Deals Happen Here

At NAIOP Colorado, we bring together relationships, resources and informed insights to get business done while helping Colorado develop in a responsible way. We keep our eyes open for unexpected business opportunities and innovative partnerships. We initiate and build key conversations. And we bring the right people to the table at the right time to make deals happen here.

Hines Breaks Ground on First Phase of Class A Industrial Park in North Central Denver Market

December 2023 | Submitted by Courtney Schneider, NAIOP Colorado Board Member, Hines

In July 2023, Hines, a global real estate investment, development, and property manager, in partnership with EnviroFinance Group (“EFG”), announced the groundbreaking of the first phase at Quantum 56, a Class A, six-building, 868,360 square feet industrial park in North Central Denver, situated west of I-25 on 56^th Ave, and a short ten minutes from Denver’s CBD within the most sought-after industrial submarket for tenants and investors alike. Phase I, featuring three buildings totaling 585,000 square feet of warehouse/manufacturing space, is set to be completed in Q2 2024.  Essex Financial Group (“Essex”) secured the construction loan for Phase I. The loan was provided by one of Essex’s correspondent life insurance company relationships. 

Jason White, Mitchell Zatz, and Carmon Hicks of JLL will lead the leasing efforts on behalf of Hines. Essex’s Capital Markets team was led by Blaire Butler, Cooper Williams, and Matt Perigard. 

Phase I will be comprised of three buildings: Building 1 (352,029 SF) a 36’ clear cross-dock building offering ample trailer parking, along with Building 2 (121,617 SF) and Building 3 (110,267 SF), both 32’ clear rear-loaded buildings at varying depths. At completion, Building 1 will be the sole available cross-dock for lease within the North Central submarket. Phase II offers available build-to-suit opportunities at Building 4 (158,097 SF) and additional compact owner-user opportunities at Building 5 (69,790 SF) and Building 6 (62,160 SF). Building 6 boasts a rare aquifer beneath the structure, providing an additional water source for heavy users and reducing reliance on the utility provider. Included in Phase I is the completion of the extensive amenities centrally located within Quantum 56, including a 1.6-acre park with a full-sized basketball court, picnic tables and a walking path. 

Designed to cater to a diverse range of tenants, Quantum 56 will offer ample capacity for large-scale distribution and manufacturing users as well as smaller single-occupier/owner-user buildings. The industrial park is situated in unincorporated Adams County which provides a strong sales tax advantage (4.75%) compared to the higher rates (surrounding areas all totaling over 8%) in the surrounding incorporated areas, making it an ideal choice for businesses with showroom or customer pickup operations. 

“With its innovative features, prime location, and tax advantages, Quantum 56 is poised to be a magnet for businesses seeking a competitive edge,” added White. "Its convenient access to major transportation routes and highways ensures seamless connectivity for streamlined logistics, allowing occupiers to efficiently reach customers, suppliers, and distribution hubs. We are confident that Quantum 56 will be a valuable asset to the Denver community and its businesses.” 

Nearly all groups involved in Quantum 56 are members of NAIOP Colorado, which has fostered a unique sense of community within the project team.  Not only are Hines, EFG, Essex and JLL members, but the project’s design (architectural and civil) team in Ware Malcomb’s Denver office and General Contractor, Arch-Con Corporation, are also active NAIOP Colorado members.

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Revesco Properties Partners with Ellipsis Construction on Buildout of Little Owl Coffee Shop in LoHi

December 2023 | Submitted by Brooke Dumon, Revesco Properties

Two NAIOP members, Marc Perusse and Yvette Roman, collaborated on the buildout of the Little Owl coffee shop at their Lower Highlands (“LoHi”) location. Revesco Properties developed, owns, and occupies the mixed-use building located at 2731 17th St Suite 300, Denver, CO 80211, and was searching for a retail tenant on the ground floor. Marc had known the Little Owl founder, Seanna Forey Carrêlo, for a few years and wanted to secure her as a tenant for Revesco’s building. Seanna and her partners, Mike Sinon and Corey Wall were looking for a general contractor to build out the LoHi location, as their prior bids were coming in significantly over budget. At a conference, Marc was introduced to Yvette Roman by Patrick Rippe with Pennybacker Capital, one of Revesco’s tenants. Yvette is the owner and founder of Ellipsis Construction, a local woman-owned general contractor focused on TI, who was later introduced to the Little Owl owners, Seanna, Mike and Corey. The two parties then teamed up for the buildout of the coffee shop.

Little Owl LoHi interior, images by Corey Wall

Little Owl successfully opened their LoHi location in March of 2023. This marks their third location and has gained a substantial following over the years. According to their press release in Mile High CRE, “The new LoHi café boasts a minimalistic and metamorphic design, further enhanced by the abundance of light filtering through its expansive windows. The neutral tones and natural textures transform the space into a modern, architectural piece of art.” 

* At the time of collaboration, Marc Perusse was working on behalf of Revesco Properties as their Chief Investment Officer; however, he has since transitioned to his own company, E2M Ventures. He continues to connect with other NAIOP members. Yvette Roman has a decade of Commercial General Contracting experience. She has worked on large projects, including airports, stadiums, entertainment complexes, and other multi-million square foot and multi-billion dollar structures. She also continues to connect with other NAIOP members. 

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DPC COMPANIES SELLS COLORADO SPRINGS INDUSTRIAL PROPERTY, NORTHPARK INDUSTRIAL

March 28, 2023 | Submitted by Sage Strever

An affiliate of Denver-based DPC Companies, who is a long-term investor in Colorado Springs, New Northpark LLC, announces the sale of their industrial asset located at 4710 Northpark Drive.  Sitting on 4 acres, the property includes the fully leased 76,500 square foot former Coors distribution building, with an additional 2,400 square foot out-building. 

New Northpark purchased the property in 2016 and made significant improvements.  After two well-known companies leased the buildings, New Northpark decided to market the property for sale.  Michael Helwege with Core Commercial Brokerage Company, representing broker, along with his brokerage partner Parker Curry, listed the property for sale last July.  A long time Colorado investor contracted to purchase in October, and the sale closed on February 10, 2023.  Justin Lutgen, DPC’s Chief Investment Officer oversaw the project and directed the sale process.

“While the Northpark asset is a very good building with a great location, our business plan was always to improve, lease and sell as an investment.” comments Chris King, President and CEO of DPC Companies.   “With the building stabilized with 100% occupancy, it made sense to pass on the investment to an owner with long term ownership objectives. Colorado Springs is attractive to business and very supportive, and we will likely deploy our investment into another local value opportunity asset.”

DPC is well known for their office, industrial and retail portfolio, with over 4 million square feet under ownership and management.  Since its inception in 1986, and headquartered in Denver, the Company has a long history of owning properties in Colorado Springs and surrounding communities.

Central Connection | Denver, Colorado

In December 2020, Comunale Properties completed Central Connection, a 200,000 square foot, two building, infill development project located in the North Central industrial market. The project had immediate leasing success and was delivered 76% preleased – a record lease up for a speculative industrial project in the submarket – and achieved 100% occupancy shortly after delivery.  The project’s success was only possible after completing an intensive entitlement process.

Prior to embarking on Central Connection, Comunale Properties completed a 70,000 square foot build-to-suit in the same submarket and was eager to grow its footprint in the area.  Brandon Kramer, First Vice President Investments at Marcus & Millichap and a long-standing NAIOP member, began marketing the land that would eventually make up the Central Connection project and thought of John Comunale (a NAIOP member and future member of the board of directors) and the company’s recent success in the area, which had also required a rezoning process. The sales process for the site was very competitive with a “whose who” of developers submitting offers.  The Seller had operated the site as commercial greenhouses and knew the buyer would have to rezone the land from agricultural to industrial to successfully develop the site into an industrial park.  Despite the stiff competition, Comunale was awarded the deal as a result of their strong relationship with Brandon Kramer through NAIOP and the credibility built from their previous project.  The Seller knew they needed a buyer who was knowledgeable of the area’s rezoning process and flexible with timing to navigate the process.  

John Comunale, President of Comunale Properties, said, “Our relationship with Brandon allowed us to be able to meet with the Seller and tell our story as a well-capitalized family company with recent success in the area.  Had I not been involved with NAIOP, Brandon wouldn’t have known about our success with a similar project in the area and I don’t think we would have been awarded the project.”  The Seller appreciated that Comunale was also a family company and not a large institution, as navigating the entitlement process would take relationship building with the neighbors and local community.  On top of that, Comunale and the Seller had to quickly develop trust to work closely as a team in navigating two neighborhood meetings and four public hearings to receive the necessary entitlements for a successful development project. 

Comunale prides itself on being a local operator that is plugged into the community. Without the relationships made through NAIOP it would be difficult to have a competitive advantage over the well-capitalized national developers targeting Denver’s growth. Investors often target the same return profiles which leads to competitive deal flow. As such, a successful deal comes down to maintaining strong relationships and credibility in the market, assuring the public you have the proven expertise to undertake complicated projects. For Comunale, NAIOP has been a great facilitator of those relationships.

724 S Pearl Street | Denver, Colorado