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Denver Business Journal
CMBS apartment distress surges as operators struggle to refinance
Distress in the multifamily sector of commercial real estate is mounting as debt issued during a time of ultra-low interest rates is coming due.<\p> Among commercial mortgage-backed securities loans for single-borrower, large multifamily properties, the rate of distress is up 185% in the past six months, according to an analysis by Wayne, Pennsylvania-based commercial real estate data-analytics platform CRED iQ.<\p>
Denver marketing agency merges
A Denver media agency has more than doubled its global presence by merging with a San Diego-based company.<\p> Macarta said last month it has transitioned to a newly combined brand with San Diego-based Mindgruve under the new company name, MindgruveMacarta. <\p>
Large Aurora housing development sells to new master developer
A large master-planned community in Aurora has been purchased for an undisclosed amount by Pacific Ventures Management LLC in conjunction with Avanti Properties Group.<\p> Horizon Uptown spans 503 acres off the intersection of Interstate 70 and E-470. Purchase price for the deal was not disclosed, and is being kept confidential, the buyers said.<\p>
Swordplay, diversity keep this Denver business sharp
More than 150 people pay membership dues to play with swords at the Denver Fencing Center, a fencing gym that has operated out of its building on 1930 S. Navajo St. for 20 years. <\p> But staying en garde in the fencing business requires finesse.<\p>
Ex-Mercedes-Benz dealer sells home for $8.25M
A home in Denver’s Cherry Creek neighborhood sold in a cash transaction for $8.25 million — the highest-priced home sale in June, according to the Denver Metro Association of Realtors. <\p> The home, at 460 Saint Paul St., sits on one-third of an acre in Cherry Creek North and features five bedrooms and eight bathrooms. It was designed in 1999 by Denver architect Michael Knorr, of Michael Knorr & Associates. <\p>
Outstanding Women in Business talk work-life harmony
One thing became clear at a recent private roundtable hosted by the Denver Business Journal: Work-life balance is out.<\p> The roundtable, held June 25 at the University of Colorado Denver’s Entrepreneurship Center in downtown Denver, was made up of past winners of the DBJ’s Outstanding Women in Business Awards.<\p>
Canyon-inspired RiNo building signs first retail tenant
One River North, an apartment building at 3930 Blake St. in Denver's River North Art District with a canyon design running up its side, signed its first retail tenant.<\p> Light therapy studio beem Light Sauna will occupy 20% of the building's 8,000 square feet of ground-level retail space. <\p>
Aurora Chamber of Commerce relocates
The Aurora Chamber of Commerce has relocated to a new space in the Aurora Federal Credit Union building.<\p> The new location at 610 S. Abilene St., Suite B, in Aurora, features multiple meeting areas that can accommodate what the chamber said are "the growing needs of our members and our community." It also includes new offices, a community room, two board rooms and a small kitchen.<\p>
Denver software firm names new CEO
A Denver-based software company that serves manufacturers and distributors has a new leader.<\p> Vendavo announced Thursday that it brought in a new CEO, recruiting an executive from Englewood-based software provider CSG to be its new leader.<\p>
The National Observer: Investors taking a big interest in strip malls
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we're looking at the closure of a century-old college, a sustained surge in new business formation, and where Kroger is looking to sell stores in order to win antitrust regulators’ approval for a $24.6 billion acquisition. But first, let's see how the accelerating spread of data centers is prompting resistance in some regions.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter. <\p>
Developers share update on Cherry Creek West redevelopment
The company behind a more than $1 billion redevelopment in Denver's Cherry Creek commercial district has updated renderings and released new details about the project, emphasizing the area’s planned walkability and outdoor spaces.<\p> East West Partners is going through Denver planning and permitting to redevelop a nearly 13-acre property at East 1st Avenue and University Boulevard that's currently home to steakhouse Elway’s, a running store and a large parking lot. The redevelopment, called Cherry Creek West, was first announced in fall 2021. <\p>
3D house printing company expands to Colorado
A company that 3D prints houses says it will build a nearly $2 million manufacturing plant in the town of Bennett east of the Denver Metro area, expanding its footprint outside of California for the first time.<\p> Azure Printed Homes entered into an agreement with CR Investments LLP, which will construct a 20,000-square-foot plant where the houses will be printed, the companies said. <\p>
Modular project in Denver aims to help with affordable housing
Crews with a 500-ton crane lifted modular units into place at a multifamily development in central Denver's Sun Valley neighborhood Wednesday, demonstrating the factory building style local leaders hope can help create more affordable housing.<\p> The $24 million mixed-income housing project, known as West Holden Place, features six stories and 77 units. It’s made up of 49 modular boxes that are 72 feet long by 16 feet wide. The interiors of each modular unit have already been painted, tiled and equipped with fixtures like sinks and toilets. <\p>
Inside Colorado's only Islamic-compliant lender
Abdirahman Ahmed Aden's business is growing more than he ever thought was possible.<\p> Aden, originally from Somalia, is the owner of Mile High Halal Market in Aurora. He first sought a way to make more investments in his business in 2016, but finding a way to finance growth was more complicated for Aden than for most small business owners.<\p>
DIA's most-delayed flights
If you're flying from Denver International Airport to Miami, you might want to give yourself a little extra time.<\p> Flights to Miami were some of the most commonly delayed out of DIA, according to the latest on-time flight data from Cirium, an airline analytics company. <\p>
Denver rezoning aims to add retail, residential
Denver's City Council unanimously approved two rezoning proposals Monday night for various properties, expanding retail and residential opportunities in parts of the city. <\p> The first proposal centered on properties within the city's West Area Plan, a 20-year guide adopted last year that aims to shape neighborhoods in West Denver, including West Colfax, Villa Park and Barnum.<\p>
Tech company expands Denver office sixfold
Boston-based international marketing tech company Klaviyo (NYSE: KVYO) is making good on its plan to invest in a full-time Denver office this year, something the company’s co-founder previously said was in the works. <\p> Klaviyo opened a 13,308-square-foot office at the WeWork in the Tabor Center, 1200 17th St., in late June. The space is more than six times the size of Klaviyo’s previous, 2,213 square-foot space at the WeWork on Platte Street. <\p>
What drove a recent $159M apartment deal
An investment, development and property management company familiar with Colorado’s multifamily industry purchased a 319-unit apartment complex in Boulder for $159 million, or roughly $498,432 per unit — the area's largest multifamily sale in recent months. <\p> Kairoi Residential, which also manages Denver’s One River North, purchased the apartments at 3100 Pearl Parkway under holding company KG 3100 Pearl Owner LP, according to county records. <\p>
Council votes yes on Ballpark improvement district
The Denver City Council on Monday night approved an ordinance to create a general improvement district in the unofficial Ballpark neighborhood, allowing the measure to move onto the November ballot for voters in the area. <\p> During a public hearing for the ordinance, supporters said the Ballpark Denver GID would help clean up the area near Coors Field and make it safer for business owners, residents and visitors.<\p>
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