Lone Tree, CO – Lokal Homes has closed on the acquisition of approximately 19 acres of vacant land in Lone Tree, Colorado. The property, to be known as Willow Creek, is located on the south side of C-470 between Acres Green Drive and S. Yosemite Street and is scheduled for phased development of 274 townhomes and paired homes to be developed around various open spaces and the Willow Creek Trail. The property will feature a variety of amenities, a large park and open space, but most importantly will provide a significant number of affordable homes to the very high-end Lone Tree market.
As Colorado’s award-winning Hometown Builder, Lokal is proudly focused on creating homes exclusively in Colorado—building communities that reflect the spirit, lifestyle, and beauty of our state. This will be Lokal’s second development in Lone Tree, currently selling townhomes in the Lyric neighborhood of RidgeGate.
The property, adjacent to the Furniture Row stores just west, is centrally located and provides easy access to all parts of the greater Denver metro area to the north and Colorado Springs to the south due to very close proximity the Interstate 25. Lokal Homes expects to sell many of these units to parents looking to offer their children affordable housing options nearby, seniors looking to downsize from much larger homes throughout the region, as well as first time homebuyers interested in living in Lone Tree.
“We’re excited to welcome Lokal Homes to Lone Tree and to see the Willow Creek neighborhood take shape,” said Mayor Marissa Harmon, City of Lone Tree. “This project reflects the kind of thoughtful growth we value in creating new housing options while connecting residents to parks, trails, and the surrounding community. Willow Creek will be a beautiful addition to Lone Tree and a great place for future families to call home.”
“Lokal homes will be presenting three collections of homes, in three phases starting on the easternmost side and gradually moving westward, with each phase providing different amenities. To the north lies the Willow Creek Greenbelt, a natural asset that offers pedestrian connectivity through a multi-modal trail. This trail effectively links Willow Creek Park and Sweetwater Park, creating a continuous green corridor that promotes outdoor activities and enhances the quality of life for residents. We expect to break ground Summer 2026 with overall construction taking 4 years” says Nate Levy, Vice President of Sales.
Lokal Homes was represented by Rick Egitto of CRE Solutions. Rick become familiar with the need for well-priced housing in Lone Tree through former mayor Jackie Millet making a comment of the need at a meeting in Q1, 2022. Rick also knew that Lokal Homes was looking to expand on the south side of Denver, and already had a presence developing townhomes at Lyric, within the Ridgegate community to the east of I-25 at Lincoln Avenue. The development team, the City of Lone Tree and the property seller all worked hard for several years to modify the zoning, install a metro district to develop much of the infrastructure, and to finally attain city council approval in July of this year.
About Lokal Homes Lokal Homes is a privately held, Colorado-based homebuilder focused on building condominiums, townhomes, and single-family detached housing throughout the Front Range. Founded by David Lemnah and Ryan Lantz, Lokal was built on a vision of thoughtful design, standard features, and excellent customer service. As Colorado’s Hometown Builder, Lokal is proudly focused on creating homes exclusively in Colorado—building communities that reflect the spirit, lifestyle, and beauty of our state. Since its inception in 2012, Lokal has closed over 2,000 homes from Fort Collins to Colorado Springs. Please visit Sales@LokalHomes.com or call Nate Levy 720-656-4512
About CRE Solutions
CRE Solutions provides brokerage, investment, and advisory services to high-net-worth individuals, family office investors, developers, and entrepreneurs who value a trusted advisor with extensive asset, market, and transaction expertise. We will act as true fiduciaries to every single client, large or small, first and always.
Rick Egitto, CCIM
Avison Young and Fountainhead Commercial announce sale of 436,534-sf industrial manufacturing campus in Broomfield, CO
Denver, CO – Avison Young and Fountainhead Commercial are pleased to announce the sale of 2555 W. Midway Boulevard, a R&D/manufacturing property situated within Atlas Industrial Park in Broomfield, CO. Strategically located in the heart of the Boulder–US Highway 36 corridor, the property consists of a highly specialized multi-level, multi-building campus with excess land.
Rick Egitto, CCIM, Principal with Avison Young, and Justin Rayburn, Principal with Fountainhead Commercial represented the seller, Mile High Labs. The all-cash buyers, ScanlanKemparBard and its partner, Cerberus Capital Management, have plans for redeveloping the property, and were self-represented.
Operated for years as a round-the-clock pharmaceutical Good Manufacturing Practices (GMP) manufacturing facility, the property, situated on just under 21 acres, is comprised of a two-building, 436,534-square-foot pharmaceutical/industrial campus. The main building, totaling 411,034 square feet, is primarily comprised of office, manufacturing processing, packaging, laboratory and climate-controlled warehouse areas. The second floor includes general engineering and office areas, laboratory areas and an employee cafeteria that is accessed via a sky bridge over the roof of the building. The second 25,500-sf building is comprised of laboratory and office areas. Lastly, the collective buildings feature nearly 12,000 amps of power.
Dixon Hinderaker, Vice President of Acquisitions with ScanlanKemparBard said, “We found the location of the property along US Highway 36 very attractive. Located equidistant to Boulder and Denver, the property allows prospective tenants the ability to leverage a highly skilled labor pool. Furthermore, the property features specialized attributes of climate-controlled warehouses, significant power, clear heights up to 38 feet, and the ability to accommodate outside storage space for prospective tenants. We are excited to bring a new chapter to the site”
The Denver industrial market continues to see solid investor and tenant demand even as the industrial vacancy rate temporarily hovering around 8% due to a significant amount of large bays warehouse recently having been delivered into the market,” said Egitto. “This asset provides the new ownership with the opportunity to capitalize on a strategic location for mid-market tenants seeking to serve the Boulder/Broomfield/Denver markets most immediately, and the entire metro area more broadly”.
ScanlanKemperBard is a real estate investor, operator and developer specializing in Urban Industrial and Suburban Mixed-Use commercial properties. The firm brings a cumulative approach and single-minded commitment to creating value for its partners: institutions, high-net-worth investors, trusts, and family offices. Since SKB’s founding nearly three decades ago, the firm has originated more than $5.5 billion in total portfolio activity.
Cerberus Capital Management, L.P. is a global leader in alternative investing with approximately $60 billion in assets across complementary credit, private equity, and real estate strategies. The firm invests across the capital structure where its integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Its tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for investors.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2024 winner of the Canada’s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 13 consecutive years.
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Media Contact: Darcie Giacchetto, Media Relations & Content Specialist – Southwest: +1.949.278.6224
Avison Young brokers sale of 19.75-acre site in Centennial, CO;Opus Development Corporation to build two industrial buildings totaling 300,000 sf
Denver, CO – Avison Young today announced it brokered the sale of 19.75 acres of vacant land located at 7801 S. Fairplay Street in the Dove Valley submarket of Centennial, CO. The site is planned for the development of two, 150,000 square-foot (sf) industrial buildings for a total of 300,000 sf.
The seller, Heirborn Partners, L.L.C., was represented by Avison Young Principal Rick Egitto, who is based in the firm’s Denver office. The buyer, Opus Development Corporation, was represented by Todd Witty of CBRE.
Opus is slated to start land development shortly and anticipates delivering the speculative project in Q2 2022. Together with Arapahoe County, Opus worked diligently on the scope and framework for this project to ensure that all requirements were met to efficiently develop the highly visible site.
The parcel is located in Dove Valley Business Park, a 320-acre master-planned, mixed-use development located just north of E-470 and just west of Jordan Road.
“The Dove Valley submarket has been coming into its own over the last six years as users, developers and investors enjoy its proximity to Centennial Airport and the Denver Bronco’s Training Facility, as well as filling the industrial gap that had been overlooked for years,” said Egitto.
A diverse mix of users have been attracted to Dove Valley Business Park as it provides easy access to all parts of Southeast Denver via E/C 470, Interstate 25 and Parker Road. New tenants will join Digicomm, Jeppeson, Lockheed Martin, Bradley Petrolium, Micron, and Cherry Creek Schools Innovation Campus at this Arapahoe County location.
Egitto has partnered with Heirborn Partners on various commercial real estate transactions since 2015. “The market for industrial real estate transactions remains strong,” commented Egitto. “It’s exciting to work with clients who make a positive impact on our community.”
“Rick’s guidance and expertise made this transaction an effortless and smooth experience for all parties,” said Mike Connor, Managing Partner of Heirborn Partners L.L.C. “I look forward to partnering with Avison Young again in the future.” Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage.
Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community. Avison Young is a 2020 winner of the Canada’s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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• Rick Egitto, CCIM, Vice President, Denver: +1.303.390.0955
Avison Young brokers sale of 8,000-sf office property in Littleton, CO for conversion to an owner/user medical office property
Denver, CO – Avison Young announced today it has brokered the sale of an 8,000 square-foot office property located at 8331 Continental Divide in Littleton, CO. The property was formerly a credit union branch and headquarters space and includes a drive-thru and monument signage. It features upscale finishes and an attractive atrium lobby.
Avison Young Principal Rick Egitto, CCIM along with Justin Rayburn, Principal with Fountainhead Commercial Properties, represented the seller, Colorado Credit Union. The buyer, Continental Divide Holdings, LLC was represented by Dann Burke and Stephani Gaskins with CBRE Healthcare Real Estate Brokerage Services.
“The buyer plans to execute a renovation of the property for use as its pediatric practice,” said Egitto. “We are seeing the Denver market being driven by the strong demand for medical office space and expect that trend to continue over the next 12 to 18 months.”
The broker team used its collective network to bring the opportunity to the market and secured a buyer for the property days before the listing went public. The quick sale enabled the seller, Colorado Credit Union, to consolidate its operations at its new Denver headquarters building on San Juan Way. It will also provide a reputable local pediatric practice to expand operations to a new office in the Denver metro.
“Rick and Justin’s targeted strategy to identify a local owner/user buyer allowed for a short due diligence period. This aligned with our business goals to rapidly monetize this real estate asset and capture valuable equity to invest back into our business,” said Mike Williams, CEO with Colorado Credit Union.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada’s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
www.avisonyoung.com
For Immediate Release
Tuesday, January 9, 2024
Avison Young completes land parcel acquisition for development of 122-room hotel
in Centennial, CO
Denver, CO – Avison Young is pleased to announce it has completed a 3-acre land acquisition for the development of a 122-room WoodSpring Suites Hotel in Centennial, CO (Arapahoe County). The land was purchased for $1.2 million and construction for the project is anticipated to complete in late 2024. Avison Young Principals Rick Egitto and Howard Schmidt represented the buyer, KT Development. The seller, Paragon Financial Partners, was represented by Bo Pitto, Chris Schultz and James McGill of JLL.
WoodSpring Suites Hotel is an extended stay brand from Choice Hotels International, Inc., one of the world’s largest hotel chains which owns 20-plus hotel brands ranging from upscale to economy. The site is within a larger development called Potomac Park & Industrial Complex, which is situated on just over 154 acres and is well-located a short drive from Centennial Airport, Denver Technology Center and Inverness Business Park. It is also proximate to Interstate 25, E-470, Arapahoe Road, and Parker Road (Highway 83). Over the past two years, Egitto has led the Avison Young land search team on behalf of KT Development. KT Development is currently seeking an additional 15 hotel sites throughout the state of Colorado. Luke Taylor, Managing Member with KT Development stated, “The Avison Young team is standing up to the task of identifying strategic locations for our Colorado hotel site selection requirements. They take the time to physically visit potential locations as opposed to just searching online. They are thorough and delve into examining traffic patterns, business drivers, and available economic incentives, and examine water costs, mill levies, and potential zoning issues, among other challenges. This takes real dedication to our mission to identify the significant number of sites we are seeking within a two-year timeframe.” Jeff Kochevar, Managing Member with KT Development added, “Our hotels, be they WoodSpring Suites or EverHome, also function well as Attainable Housing in mountain communities. With the right incentives, we can deliver a significant amount of rooms at a favorable price compared to home ownership, which is especially useful for a seasonal workforce or where affordable employee housing is a significant problem.” Previously, Egitto and Schmidt represented Genesis in its acquisition of a WoodSpring Suites Hotel site in Greeley, CO which should deliver in March of this year. Other new WoodSpring Suites hotels are located in Thornton, Broomfield, Colorado Springs and Ft. Collins.
Rick Egitto, CCIM
President
Avison Young brokers sale of 9.12 acre site in Pueblo, CO Developer to build mixed-use project on vacant land by 2023
Denver, CO –Avison Young today announced it negotiated the sale of 9.12 acres of vacant land strategically located at the southwest quadrant of US Highway 50 and Interstate 25 in Pueblo, Colorado, an up-and-coming new investment submarket in Colorado.
610 RLLLP, a Colorado registered limited liability limited partnership, the seller, was represented by Avison Young Principal Rick Egitto, who is based in the firm’s Denver office. BEP Pueblo LLC, a Colorado limited liability company, the buyer, is affiliated with Blueline Equity Partners, is based out of Golden, Colorado and seeks to develop a mixed-use project that includes some mix of multi-family apartments, hotel and possibly some retail. “Rick’s guidance and expertise made this transaction an effortless and smooth experience for all parties,” said _____, Managing Partner of the Seller. “I look forward to partnering with Avison Young again in the future.”
BEP is slated to start land development in 2022 and anticipates completion in 2023. Blueline’s partners were attracted to Pueblo post-pandemic as the city continues to grow. Several other major residential projects have begun this year in Pueblo as investors and developers seek better returns in these smaller, but fast growing Colorado suburbs.
“QuikTrip is excited about our expansion into Colorado and we can’t wait to be a part of the Parker community,” said Steve Daniel, a spokeswoman for BEP.
Together with Town of Pueblo Planning Division, Blueline worked diligently throughout the pandemic on the scope and framework for this project to ensure that all requirements were met for the 9.12-acre site.
Egitto has partnered with the Seller’s affiliated entities throughout the state on various commercial real estate transactions since 2013. “In this uncertain economic climate, the market for real estate transactions remains strong,” commented Egitto. “It’s exciting to work with clients who make a positive impact on our community.”
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Specialized Skills Result in Optimal Sales Process
Rick Egitto, has been involved in over $300 Million of transactions in Lone Tree, 163,000 sf lease to backfill the building or sale, of Park Ridge Six in 2003 and 2013. He knows any submarket better than any other broker in Denver and can highlight the specific attributes of the building in the Lone Tree market.
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