Commercial Real Estate News Recap | September 2017



Commercial Real Estate Retail Recap: September 2016


Our signs are going PINK for Breast Cancer Awareness Month! Please support Crosbie Real Estate Group by joining our team at Making Strides of Denver on October 23rd or by donating! Click here for more information. 

Denver Business Journal : Denver rated America’s best place for business by Forbes

Denver is Amedenver coloradorica’s best place for business and careers, and Fort Collins is No. 10, Forbes magazine declares in its latest annual ranking.

“The Denver-Aurora-Lakewood metro area, home to 2.8 million people, is attractive for its diverse economy, highly educated labor force and outdoor recreational opportunities,” report author Kurt Badenhausen writes. “Companies are increasingly choosing Denver as the site for new operations or to relocate.”

Forbes’ report cites “Denver’s relatively central location [which] makes it a natural location as a distribution hub for the American West, while also supporting a number of growing industries in technology and telecommunications.”

Energy is “another staple of Denver’s economy,” it says. The report also lauds Denver for its arts and cultural scene, including the Denver Art Museum and Denver Performing Arts Complex, as well as “bustling neighborhoods such as LoDo, … filled with art galleries, restaurants, bars and clubs,” and its outdoor attractions.

Denver ranked No. 4 on Forbes’ list last year and Fort Collins was No. 5.

Other Colorado cities on Forbes best-places-for-business list:
Boulder, No. 26.
Greeley, No. 33.
Colorado Springs, No. 37.
Nationally, Raleigh, North Carolina, comes in at No. 2 after Denver, followed by Portland, Oregon; Provo, Utah; and Atlanta.

Read more: Denver Business Journal : Denver rated America’s best place for business by Forbes
Re-posted by: Crosbie Real Estate Group

Denver Westword I Fast-Casual Pizza Chains Vie for a Slice of the Denver Market

pizzaRestaurateurs around Denver are really hoping you’ll get on board with their fast-casual pizza concepts; time and money are being spent perfecting dough recipes, building health-conscious angles, and firing up custom ovens to blister crusts in the amount of time it takes you to swipe a debit card. Businesses are welcoming comparisons to other successful fast-casual operations — after all, if consumers have made the lowly burrito the king of the quick lunch, success seems more likely for newer chains if they mimic Chipotle’s service model and goals. Pizzeria Locale, Modmarket and Project Pizza are all competing for a slice of the pie market and are learning as they go.

Boulder-based Modmarket just announced that it has retooled its dough recipe, adding stone-ground wheat to the mix along with sea salt, olive oil, agave sugar and an overnight rise, which, according to the company’s press release, adds more flavor and strength to the finished dough. The new dough is now available at all eight Colorado Modmarket locations. A recent article on Thrillist included Modmarket in a list of small chains that could someday reach Chipotle-like proportions. The company also builds sandwiches and salads, capitalizing on the healthy-food trend in case the fast-casual pizza boom fizzles.

This comes right as the latest Pizzeria Locale opened in the West Highland neighborhood and owners Bobby Stuckey and Lachlan Mackinnon-Patterson (both of Frasca fame) announced that they’ve rolled out a new 100 percent stone-ground wheat dough, some of which is actually ground in-store in a custom-built mill. Pizzeria Locale plans to retrofit its original fast-casual restaurant on Broadway with the same equipment and processes to make the new dough, which will also be the standard for all future locations. Comparisons with Chipotle are accurate when it comes to Pizzeria Locale; Stuckey and Mackinnon-Patterson teamed with the burrito giant to streamline the concept, based on their original Boulder pizzeria, for the fast-casual market.

Read more: Denver Westword I Fast-Casual Pizza Chains Vie for a Slice of the Denver Market
Re-posted by: Crosbie Real Estate Group

Market Reports : Denver Retail

Fueled by an increase in population and job growth, Denver’s robust housing market and the constant influx of young professionals to the region has attracted some attention. Both new and existing retailers and investors are now looking to either penetrate or expand within this ever-growing market.

Metro Denver added a total of 37,300 jobs last year. This was an increase of 2.7 percent from 2011, according to the Metro Denver Economic Development Corp. The region’s growth rate has consistently outpaced the national rate in every decade since the 1930s. By 2020, the region’s population is expected to increase from 2.9 million today to more than 3.2 million.

Retailers are definitely taking note. Cabela’s, a Nebraska-based outfitter of hunting, fishing and outdoor gear, has two stores under construction that should be completed in the third quarter of this year. These will represented Cabela’s second and third Colorado locations. The chain already has a Grand Junction outpost.

THF Realty also recently completed the 147,806-square-foot Walmart in the Lakeside Shopping Center redevelopment area. Metro Denver has seen quite a few Walmart Neighborhood Markets pop up throughout the region recently.

Also new to the Denver market is Trader Joe’s. The California-based specialty grocer plans to open two stores in Colorado, one in central Denver, the other in Boulder.

Grocery and home-goods stores have been another hot product type. Larrabee’s Furniture + Design recently opened in the south submarket, while King Soopers has undergone a significant expansion that includes the addition of a new 123,000-square-foot store at Reunion Marketplace in the northeast submarket.

During the first quarter, 20 buildings totaling 198,178 square feet were completed and another 921,219 square feet of retail space was under construction, according to CoStar’s first-quarter report on the Denver retail market. Over the past four quarters, a total of 767,590 square feet of retail space has been built in Denver, yet vacancy has dropped to 6.5 percent.

The new retailers added to Denver’s already solid market, coupled with the development of new shopping centers, have attracted the attention of both national and international investors alike.

Read more:
Re-posted by: Crosbie Real Estate Group

Denver Business Journal | Walmart Confirms Plans for Boulder Store

DAI-Walmart-US-logo 280Retailing giant Wal-Mart Stores Inc. intends to open a Walmart Neighborhood Market store in Boulder this fall, the Daily Camera reports.

Speculation has been rampant for months about Wal-Mart’s plans for Boulder. The company, which was previously denied the chance to open one of its Supercenters in town, now intends to open a smaller Neighborhood Market at Diagonal Plaza.

Diagonal Plaza is off 28th Street and Iris Avenue in north Boulder. The store proposed for the site is about 52,000 square feet, which amounts to a quarter the size of a Supercenter.

Read More:
Re-posted by: Crosbie Real Estate Group

Boulder Daily Camera I Boulder board approves plans for project at 28th and Canyon

Eads News and SmokeA development project that would bring two large hotels and a mixed-use commercial building to the northwest corner of 28th Street and Canyon Boulevard took an important step forward Thursday night when it received conditional approval from the Boulder Planning Board.

Following a nearly four-hour public hearing, a joint redevelopment project for the current sites of the Golden Buff Hotel and the now-closed Eads News and Smoke Shop received unanimous approval.

The plans call for the construction of a full-service, 184-room hotel with a main entrance on 28th Street, plus a select-service hotel with 177 rooms and a main entrance on 26th Street.

The plans also call for the construction of a 38,375-square-foot building at the corner of 28th and Canyon, where Eads stands today, with space for offices, retailers and restaurants.

Read more:
Re-posted by: Crosbie Real Estate Group