Colorado-Real-Estate-Journal_530952

INSIDE 12 FEATURED CONTENTS JUNE 3-16, 2026 Office 6 Industrial 8 Multifamily 12 Retail 16 Finance 20 Law & Accounting 28 CDE News 30 Who's News 47 8 Small-bay investment MRB Enterprises acquires Creekside Business Park for $37.5 million Retail redevelopment Watermark Cos. buys site for new townhome development 16 New lease AC Development signs first retail tenant for Clayworks project 6 Discounted office One and Two Maroon trade hands for second time since by Avalon Jacka BROOMFIELD – A two- building industrial complex in the northwest submarket sold to a global alternative invest- ment manager in May. Ares Management Corp. acquired Verve Commerce Center, located at 11705 and 11715 W. 112th Ave. in Broom- field, from developer SunCap Property Group, according to media reports. The develop- ment sold for $64.7 million, according to SKLD Informa- tion Services. Both firms, as well as the brokerage team rep- resenting the seller, declined to comment on the transaction. Developed in partnership with Nuveen Real Estate, SunCap completed the proj- ect in 2024, according to an announcement on SunCap’s website. Property amenities include a 1.47:1,000-sf park- ing ratio, a 190-foot truck court, 4,000 amps of power, 28-foot minimum clear height, 46 dock-high doors and four drive-in doors per building, and PD with light- industrial zoning, according to a LoopNet listing. Within a 5-mile radius, Verve Com- merce Center is located near 328 bars and restaurants, three fitness centers, 27 hotels, 15 retail centers, and a population of 139,840, according to a leas- ing brochure. Situated on 19.52 acres, the 281,167-square-foot property is positioned near Interlocken at the edge of Broomfield and Westminster, offering con- nectivity to U.S. Highway 36, E-470 and state Highways 93, 121 and 128. The property is located within a five-minute drive to Westminster; a 10-min- ute drive to Arvada; a 20-min- ute drive to Boulder, Thornton and Denver; a 25-minute drive to Golden; a 30-minute drive to Longmont; and a 35-minute drive to Denver International Airport. Designed for ware- house, distribution, manu- facturing, and research and development uses, the asset is fully leased, according to its website. JLL’s Jason White, Carmon Hicks and Patrick McGettigan managed leasing of Verve Commerce Center for the developer. “The success of Verve Commerce Center speaks to the momentum in Denver’s northwest industrial submar- ket, where increasing demand driven by the area’s strategic Ares acquires Verve Commerce Center by Avalon Jacka DENVER – An East Coast- based real estate company specializing in converting hotel properties to apartments received acquisition and con- struction financing to buy and convert a hotel in Park Hill. HotelShift, in partner- ship with Voyage Capital, acquired the former Holiday Inn Denver East, located at 3333 S. Quebec St., from Eagle Propco 7 LLC for $9.05 million in March, according to Denver County public records. Spen- cer Davidson of Hunter Hotel Advisors brokered the transac- tion on behalf of the seller. “Typically, when we’re buy- ing a hotel for conversion to multifamily, it’s a hotel that's distressed in some way,” said HotelShift principal Alex Cartwright. “This is a hotel that was professionally maintained. It was well run. They’ve absolutely kept up with the maintenance on the property, but you have a big demand driver that just evap- orated, and that is Stapleton Airport moved. When the air- port moved, you have all these big hotels in the area that used to serve the airport. … To have this 300-room Holiday Inn that’s not quite downtown, not next to an airport – there’s nothing wrong with the hotel, but it’s also not a destination. Holiday Inn is more of a value proposition brand. That busi- ness model just didn’t work because the neighborhood evolved. … This is unique in that an airport does not always shut down and move, provid- ing such an opportunity to buy a hotel that is in an area that’s become heavily residential with new construction homes around it.” Premier Architecture, led by Amy Sandborn, will HotelShift buys hotel for resi conversion JLL Ares Management Corp. acquired the 281,167-square-foot Verve Commerce Center from developer SunCap Property Group for $64.7 million in May. Please see Ares, Page 19 Please see HotelShift, Page 19 HotelShift, in partnership with Voyage Capital, acquired the former Holiday Inn Denver East, located at 3333 S. Quebec St., from Eagle Propco 7 LLC to convert it into attainable multifamily units.