Rendering of Gauge courtesy Dynia Architects.

This morning it was announced that MicroStar Logistics, an organization that provides keg solutions for the craft beer industry will be leasing 13,000 square-feet of space at Gauge.

Zeppelin Development is the the developer of Gauge, a 100,000 square-foot office building that will be constructed in Denver's RiNo neighborhood at 38th and Blake. An RTD rail station will open in 2016 adjacent to this property. Dynia Architects designed Gauge and has also designed many of Zeppelin's other projects such as The Source Hotel that is currently under construction at 33rd and Brighton Boulevard.

“We’re very excited to welcome an innovative, growing company like MicroStar Logistics to Gauge,” said Kyle Zeppelin.  “With low vacancy rates in the neighborhood and limited space still available at Gauge, it’s clear that RiNo is being recognized as a hub for entrepreneurial companies that want an urban address outside of the Central Business District.”

MicroStar Logistics was represented by Chris Riedl and Matt Edgar of Community First Commercial, and Zeppelin Development was represented by a team at Cushman & Wakefield that included Ryan Stout, Nate Bradley, Drew McManus and Zach Williams.

“RiNo is the highly sought-after location in Denver’s Urban Core as indicated by the amplified interest we have seen in Gauge,” said McManus. “Gauge’s location provides MicroStar an opportunity to establish a significant presence in the center of one of Denver’s most dynamic transit-oriented submarkets.”

“To support craft brewers’ continued growth, we have made significant investments in our business causing us to outgrow our current headquarters,” said Michael Hranicka, MicroStar’s President and CEO.  “We are committed to our customer first approach a  wanted to find a home in the heart of Denver’s thriving brewery community. Gauge is the perfect fit for us. They are located in the center of the action, offer creative workspaces and are strategically located at a new light rail stop which offers easy access and furthers our sustainability goals.”

Gauge will feature first floor event space, retail space, and landscaped terraces.  

Rendering of Gauge courtesy Dynia Architects.

Image courtesy CBRE

CBRE Group, Inc. announced late Monday that the firm completed a transaction of the Boulder Community Health Broadway Campus in Boulder, Colorado. The campus is partially in operation and sits on 8.79 acres of land consisting of multiple buildings and a parking structure. The transaction price was $40 million.

CBRE’s First Vice Presidents Eric Roth and Martin Roth with CBRE’s Land Services represented the seller, Boulder Community Health. The buyer was the City of Boulder.

Future plans for the campus include a redevelopment by the City, which may include a public/private partnership.

“As a long-time partner in the community, the Seller is excited to see the City of Boulder acquire the property,” said Eric Roth. “This is a logical transition that will allow for the site to benefit the community in the future.”

The Denver office of CBRE today announced its Capital Markets’ Debt & Structured Finance Services has secured $55.6 million in financing on behalf of Gelt, Inc. for the acquisition of Tamarac Village Apartments in Denver, Colorado.

Image courtesy CBRE

The apartment community sold for $74 million and is home to 564 apartment units.

Brian Eisendrath and Ross Moore with CBRE’s Beverly Hills office arranged a 10-year fixed-rate loan with a five-year interest-only component at approximately 75 percent. Gelt will continue a renovation program and perform additional capital improvements on the interior units and common areas.

“Given Gelt’s long-term strategy in secondary growth markets, 10-year debt with maximum interest only will allow them to execute on their business plan by providing solid cash-on-cash returns to their investors,” said Mr. Eisendrath. “Given the volatility in the capital markets, we were able to navigate the new mandates and provide the best terms possible.”

“Brian and his team secured a loan that allows us to continue repositioning this well-built asset while providing an attractive value alternative for renters who are priced out of the newer Denver product,” said Keith Wasserman, Co-founder of Gelt, Inc. “They were able to move fast, providing lender commitment prior to going hard on the purchase all the while securing aggressive long-term financing with seamless execution.”

Built in 1977, Tamarac Village consists of 564 units with a mix of studio, one- and two-bedroom units ranging from 450 to 1,015 square feet. The property is located near the intersection of I-25 and I-225 in Southeast Denver, in proximity to the Denver Tech Center.

The acquisition is the first for the Los Angeles-based investor in Denver. In addition to this property, Mr. Eisendrath and his team helped secure financing for Gelt in three acquisitions in Salt Lake City over the past year comprising 875 units and $71.5 million in loan proceeds.