has been investing
in its space and wanted to con-
trol its investment over the long
term.
Sam Slaton, Steve Hager
and
Matt Trone
of
Cushman
& Wakefield
represented J.R.
Butler in the transaction.
Tyler
Carner
and
Jeremy Ballenger
of
CBRE
represented the seller.
In a separate deal earlier this
year, Central Development
by Jill Jamieson-Nichols
A high-end landscape architec-
ture, construction and mainte-
nance company is growing out of
River North and influencing the
future of another Denver area.
Lifescape Colorado is moving
its operations and yard to 455 S.
Platte River Drive. The 3.44-acre
site includes a 59,149-square-foot
former church.
Lifescape owner Michael
Hupf and his brother Phillip
Hupf recently bought the prop-
erty fromRed Rocks Community
Church for $2.88 million through
an entity called Lifescape Devel-
opment LLC.
“We’re excited about every-
thing we can do here,” said
Michael Hupf, who spent two
years trying to find a central Den-
ver location with land. Hupf said
Lifescape Colorado loved being
in RiNo but has tripled in size
since he bought the company 10
years ago and simply outgrew
the space it was leasing.
Its new location provides
“superb” access and visibility,
according to Cushman & Wake-
field Senior Vice President Craig
Myles, who represented Lifes-
cape in the transaction.
“The property provided an
excellent opportunity for Lifes-
cape to acquire a sizable site with
usable improvements at a dis-
count to other alternatives in the
marketplace,” said Myles, who
added the property might have
been overlooked by other poten-
tial buyers because it was being
marketed as a church.
Part of an 11-acre “catalytic”
site identified in the city of Den-
ver’s South Platte Corridor Study,
the church building sits in a com-
mercial area where neighbors
have been hoping for reinvest-
ment, including landscaping to
beautify areas between parking
lots and South Platte River Drive.
“Our business is about creat-
ing fantastic outdoor spaces. The
Precision Building Systems increased its occupancy twofold in the build-
ing at 445 W. 53rd Place in Denver.
Known as the “catfish,” the church building at 455 S. Platte River Drive
will house a longtime Denver landscape architecture, construction and
maintenance company.
Alec Rhodes
