Colorado-Real-Estate-Journal_528446

INSIDE 16 FEATURED CONTENTS MAY 20-JUNE 2, 2026 Office 6 Industrial 10 Multifamily 16 Retail 18 Finance 26 Law & Accounting 30 CDE News 34 Who's News 46 12 Value-add deal Brennan Investment Group buys manufacturing bldg. in Montbello Multifamily portfolio Trio of apartment buildings, totaling 34 units, sells in Five Points 18 Grocer moves in Kroger acquires former Lowe’s site for 122,000-sf King Soopers store 6 Campus sale Lumen Technologies divests from 55-acre office campus by Avalon Jacka DENVER – A Southern California-based owner- operator acquired a pair of office buildings in the heart of the Denver Tech Center for a total of $36.15 million in separate, all-cash transac- tions in April. Cress Capital purchased Denver Corporate Center II and III, located at 7800 and 7900 E. Union Ave., from entities affiliated with Flor- ida-based TerraCap Man- agement LLC, for $14.27 million and $21.88 million, respectively, according to Denver County public records. The 188,629-square-foot Corporate Center III, built in 1981, is situated on 6.61 acres, and the 183,395-sf Corporate Center II, built in 1980, is situated on 5.64 acres, according to county records. TerraCap Manage- ment acquired the buildings in 2019, paying $36.26 mil- lion for Corporate Center II and $35.45 million for Cor- porate Center III, according to county records. “What really attracted us was the buildings had already been repositioned by prior ownership,” said Cress Capital Managing Part- ner Tom Parnell. “A lot of improvements had already been made and amenities added, so we really liked that. Both of these have performed really well since COVID, relative to other properties we’ve looked at, with a lot of strong leasing momentum.” Parnell also noted the property’s location “smack- dab” in the middle of the Denver Tech Center, posi- tioned near Interstate 25 off the East Belleview Avenue exit, offered easy access to Interstates 25 and 225 and walkability to numerous restaurants, coffee shops, retail and hotels. “We think that level of walkability is pretty rare in suburban Denver, and cer- tainly rare in the southeast suburban submarket,” Par- nell said. JLL’s Sean Whitney, Larry Cress buys Denver Corporate Center II & III by Avalon Jacka DENVER – A Missouri- based financial services company signed a lease for its new Colorado flagship location to anchor a rede- velopment project in Cherry Creek North. UMB Bank leased 55,000 square feet in the Cherry Lane redevelopment project, led by BMC Investments. Steve Billigmeier of Cush- man & Wakefield repre- sented the tenant, while BMC Investments did not have representation in the deal. “This development pro- vides us with the unique opportunity to build a cus- tomized office from the ground up,” said UMB Financial Corp. Chairman and CEO Mariner Kem- per. “With that comes the ability to create a premier and personalized space for our associates and custom- ers that will support our needs both now and into the future. Denver is UMB’s second-largest market, directly behind our Kansas City headquarters, and this significant, local investment further signifies our contin- ued focus on and commit- ment to the city.” The lease comprises all of the available office space within the Class A build- ing, underscoring the bank’s commitment to Colorado. UMB anticipates open- ing the under-construction office, located at 101 N. Clayton Lane, in May 2028. “Cherry Lane is a very unique opportunity within the thriving Cherry Creek submarket,” said Kelly Pretzer, BMC Investments managing director, head of development and affordable housing. “This lease reflects both Cherry Lane’s standing as a premier destination and the incredible growth and desirability of Cherry Creek for all kinds of users.” The six-story, marquee office building will consoli- date UMB’s commercial, private wealth management and executive teams in one location. The location will UMB Bank signs lease for Cherry Lane Please see Cress, Page 22 UMB Bank will open its new Colorado flagship office at 101 N. Clayton Lane in the Cherry Lane rede- velopment project in May 2028. Please see BMC, Page 22 Cress Capital purchased Denver Corporate Center II and III, located at 7800 and 7900 E. Union Ave., from entities affiliated with Florida-based TerraCap Management LLC.