Case Studies

The AY CMG team presented to Fortress and LNR Partners, in May 2018 to sell certain Colorado assets they had taken back from an unsuccessful note sale. While not originally high on their list of assets to sell, the sales team convinced ownership that the Preston Center asset, a Class B+, 57,287-sf office building located in the heart of the East Harmony Road commercial corridor in Fort Collins, Colorado, had more value than they believed. They suggested that if we could sell the 85% leased asset around $9 million they would be very satisfied.  The asset offered great value-add potential to investors due to the significant undermarket rents that had been put into place over the previous three years when ownership had no money for tenant improvements.

A partnership led by Houston-based Patrinely Group had renovated this two-building, 336,939 sf Class B office asset located at 2201 and 2231 Camelback Road and brought it to 75% leased.  Decided to sell the office portion of the property and then develop The Residences at 2211 Camelback, a 12-story, 86 unit luxury condominium project behind the office buildings, in the heart of the highly sought after Biltmore District in Phoenix.

Was asked by long-time client Patrinely Group, to source a site in CBD for development of a large office tower through fund they had recently put in place with USAA.  Took the better part of a year, but a partner and I found one of the few remaining 1.1 acre sites in the CBD core for high-rise development.  Long-time Denver property investor/owner did not want to sell the site so a 99 year ground lease was created instead.

Initially a partnership led by Houston-based Patrinely Group had developed this six -story, 192,359 sf Class A office building at the NWC of Interstate 25 and Lincoln Avenue in the heart of Lone Tree. Sold in 2004 to KBS Realty Advisors for $30,150,000.

Over their two years of ownership, KBS finished leasing out the majority of the building and decided to sell in 2006.  We put the building on the market, conducted a nationwide search for capable office investors and quickly surfaced primary bidders.   In 2006 we sold the asset to Grosvenor Investment Management out of Philadelphia for $39,500,000.

Grosvenor Investment Management decided to sell as market started deteriorating from The Great Recession.  Sold to Miller Global for $28,600,000.

A partnership between Patrinely Group and Apollo Real Estate Advisors had developed this six-story, 161,218 sf Class A office building located at 10375 Park Meadows Drive as a build-to-suit for American Century Funds. Sold in 2003 to Denver United for $29,500,000.

Worked with Denver United during The Great Recession to backfill the tenant that took American Century funds place in the building – Lehman Brothers – when their residential ALT loan program weakened. Backfilled the building with a new long-term lease to tw telecom and remarketed the building for sale in 2013. Sold the building to WP Carey for $40 million.

Lokal Homes was represented by Rick Egitto of CRE Solutions when he became familiar with the need for well-priced housing in Lone Tree through former mayor Jackie Millet in Q1, 2022. Rick also knew that Lokal Homes was looking to expand on the south side of Denver, where they already had a presence developing townhomes at Lyric, within the Ridgegate community to the east of I-25 at Lincoln Avenue.  Rick sourced up this highly visible 19 acre site, on the south side of C-470 between Acres Green Drive and S. Yosemite Street, adjacent to the Furniture Row stores. 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 2025.

Represented Grosvenor Investment Management in the sale of this 413,390 square foot, Class B office asset located at 6451 North Federal Highway in Fort Lauderdale, FL.  Grosvenor had taken the asset as far as they felt they could, and decided to bring to market in 2007.  Launched a nationwide sales effort designed to point out not only the building itself, but the excess land associated with it, for continued development of retail and/or residential.

Rick Egitto partnered with Fountainhead Commercial to represent  Mile High Labs in the sale of 2555 W. Midway Boulevard located in Broomfield, CO.  Operated since the 1970s as a round-the-clock pharmaceutical GMP Manufacturing facility, the property, situated on 20.677 acres, most recently was used to manufacture CBD gummies by its current owner. The highly specialized property comprises a two-building, 436,534 square foot pharmaceutical manufacturing campus with excess land in the heart of the Boulder – US Highway 36 corridor.

A long-time client requested the sale of 10 acres of land at the SEC of Interstate 25 and US Highway 50 in Pueblo.  Originally set to be padded out, a two-year sales effort led to minimal interest as Pueblo had yet to emerge from the recession.  Finally, the marketing effort moved to focusing on converting the whole site to one use, but the location behind the closed KMart made any kind of development difficult.

• Putt Putt golf site in the heart of Lone Tree but fronting on E-470, was originally put on the market in 2006.  Listing was pulled off the market during the recession.  Hot multi-family market caused Seller to attempt to sell site on his own during 2013 and 2014.

• Broker retained in 2012 to list the property for $3.2 million.
• 0.68 acre parcel of land with an existing industrial building available for sale in a portion of the Golden Triangle not slated for county upgrades.
• Property was under contract with a condominium developer prior to recession, the deal perished due to the financial crisis.
• Multi-family developers, active in lower downtown Denver, did not get interested in Golden Triangle until equity and debt started backing away in early 2016.

• Former Mountain Man Nut and Fruit retail location with excess land
• Growth forced local business owner to liquidate this retail location and excess land in order to utilize funds in higher yielding areas of their growing private label Nut and Fruit business
• Town of Parker very restrictive on uses they would allow due to revamped Master Plan. Particularly disliked gas/convenience store on hard corner

• As Principal with Avison Young, Rick Egitto and a partner coordinated the listing on behalf of the seller, Upsher- Smith Laboratories.
• To meet U.S. Food and Drug Administration (FDA) regulations, a sale/leaseback was utilized to enable the seller to relocate its business and provided the buyer income while working through the regulatory process to obtain the necessary entitlements for redevelopment.

• Team Marketing acquired the building in 2001 in order to own, rather than rent, their corporate headquarters. They occupied the 2nd floor of this two-story office building. The 1st floor was subsequently leased to third party tenants.
• The principals of Team Marketing decided it was time to retire, and mutually agreed to dispose of the office building as a means of liquidating their largest retirement asset.

• Northstar Bank planned to vacate their 6,454 square foot free-standing branch location at 20991 E. Smoky Hill Road, Centennial, CO, and needed an appropriate exit strategy.
• Northstar Bank hired Rick Egitto to backfill the branch and then sell the property to take it off their books after inheriting the location via a bank merger.

• Colorado State Bank and Trust (now BOK Financial) planned to vacate their 6,236 square foot branch location.
• BOK Financial hired Rick Egitto to provide the market value of the asset via a Broker Opinion of Value (BOV).

Parcel donated to the Diocese of Colorado Springs years ago by adjacent neighbor. Parcel had following issues:

• Topographically challenged for Pax Christi to build Catholic School, water purchase required for development.
• Premium location in Highlands Ranch resulted in vocal resistance to any development
• Catholic school proposed for vacant site was abandoned after Great Recession limited fundraising ability

Independent Bank, as successor to Northstar Bank, decided to vacate their 3,290 square foot branch location at 6654 Timberline Road in Highlands Ranch and engaged Rick Egitto for consultation.

• Share Fair Nation, a non-profit dedicated to elevating educators and igniting teaching through game changing professional learning experiences, went to market seeking to purchase a free-standing building.
• 455 S. Pierce Street was a building situated in a professional garden like setting with a dramatic lobby being utilized as a school for The Learning Source Foundation.
• The existing tenant was scheduled to vacate the building in May of 2016. After a year of marketing the property for sale, the owner/user had very few bites due to the very specific nature of the building.

• Northstar Bank planned to vacate
  their 4,389 square foot branch
  location at 4625 Trail Boss Drive,
  Castle Rock, CO, and engaged broker
  for consultation.
• Northstar Bank hired Rick Egitto to
  lease the upcoming vacancy

Requested to pitch the sale of the Hope Foods corporate headquarters building in Louisville – won assignment. Along with my top-notch industrial team, we partnered to sell this asset. Credit of start-up hummas company not the strongest and we had to navigate a great number of issues including tenants desire to downsize in middle of marketing effort.

• After DriveTrain Industries’ principals sold the business to Inland Truck Parts and Service in July 2018, they decided to sell the property shortly thereafter to take advantage of the extremely hot Denver industrial real estate market. Inland was to remain as the tenant.
• Unfortunately, the tenant/landlord relationship deteriorated significantly over the ensuing 6-12 months, failing to obtain a newly signed lease at business closing.
• Avison Young (AY) was engaged to sell the asset as the strained tenant/landlord relationship deteriorated further.
• Tenant seized the opportunity to leverage itself for better lease terms, further stressing its relationship with the landlord and slowing negotiations.
• Careful negotiation with both sides for three (3) months without resolution halted the marketing process.

Firm had been leasing this property for a private Hawaiian investor.  Pitched sale and won this three-building, two-story walk-up office property.  Lots of issues to address including loss of tenancy down to 75%, low-end product that many investors did not favor, and deferred maintenance.  Worked this asset hard to local investors, but most simply walked away even though the size of the parcel, on the Inverness Golf Club course, would make a great redevelopment play.

Pitched against all national firms to local investor that had backfilled an old hard disk manufacturing facility to high-tech tenants in Louisville, very near to red hot Boulder. Property was a mix of office, industrial and biotech rooms, with a central CUP. Presentation and Offering Materials meticulously went through the different sections of the building and a deep analysis was made of the financials for the respective tenants.