June 1-June 14, 2016 —
COLORADO REAL ESTATE JOURNAL
— Page 43
to the ground-floor grocery store.
“This property is an ideal addi-
tion to our core multifamily
portfolio,” according to Scott E.
Anderson, American’s senior
portfolio manager for its multi-
family division.
“The asset’s great location in
a key market, its best-in-class
amenities and its strong retail
component are three factors
that we believe will provide
our investors with an attrac-
tive current income stream,”
he added.
Denver city leaders have
wanted a grocery store like
King Soopers in downtown for
decades.
The Denver Urban Renew-
al Authority, in fact, invested
$1.5 million to bring the King
Soopers to the site, noted Tracy
Huggins, executive director
of the Denver Urban Renewal
Authority.
“If you look in terms of the
entire project, it was a fairly
nominal TIF (tax-increment
financing) investment,” Hug-
gins said.
“It was primarily for the
parking and alley reconstruc-
tion,” needed to accommodate
the King Soopers, she said.
Other retail tenants include
Wells Fargo, Pig & The Sprout
and Kriser’s Natural Pet.
American Realty Advisors,
with more than $7.3 billion in
commercial real estate assets
under management, outbid a
number of competitors for the
community
“We had a lot of interest,”
Robbins said. “It was highly
sought after. We had buyers
from California, the Midwest
and back East, as well as local
groups interested in it.”
He said they even received a
few offers from European com-
panies, which were looking to
buy it with U.S. partners.
He said that prospective buy-
ers liked it not only because
of Denver’s economy and
the strength of downtown,
but because of Union Station,
which now provides train ser-
vice to Denver International
Airport.
“I think people really liked
the story at Union Station,”
Robbins said.
John Winslow, principal of
Winslow Property Consultants,
wasn’t involved in the sale,
but follows Denver commercial
real estate closely.
“This is a trophy invest-
ment and there will always
be demand for this product
similar to there will always be
demand for $2 million houses
and up,” Winslow said.
“The folks moving into this
development have north of
$100,000 jobs and ages range
from 27 to 45,” he added.
“It would be a great place to
live for a younger person or
even an old guy like me,” Win-
slow quipped.
While the sale represents a
record price, it may be the first
of a new breed of downtown
apartment communities selling
for prices that continue to soar
into the stratosphere.
“There is a decent amount
of new construction in down-
town, and I would expect at
some point those buildings will
trade” at what could even be at
higher prices, Robbins said.
s
Multifamily
Elan Union Station, now ALARA Union Station, has bamboo floors,
quartz countertops and stainless steel appliances.
$113,088.
Themedian household income
is $86,377 and $87,533 in a 1-mile
and 3-mile radius, respectively.
The site also has a lot of traf-
fic, with an average daily traffic
volume of 61,256 vehicles along
Arapahoe Road.
Other News
n
Stella’s on 16th,
a new
restaurant concept offering café-
style service, has leased 6,760
square feet on the ground floor
of the
Triangle Building
devel-
oped by
East West Partners.
Stella’s on 16th will move into
the ground-floor space at 1550
Wewatta St. this fall.
“Stella’s on 16th is the perfect
addition to the Triangle Building
as it will appeal to people on the
move in the Union Station area,”
said
Chris Frampton,
managing
partner at East West Partners.
“We also love that it’s a new
concept as the Triangle Build-
ing is becoming a magnet for
entrepreneurism in the Denver
community,” Frampton added.
Stella’s on 16th, with seat-
ing for about 150, will prepare
and serve gourmet sandwiches,
salads, soups and seasonally
inspired dishes.
It also will provide artisanal
cheeses, charcuterie, freshly
baked pastries, desserts, and
handcrafted culinary products
from around the world.
It will be open seven days a
week.
Anchor tenants in the Triangle
Building include WeWork and
Liberty Global. They already
have moved in.
Autodesk, a leader in 3-D
design, engineering and enter-
tainment software, recently
committed to lease more than
20,000 sf.
It plans to move into the Tri-
angle Building in late June.
“The Triangle was a natural fit
for us when choosing a location
for Stella’s on 16th,” said
Brian
Cohen,
proprietor of Stella’s on
16th with his wife,
Stella.
“Having WeWork in-house
supports the philosophy of Stel-
la’s and being in close proxim-
ity to Union Station, which has
become the Grand Central Sta-
tion of Colorado, integrating all
forms of transportation in one
place, you really could not ask
for a better locale,” Cohen said
n
An unidentified buyer
paid $975,000, or $206.22 per
sf, for a 4,728-sf, single-tenant
retail building leased by
Burg-
er King
at 6801 W. 120th Ave.
in Broomfield.
Cody Stambaugh, Matt Rit-
ter, Jeff Johnson,
and
Peter
Sengelmann
with the
Johnson
Ritter Team
at
Pinnacle Real
Estate Advisors
represented
the seller in the transaction.
“The Burger King tenant has
a short-term lease at the prop-
erty, expiring in the end of 2016,
which complicated the deal for
many investors. But we were
able to secure a developer who
plans for future redevelopment
on the site,” Stambaugh said.
s
Retail
Shown is the lobby entrance at the Triangle. Stella’s on 16th will be on
the main floor of the Triangle Building but will have its own entrance.
