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The Local Market Experts


Central Park Tower in Broomfield sells for $83.5 million

Posted on: Feb 9 16

by: admin

BROOMFIELD – A Chicago-based real estate investment firm has paid $83.5 million for Central Park Tower in the Interlocken Advanced Technology Environment business park in Broomfield, according to public records.

GEM Realty Capital, through the entity GV 385 Interlocken Owner LLC, acquired the 11-story, 343,000-square-foot class AA office building from Boston-based Franklin Street Properties Corp.

Prime West developed the LEED Gold certified building at 385 Interlocken Crescent for Franklin Street in 2010.

Central Park Tower includes an underground parking garage, a fitness center, multiple shared collaboration areas, and a café with indoor and outdoor seating.

Tenants include Webroot Inc., Flatiron Construction Corp., Cornerstone Holdings LLC, ICAT Holdings LLC and Cloud Peak Energy Inc.

North Shore Energy LLC moving from downtown Denver to Broomfield

Posted on: Feb 9 16

by: admin

BROOMFIELD — Denver-based North Shore Energy LLC anticipates moving from downtown Denver to Broomfield in mid-March as part of a wave of new tenants for the EOS building.

Founded in 2009, North Shore, according to the firm’s website, is an oil and gas company that has a specific focus on “producing properties that have water treatment and disposal issues.”

North Shore has leased 11,750 square feet at EOS, 105 Edgeview Drive, an office building built on spec by developer Hines and opened in 2012. In addition to North Shore, meanwhile, Clarence, N.Y.-based medical-device firm Greatbatch Medical (NYSE: GB) has leased roughly 13,000 square feet, and Boulder-based investment firm Blue Spruce Capital Corp. has leased nearly 12,000.

The new deals put EOS — one of the first speculative office buildings to come online in the region after the recession — at 80 percent occupancy.

Broomfield company receives $47.3 million in venture funding

Posted on: Jan 21 16

by: admin

Broomfield-based Datavail Corp., a provider of remote database administration services, received $47.3 million in venture capital during the fourth quarter, the largest deal in Colorado for the period.

Broomfield based Vail Resorts acquires Wisconsin ski area

Posted on: Jan 20 16

by: admin

BROOMFIELD — Vail Resorts Inc. (NYSE: MTN) on Tuesday announced that it has acquired Wilmot Mountain in Wisconsin near the Illinois state line.

Terms of the acquisition were not disclosed.

Broomfield-based Vail plans to renovate Wilmot Mountain, which is located approximately 65 miles north of Chicago and 50 miles southwest of Milwaukee.

Wilmot Mountain has 25 trails, four terrain parks, a ski and snowboard school, a ski racing program and a tubing hill with 23 lanes.
Vail plans to redesign terrain parks, provide coaching and instruction for all levels of skiers and riders, expand dining and entertainment options at the base area, and integrate technology and social-media programs such as EpicMix.

The company said it will invest in the ski area’s infrastructure to improve snowmaking and parking.

Wilmot will be included in the Company’s Epic Pass and Epic Local Pass for the 2016-2017 ski season.

Wilmot Mountain was founded in 1938 by Walter Stopa, who opened the ski area with a single rope tow. By the 1950s, Wilmot Mountain was the first in the region to develop and implement snowmaking with rubber hoses, aluminum pipes and sprinkler heads.

Taylor Ogilvie was appointed general manager of Wilmot Mountain. Ogilvie grew up skiing at Wilmot Mountain. Since June 2013, Ogilvie has served as general manager of Mount Brighton in Michigan, where he ran ski operations. Ogilvie began his career at Vail Resorts as a ski instructor and worked his way up through the ranks at the Vail and Beaver Creek Ski & Ride Schools to manager of the Vail Mountain Children’s Ski & Ride School in Lionshead.

Source: BizWest.com

Google to buy wind power from Broomfield’s RES Americas

Posted on: Dec 10 15

by: admin

BROOMFIELD — The title song of the Rodgers and Hammerstein musical “Oklahoma!” describes the Sooner State as the place “where the wind comes sweepin’ down the plain.” Sooner than later, that wind will help power Internet search giant Google’s data centers.

Google will buy 200 megawatts of renewable energy from Broomfield-based RES Americas’ Bluestem wind farm in Beaver County, Okla., as part of the 842 megawatts it plans to buy over the next two years to power its 14 global data centers.

In a media release, Google (Nasdaq: GOOG) described the contracts as the largest and most diverse renewable-energy purchases ever by a company that is not a utility. The agreements boost Google’s total purchases of wind- or solar-sourced energy to 2 gigawatts.

The new purchase will come from a total of six energy projects, including four in the United States, one in Chile and one in Sweden.

Founded in 1997 and with headquarters at 11101 W. 120th Ave., Suite 400, in Broomfield, RES provides development, engineering, construction and operations services to the utility-scale wind, solar, transmission and energy-storage markets. The company employs more than 500 full-time workers.

Broomfield Economic Development 2015 Mid Year Economic Uddate

Posted on: Dec 1 15

by: admin

 

OFFICE MARKET The Broomfield office market had nearly 6.4 million square feet of space during the second quarter of 2015. The office market recorded declining vacancy rates, as shown in Table 3.5, and generally increasing average lease rates across all three office types during the second quarter of 2015 compared with the prior year. The vacancy rate for Class A office space fell 6.9 percentage points between the second quarters of 2014 and 2015 to 9.2 percent vacancy. The average lease rate of Class A space was $29.98 per square foot, an increase of 0.7 percent over-the-year. Class B office space recorded a 2.8 percentage point decline in vacancy and a 3.4 percent increase in the average lease rate during the period. The vacancy rate for Class C space fell 3.8 percentage points over-the-year, but the average lease rate fell 1 percent during the same period.

INDUSTRIAL MARKET The Broomfield industrial market consisted of over 3.4 million square feet of space during the second quarter of 2015. The industrial market recorded a vacancy rate of 4.3 percent during the second quarter of 2015, as shown in Table 3.6 on the next page, a 1.1 percentage point decline compared with the second quarter 2014. The average lease rate for the industrial market was $5.56 per square foot, an increase of 3.2 percent over-the-year. The Broomfield average lease rate was $1.07 lower than the Metro Denver average lease rate during the period.

RETAIL MARKET The retail market in Broomfield had over 4.7 million square feet of space during the second quarter of 2015, representing less than 3 percent of space in Metro Denver. The retail market vacancy rate was 11.6 percent during the second quarter of 2015, as shown in Table 3.7, a 1.7 percentage point decline in vacancy compared with the previous year’s level. The Broomfield vacancy rate was 6.6 percentage points higher than the Metro Denver vacancy rate during the period. The average lease rate for the retail market in Broomfield fell 25.4 percent over-the-year to $12.18 per square foot.

BUSINESS The City and County of Broomfield had over 2,430 businesses during the fourth quarter of 2014, as shown in Table 1.1, an increase of 5.5 percent from the previous year. The area welcomed an additional 126 businesses between the fourth quarters of 2013 and 2014. Nearly one-third of businesses in the City and County of Broomfield are in the professional and business services supersector, as illustrated in Table 1.2, which reported an 8 percent increase in total businesses over-the-year. The financial activities supersector reported significant growth during the period, rising 10.3 percent or 24 additional businesses. The retail trade and the information sectors reported the only over-the-year declines in businesses, falling 4.8 percent and 3.8 percent, respectively

EMPLOYMENT Employment in Broomfield increased 1.8 percent between the fourth quartersof2013and2014,representing an additional 631 jobs, as shown in Figure 1.4. The transportation, warehousing, and utilities supersector reported the largest over-the-year increase in employment, rising 117.2 percent or 109 additional jobs. The professional and business services supersector, the largest supersector by employment, generated the most positions during the period, with 295 new employees. The retail trade and leisure and hospitality supersectors reported the only over-the-year declines in employment, falling 3.1 percent and 0.1 percent, respectively.

LABOR FORCE AND UNEMPLOYMENT The City and County of Broomfield had a labor force of 33,790 people during the second quarter of 2015, as shown in Figure 1.5, representing 2.1 percent of the total Metro Denver labor force. The labor force in Broomfield increased 0.6 percent between the second quarters of 2014 and 2015. This represented an additional 200 people working or looking for a job. The unemployment rate in Broomfield fell 0.4 percentage points over-the-year to 3.9 percentin the second quarter of 2015, as shown in Figure 1.6. Broomfield recorded the third lowest unemployment rate of the seven Metro Denver counties during the period.

Broomfield continues to see positive economic growth

Posted on: Nov 17 15

by: admin

By Bo Martinez, November 16, 2015

The city and county of Broomfield reported positive economic indicators through the first half of 2015, with growth in employment, consumer activity and the commercial real estate market. Total employment in Broomfield rose 1.8 percent between the fourth quarters of 2013 and 2014; the unemployment rate fell to 3.9 percent in the second quarter of 2015, recording the lowest second quarter unemployment level since the second quarter of 2007, when the rate was 3.3 percent.

Broomfield’s top business sectors are professional and business services, retail trade, financial services, IT/software, and education and health services.  The commercial real estate market reported continued improvement between the third quarters of 2014 and 2015. All four commercial property types recorded declining vacancy rates over-the-year. 

The Broomfield office market vacancy rate through the second quarter 2015 is 8.6 percent, compared with 10.8 percent for the metro Denver region.  New tenants include SCL Health corporate headquarters, Nuventra Pharma Sciences, Alteryx and aWhere. Combined, these companies have brought more than 1,100 jobs to Broomfield.  First Choice and the University of Colorado Health broke ground on a 52-bed, 87,000-square-foot hospital in Arista that is slated to be completed in late 2016.  In June, Wiens Capital broke ground on Arista Place II, a five-story, 82,000-square-foot office and retail building at 8181 Arista Place. 

The industrial market reported a vacancy rate of 4.3 percent during the second quarter of 2015, a 1.1 percent decline compared with the second quarter in 2014.  ProCraft Mechanical announced an expansion in Broomfield, resulting in 140 new jobs.  The city continues to work with the new owners of the former Microsemi site, Norstar Commercial, to redevelop this brownfield site in Broomfield.

The retail market vacancy rate was 11.6 percent during the second quarter of 2015, a 1.7 percentage point decline in vacancy compared with the previous year’s level.  Several new restaurants opened in Broomfield, including Scalzotto Italian Restaurant at 88 Lamar St., and Go Fish Sushi at 2055 W. 136th Ave.  Drake Real Estate Services announced several new restaurants coming to Broomfield at 4660 W. 121st Ave.  They include Dunkin Donuts, Mod Market, Blaze Pizza and Costa Vida Mexican restaurant. Sales-tax revenue collection through the second quarter of 2015 was $24,018,428, an increase of 4.8 percent compared with the prior year. 

The apartment vacancy rate was 5.4 percent through the second quarter of 2015, an increase of 0.9 percentage points compared with the prior year. Broomfield’s vacancy rate is slightly higher than metro Denver’s rate at 4.5 percent.  Over the past 24 months, there have been more than 3,000 units that are under construction or recently completed along the U.S. 36 Creative Corridor in Broomfield.   This area is the second-hottest multi-family market, behind only lower downtown Denver.

In the summer, Broomfield launched the “Enhance Broomfield,” program designed to assist new and expanding business owners with the improvement of commercial and industrial zoned properties in the city and county of Broomfield.  Since then, the city has approved four projects totaling $100,000. 

The state of Colorado Economic Development Commission approved and designated three areas in Broomfield as part of the Enterprise Zone program.  Businesses that are located in an enterprise zone can qualify for up to 10 tax incentives through the state. The program will be active on Jan. 1, 2016.

Looking forward to 2016, Broomfield will continue to focus on business-development efforts that include driving growth and investment along Colorado Highway 7 and the Interstate 25 corridor and throughout the community; implement the Civic Center Master Plan in partnership with a selected private sector developer which calls for mixed-use development in a park type setting; work with the property owners and developers to re-tenant and reposition vacant big-box retail along the 120th Avenue corridor; and complete a citywide retail study. 

Up to 1,371 new jobs coming to Colorado Front Range

Posted on: Nov 13 15

by: admin

by  on 

DENVER – Seven previously unannounced companies have accepted state tax breaks to bring 1,371 jobs to Colorado, boosting industries ranging from energy, to information technology, to advanced manufacturing.

The Denver Business Journal reports that the Colorado Economic Development Commission members also voted to offer a combined $4.7 million to two more companies to create a total of 174 more jobs in this state.

The  new jobs follow several months in which the commission has awarded incentive packages for more companies, drawn to the state both by its performance-based tax breaks and by its educated workforce.

Rebound in Commercial Real Estate to continue

Posted on: Feb 14 14

by: admin

By Joshua Lindenstein January 17, 2014

BOULDER — The good times figure to keep getting better for the local commercial real estate and development sectors in 2014.

Rents will keep rising. Vacancy rates will keep dropping. And new and redeveloped projects will keep springing up at a rapid rate. Those are the general feelings of many in the industry as the New Year begins.

“We’re not projecting any big slides in 2014 or 2015,” Lynda Gibbons of Gibbons-White Inc. told the crowd at a real estate conference in November, noting that she expects the real estate gains to come across the board for office, retail, flex and industrial spaces.

Gibbons said recently that a number of factors are playing into the area’s continued surge. The University of Colorado continues to be a major contributor, she said. Boulder’s ever-growing reputation as a technology hub is also factoring in, attracting high-level employees from around the country to the quality of life enjoyed in Boulder County.
With office vacancy rates down 5 percent in downtown and central Boulder, Dean Callan and Co. president Becky Callan Gamble said lease rates can’t help but increase.

“Any time you’re sub-five on a vacancy rate, that’s going to drive lease rates and reduce landlord incentives,” Gamble said.

But as rates continue to push upward in Boulder, Gamble noted, that will continue to create opportunities for Boulder’s other submarkets like Louisville, Lafayette and Longmont.
Developers are doing their best to capitalize on the demand in Boulder and create more space for companies to stay as they grow. Rally Software Development Corp.’s headquarters at 3333 Walnut St. will more than double in size in the coming months, with the Michigan-based owners of the building planning an 89,000-square-foot addition. Rally signed a lease in June to occupy the expanded building rather than move elsewhere.
“To see a company like that be able to stay in Boulder and double its size, I think that’s a great statement,” Gamble said.

The most intriguing Boulder project expected to break ground in 2014 and bring new office space by 2015 is the mixed-use redevelopment of the former Daily Camera building at 11th and Pearl streets. Dubbed Pearl West, it will include 160,000 square feet of retail, restaurant and office space along with parking and other amenities.

But downtown won’t be the only focal point in Boulder in 2014. Boulder Junction, at the area of 30th and Pearl streets, continues to boom with development as the 3100 Solana apartments continue to progress and the Depot Square mixed-use development is built.
Outside of Boulder, one of the largest-scale developments in the area in years is breaking ground as the 157-acre, $700 million Superior Town Center finally starts to come to fruition after years of planning. Work is also underway on multiple infill developments in Louisville like Center Court Village, a $31 million mixed-use project expected to be completed this year that will include an Alfalfa’s Market, three apartment buildings and retail space. Longmont, meanwhile, should see work begin on the long-anticipated Twin Peaks Mall redevelopment, with work to finish sometime in 2015.

Scott Pedersen, owner of Pederson Development Co. in Boulder and the man behind the Depot Square development, said he believes the commercial boom will continue through 2014.

“There’s a fair amount of money that appears to be available to development,” Pedersen said.

One thing Pedersen, who specializes mostly in mixed-use infill projects, believes it will be interesting to keep an eye on is the multi-family housing component. With apartment vacancies below three percent in some parts of the county, developers have rushed to meet demand.

“When all the new product comes online, it will be interesting to see what happens to rental rates and to vacancy rates,” Pedersen said. “As vacancy starts to increase, rental rates would naturally start to decrease, and we’ll just have to see where it settles out.”

Metro Denver’s commercial real estate “Exceeds Expectations” in Q3 2013

Posted on: Feb 5 14

by: admin

From the Denver Business Journal

Metro Denver’s commercial real estate market continued “exceeding expectations” in the third quarter with its office submarket on track for a fourth year of “continuous expansion” and its industrial sector experiencing new development and pre-leasing levels not seen here in more than 10 years, according to Newmark Grubb Knight Frank’s third-quarter report.

Market-wide office vacancy stood at 16.3 percent, down 1.4 percent from Q3 2012’s average of 17.7 percent, the report states. That’s the 15th quarter in a row of declining vacancy.

Office market absorption levels — space leased versus space vacated — for Q3 are already out-pacing the full year of 2012 with more than 1 million square feet of positive absorption through September. But that rate slowed in the third quarter, compared to Q1 and Q2 ­— particularly in the Central Business District and the southeast market, where a financial services company’s bankruptcy caused the release of 75,000 square feet of office space.

“2013 is well on track to be the fourth consecutive year of continuous expansion with over 1 million square feet of absorption,” said NGKF’s Jamie Gard, executive managing director and office specialist. “Although brokers would like to see a boom year, with absorption of 2 or 3 million square feet, the Denver office market’s steady and sustainable growth bodes well for continued expansion in the future. Steadily rising lease rates spurred companies to lease more space over the last few years in preparation for increased staffing, and job growth numbers will be watched carefully in the coming months.”

Class A office lease rates increased 10 cents in the CBD to $30.85 per square foot from Q2, while Class A rates in the southeast submarket remained flat at $24.50 per square foot per year.

The industrial sector saw a Q3 vacancy rate of 6.1 percent, down from Q2’s 6.8 percent and from Q3 2012’s 8.1 percent. There was more than 1.3 million square feet of positive absorption in Q3 alone, bringing the 2013 level to 3.1 million square feet “on target to beat 2012’s total absorption of 3.6 million square feet.

The report noted the industrial space construction surge, with the United Properties Colorado LLC’s Enterprise Business Center at Stapleton breaking ground in July and already seeing pre-lease activity as Swire Coca-Cola USA, a subsidiary of Swire Pacific Ltd. of London, grabbed 257,000 square feet for a distribution center here.

“The supply for Class A buildings is so tight that the market is experiencing pre-leasing in speculative warehouses for the first time in over a decade,” the report states.

“The third quarter posted continued absorption for the seventh straight quarter driving vacancy rates down to near record levels,” said Mike Wafer, executive managing director and industrial specialist. “Fourth-quarter 2013 is poised to continuethis trend with significant new lease and user sale activity.”

Wafer said available industrial space in the City and County of Denver is being snapped up in anticipation of legal retail marijuana sales here starting as early as Jan. 1.

“The highest demand has been in the City and County of Denver, where there has been an unprecedented rush for industrial buildings – ironically for marijuana grow facilities,” Wafer said.

The retail sector showed vacancy rates of 7.6 percent, down from Q2’s 7.8 percent level and down year over year from 2012’s year-end rate of 8.2 percent, the report states.

There was 628,000 square feet of retail space absorbed in Q3, bringing the 2013 total through September to 1.3 million square feet ­— topping the entire 2012 absorption level of 1.1 million square feet.

“National and regional retailers continue to show firm interest in Denver’s retail market, expanding where there is opportunity with good locations and demographics,” said Frank Griffin, managing director and retail specialist. “New national and regional stores drove over half of the quarter’s absorption. However, there are signs of expansion everywhere – in all submarkets, and among national, regional and local retailers. The Denver retail market is the healthiest it’s been in the past five years, with sound expansion, delivery of pre-leased projects and vigorous growth in underlying fundamentals.”

NGKF is a part of New York City-based BGC Partners, Inc. (NASDAQ: BGCP).

Broomfield Commercial Real Estate provides commercial real state sales & Leasing to established businesses, to start ups, to property owners and to investors in the greater Broomfield Colorado area

Contacts

Broomfield Commercial Real Estate Brokerage: Summit Commercial Brokers, 325 Interlocken Parkway Building A #105, Broomfield CO 80021

Broomfield Commercial Real Estate
325 Interlocken Parkway Building A #105,
Broomfield CO 80021
Phone: 720-600-9084
timconarro@gmail.com Copyright 2014