This Week’s Denver Deal Sheet
CBRE announced the sale of Orchard Park Medical Center, a two-story, 76K SF medical office building in Westminster.
An institutional fund based in Chicago purchased the building. Members of CBRE’s U.S. Healthcare Capital Markets team and its Denver Healthcare Leasing team represented the seller, North Denver MOB LLC, an entity led by a group of physicians and Development Solutions Group.
Located at 14190 Orchard Parkway on the campus of CommonSpirit Health’s St. Anthony North Hospital, Orchard Park Medical Center was built in 2022 and was 93% leased at the time of sale.
The medical facility is anchored by an ambulatory surgery center. It includes four operating rooms, two procedure rooms and four 72-hour recovery beds. In addition to surgery, other specialties at the property include imaging, spine, orthopedics, cardiovascular, sleep and prosthetics.
SALES
The Archdiocese of Denver has purchased a 44.1-acre parcel in Johnstown and plans to construct a 450-student Catholic high school along with a chapel, athletic field and gymnasium.
Caliber Cos. announced the $7.7M sale.
The property at U.S. Highway 34 and Colorado Boulevard was part of an approximately 190-acre parcel purchased in June 2021 by a Caliber-sponsored single-asset syndication, Encore FundCo LLC, for $7.7M.
Since that time, pre-development work has been conducted. Construction on the remaining portion of the larger parcel is expected to begin by the middle of this year and include multifamily, retail and industrial development.
PEOPLE
SAR+ Architects has welcomed Dan Craig, Patrick Bohler, Ali Menke, Kristen Rutledge and Adam Hillhouse as new firm co-owners. All five have years of experience working on major Denver projects.
They join Chris Shears, Jesse Adkins, Andy Rockmore, Kevin Eronimous and Dean Smith as leaders of the firm as SAR+ enters its third decade of practice.
LEASES
Johns Manville, a Denver-based company that manufactures insulation and building materials, will renew its lease in downtown Denver through at least 2035. The company leases over 121K SF on five floors at 717 17th St.
Johns Manville moved to Denver in July 1988. Over 300 employees work at the world headquarters building, supporting corporate functions such as finance, information technology, supply chain, human resources and legal.
Brookfield Properties, which operates the building, recently completed a renovation. Johns Manville will begin to refresh its office space later this year. Terms of the new lease were not released.
FINANCING
The Louisville city council has approved a new housing plan that focused on its goal of having 12% of the city’s housing stock become “permanently affordable.”
The plan, fueled by a $60K grant the city received from the Colorado Department of Local Affairs in 2021, was developed in conjunction with Portland, Oregon-based public policy firm ECONorthwest.
It will reportedly concentrate on increasing residential development opportunities, expanding access to affordable housing and diversifying the city’s housing stock.
THIS AND THAT
Little Man Ice Cream plans to open its 10th Metro Denver location in July at 2449 W. Main St. in Littleton.
The building is owned by Main Street LLC, an entity created by Merrill Stillwell, president of Colfax Real Estate Co. Stillwell said Little Man signed an eight-year lease on the Littleton space with a five-year extension option.
Little Man owner and founder Paul Tamburello said design on the nearly 2K SF space is still being worked out.
The company has locations across the Front Range from Fort Collins and Denver International Airport to Englewood.
