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05-07-2013Woodspear Properties Acquires the Off Broadway Flats
Woodspear Properties
Englewood, CO - Woodspear Properties has purchased the 91-unit Royal Manor Apartments for $5,500,000. The property will undergo significant renovations and be renamed the Off Broadway Flats.
Located at 640 East Jefferson Avenue, the 91-unit property was built in 1961 and was 100 percent leased at closing. The property will offer newly remodeled studio, one and two bedroom apartments with an outdoor swimming pool, courtyard, reserved parking, secured access, laundry rooms and on-site staff. Off Broadway Flats are located adjacent to Swedish Medical Center, minutes from downtown Englewood, Cherry Hills Country Club, Santa Fe Drive and Interstate 25.
This acquisition gives Woodspear Properties its third multifamily acquistion in Denver in the past 13 months. Steve Rahe and Tom Wanberg of Transwestern represented the seller. Woodspear Properties plans to contine expanding its presence in Denver, Colorado.
05-03-2013
Woodspear Properties Acquires The Sleek Lofts
Woodspear Properties
Denver, CO - Woodspear Properties recently acquired a 60 unit, Class A property located in the Governor’s Park submarket of Central Denver for $8,100,000. “This was an excellent opportunity for us to diversify our portolio with an urban located asset,“ said Craig Lessard, Acquisitions Associate. Woodspear Properties assumed a $5,250,000 loan with a 5.84% interest that comes due in June 2014. “The plan is to pay off the loan when due and hold this property unleveraged for the long term,“ said Craig Lessard. The seller was a private, foreign group.
The property was 96% occupied at closing. Woodspear Properties plans to take the property to the “next level” by improving the exterior appreance, shape of the common areas and some unit improvements. The property was an office building until 2008 when it was then converted into apartments.
05-02-2013
Woodspear Properties Acquires The Midway Gardens Apartments
Woodspear Properties
Escondido, CA - Woodspear Properties recently acquired a 32 unit, Class B apartment building in Escondido, California. The purchase price was $4,570,000 and closing took place 60 days after the contract date. Woodspear Properties paid for the property with cash.
At a 97 percent physical occupancy combined with strong submarket fundamentals, the property has upside potential. The seller renovated the units with new plumbing, flooring, cabinets, and countertops. Woodspear Properties will make further improvements to the property such as improved signage, exterior paint, exterior windows, pool repairs and improved security. “With little new construction and a low submarket vacancy rate this property offers a strong opportunity for attractive returns,“ said Craig Lessard, Acquisitions Associate at Woodspear Properties.
11-29-2012
Mobile Mini leases 23,740 sq. ft. at the Stapleton Business Center
Woodspear Properties
Mobile Mini has leased 23,740 square feet at the Stapleton Business Center in Denver, Colorado. Mike Camp of CB Richard Ellis, Inc. represented Woodspear Properties. With Mini Mobile, the Stapleton Business Center is now 100% occupied.
Since 1983, Mobile Mini has provided moving, storage, and office solutions to millions of customers. Mobile Mini is one of the leading moving and storage companies in the nation, with over 130 locations throughout North America. Mobile Mini offers a range of product sizes, types and accessories.
04-03-2012
Woodspear Properties acquires the Mondrian Colorado Apartments
Woodspear Properties
Woodspear Properties acquired the 51 unit Mondrian Colorado Apartments property on January 30, 2012. The purchase price was $4,050,000 ($79,411 per unit) for a 1961 constructed building that was fully occupied at the time of purchase. Woodspear Properties will commence renovations immediately after purchase to the hallways, lobby, leasing office, elevator, parking lot, signage, landscaping and exterior. Please contact Craig M. Lessard for any questions regarding this purchase.
02-13-2012
Monogram Aerospace Fasteners leases 13,382 sq. ft. at 6850 S. Priest Drive
Woodspear Properties
Monogram Aerospace Fasteners, Inc. has leased 13,382 square feet at 6850 South Priest Drive in Tempe, Arizona. Tom Louer of Lee & Associates represented Woodspear Properties. Monogram will use the space for light manufacturing purposes. The 19,430 square foot industrial building is now 100% occupied with two tenants.
With over 120 years of service to the fastener industry, Monogram Aerospace Fasteners has established itself as a recognized leader in blind bolt technology. Monogram Aerospace Fasteners is headquartered in Los Angeles, California.
10-27-2011
Red Robin leases 12,000 square feet at the Dry Creek Center
Woodspear Properties
Red Robin Gourmet Burgers, Inc. (Red Robin) has leased 12,000 square feet at the Dry Creek Center in Englewood, Colorado. Dave Lee and Jason Addlesperger of Newmark Knight Frank Frederick Ross represented the Landlord. Red Robin will use the space for office and test kitchen purposes. The Dry Creek Center is now 97.5% occupied. The property was only 75% occupied when Woodspear Properties purchased both buildings in December of 2010.
Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) is a casual dining restaurant chain founded in 1969 that operates through its wholly-owned subsidary, Red Robin International, Inc. There are more than 460 Red Robin restaurants located across the United States and Canada, including corporate-owned locations and those operating under franchise agreements.
09-30-2011
Woodspear Properties acquires the Courtyard at South Station Apartments
Woodspear Properties
Woodspear Properties acquired the Courtyard at South Station Apartments for $3,200,000 ($82,051 per unit). The property is conveniently located within walking distance of the South Station light rail stop. Woodspear Properties will commence renovations to the property immediately after acquisition that include new landscaping, signage, painting and windows.
03-16-2011
ABM Janitorial Services leases 10,640 square feet at the Dry Creek Center
Woodspear Properties
ABM Janitorial Services has leased 10,640 square feet at the Dry Creek Center in Englewood, Colorado for a period of seven years. Dave Lee and Jason Addlesperger of Newmark Knight Frank Fredrick Ross represented the Landlord. Woodspear Properties purchased the Dry Creek Center in December of 2010 with 25% vacancy. 10,578 square feet remain available for lease at the 85,760 square foot complex.
ABM Industries Inc., (NYSE: ABM), through its subsidiaries, is a provider of facility services in the United States. The Company provides janitorial, parking, security and engineering services for thousands of commercial, industrial, instituational, governmental and retail client facilities in hundres of cities, primarily throughout the United States. Its products are grouped into four segments: Janitorial, Parking, Security and Engineering.
03-16-2011
IES Commercial, Inc. leases 2810 South Roosevelt Street
Woodspear Properties
IES Commercial, Inc. has leased the 47,000 square foot 2810 South Roosevelt Street building located in Tempe, Arizona. The lease term is for a period of five years and four months. Tom Louer, with Lee & Associates Arizona, represented both the Landlord and Tenant.
Integrated Electrical Services, Inc. (NASDAQ: IESC) is a provider of electrical services, focusing on the communications, residential, commercial and industrical service and maintenance markets. The Company provides a range of services, including designing, building, maintaining and servicing electrical, data communications and utilities systems for communications, residential, commercial and industrial customers. As of September 30, 2010, it provided its services from 69 locations serving the continential 48 states. Its electrical contracting services include design of electrical systems within a building or complex, procurement and installation of wiring and connection to power sources, end-use equipment and fixtures, as well as contract maintenance. The Company operates in three segments: commercial, industrial, and residential and communications markets.
03-01-2011
Woodspear Properties invests in the development of Kent Place Apartments
Woodspear Properties
Woodspear Properties has invested with Forum Real Estate Group in the development of the Kent Place Apartments. Kent Place will consist of 300 Class-A apartment units situated at the northwest intersection of University Boulevard and Hampden Avenue in Englewood, Colorado.
Construction is anticipated to commence in early 2012 with completion expected in 2013.
03-01-2011
Woodspear Properties invests in McWhinney’s North Park
Woodspear Properties
Woodspear Properties has invested in McWhinney’s North Park master planned community. North Park consists of 915 acres of commercial and mixed use land in the City and County of Broomfield, Colorado. The land is located at the southwest quadrant of the intersection of Highway 7 and Interstate 25.
Accordingly, this is a long-term real estate investment. Over time, various portions of the land will realize vertical development.
01-17-2011
Woodspear Properties acquires the Dry Creek Center
Woodspear Properties purchased two flex buildings in Englewood, CO, from The Pauls Corp. for $6.75 million, or approximately $78 per square foot.
The buildings are at 10000 and 9800 E. Geddes Ave., and total 85,760 square feet on 7.23 acres. Constructed in 2000 the buildings were 87 percent occupied at the time of closing. After being under contract for 30 days, the triple-net investment closed with an 8.6 percent cap rate.
David Lee of Newmark Knight Frank Frederick Ross was the transaction broker and represented both sides.
Please refer to CoStar COMPS #2021769 for additional information on this transaction.
06-22-2010
Qualmark Leases 18,030 Sq. Ft. at the Stapleton Business Center
Woodspear Properties
Qualmark (www.qualmark.com) has leased 18,030 square feet at the Stapleton Business Center for 10 years. Qualmark is the largest global manufacturer of accelerated reliability testing systems.
Qualmark leaves the Stapleton Business Center with 23,740 square feet available for immediate occupancy. Any lease inquiries should be directed to Mike Camp of CB Richard Ellis at (720) 528-6300.
05-10-2010
WOODSPEAR REFINANCES CASA LOMA APARTMENTS IN FALLBROOK, CA
Woodspear Properties
Woodspear Properties recently refinanced the Casa Loma Apartments in Fallbrook, CA through Red Mortgage Capital, Inc.. Woodspear Properties obtained a Fannie Mae loan in the amount of $1,350,000 with a term of 10 years. The loan was closed with an interest rate of 5.75% and will be amortized over a period of 30 years.
The Casa Loma Apartments consist of 48 units that were built in 1975 and is located at 218 West Clemmens Lane, Fallbrook, CA.
05-10-2010
WOODSPEAR REFINANCES MEADOWCREEK APARTMENTS IN SAN MARCOS, CA
Woodspear Properties
Woodspear Properties completed the refinancing of the Meadowcreek Apartments in San Marcos, CA. Woodspear Properties worked with Johnson Capital Group to obtain a Freddie Mac loan in the amount of $8,675,000 with a term of 10 years. The loan was originated with an interest rate of 5.31% and will be amortized over a period of 30 years.
The Meadowcreek Apartments consist of 168 units that were built in 1987 and are located at 2474 Descanso Avenue, San Marcos, CA.
07-08-2009
2810 SOUTH ROOSEVELT, TEMPE, AZ AVAILABLE NOVEMBER 2009
Woodspear Properties
2810 South Roosevelt in Tempe, Arizona will become available for lease November 2009. 2810 South Roosevelt is a 47,000 square foot industrial building located within a highly desirable business park setting in Tempe, AZ. Property features include:
- Approximately 12,000 square feet, two-story office space
- 2.33 Acre Site
- 24’ Clear Height
- Five (5) Dock High Doors with Pit Levelers
- Four (4) Grade Level Doors
- Zoning I-2, City of Tempe
- Concrete Truck Apron
- Approximately 85 Parking Spaces
- Close Proximity to Arizona State University and Sky Harbor International Airport
- 1,200 Amp Service Station, 277/480 Volt Power
For more information regarding 2810 South Roosevelt, please contact Tom Louer of Lee & Associates.
Tom Louer, SIOR
Principal, Lee & Associates
602.954.3779
07-08-2009
WOODSPEAR REFINANCES BELLWETHER APARTMENTS IN OLYMPIA, WA
Woodspear Properties
Woodspear Properties recently completed the refinancing of the Bellwether Apartments in Olympia, WA through the Johnson Capital Group. Woodspear Properties received a Freddie Mac loan in the amount of $10,250,000 with a term of 10 years. The loan was closed with an interest rate of 5.59% and will be amortized over 30 years.
The Bellwether Apartments consists of 215 units within 21 buildings covering 12.43 acres. The Bellwether Apartments were constructed in 1988 and purchased by Woodspear Properties in 1990.
03-05-2009
Economic Update—Fed Worried About Commercial Real Estate
CommercialPropertyNews.com
March 5, 2009
By: Dees Stribling, Contributing Editor
“Stay alive till ‘95” was a mantra for beleaguered commercial real estate interests back in the early ‘90s, when various noxious economic ingredients made an ill stew for the industry. What’s a good mantra for today? Hard to say, since the noxious ingredients are a little different this time, and there’s also some feeling in the industry that the other shoe has yet to drop. The Federal Reserve’s Beige Book, which was released Wednesday, attested to the uncertainty.
The report from the Sixth District (headquartered in Atlanta), for instance, noted that “commercial real estate reports were decidedly more negative than previously reported. Vacancy rates continued to rise in many parts of the District and this was putting downward pressure on rents, most notably in the retail sector.“ In other words, keep battening down those hatches—as if anyone needed to be told that. “Going forward, commercial real estate contacts anticipate that more space will become vacant in coming months and that construction will slow significantly,“ the Beige Book predicted.
The good news, such as it is, might lie in the fact that however much construction might further slow down in 2009 and beyond, in most of the country commercial construction never went quite as gangbusters in the early- to mid-2000s as it did in the late 1980s. That circumstance left many U.S. markets with severe overbuilding when the recession of the early ‘90s came.
“Confidence is lacking now, but it’ll be back eventually,“ Sheldon Gross, president & CEO of West Orange, N.J.-based Sheldon Gross Realty Inc. told CPN, speaking in particular about the office market in New Jersey. “And when it does, the good thing is that there won’t be a gigantic amount of space to be filled.“
But it will be a while till confidence returns. ADP—whose figures often don’t quite jibe with the federal government’s—said on Wednesday that the nation lost 697,000 private-sector jobs in February. Another report by Challenger, Gray & Christmas offered the consolation that planned layoffs at U.S. companies were down 23 percent in February compared with the month before. The federal government’s report on nonfarm payrolls for February will be out on Friday.
The correct name of the Obama administration’s program to stanch foreclosures is “Making Home Affordable” (Home not Homes), which doesn’t quite have the acronym value of TARP or TALF. It contains two thrusts: loan modifications and loan refinancing. Cash incentives to lenders and other parties are at the heart of the program, which contrasts with mostly incentive-free FHA Hope for Homeowners program introduced late last year, and which was about as successful as the Susan B. Anthony dollar. “Making Home Affordable” also contained a few surprises, such as a relatively high ceiling on mortgages that might qualify for help: $729,750.
After a week of stumbling downward, the equity markets stumbled upward on Wednesday—supposedly because the Chinese government is preparing for more stimulation of that nation’s economy, or maybe the price of oil. In any case, the Dow Jones Industrial Average was up nearly 150 points, or 2.23 percent. The S&P 500 was likewise up 2.38 percent, and the Nasdaq gained 2.48 percent.
03-03-2009
CRE Investors May Soon Glimpse Opportunity Amid Hazy Market
CoStar Group
Reports: Commercial Real Estate Pain Will Last for Years, But Nimble Players Could Find a Window That Will Open and Close Very Quickly This Year as Debt-Ridden Owners Unload Distressed Assets
February 25, 2009
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Call it optimistically hopeful, but federal policymakers this week said the national recession could end this year, with the beginnings of recovery possibly taking hold in 2010. A pair of recent reports suggests that all is not lost for battered commercial real estate investors as well. In fact, the reports predict that a window of opportunity will probably open up within months for shrewd and well-capitalized investors as troubled assets begin to enter the disposition pipeline.
In particular, analysts expect institutional investors to be in a good position this year to take advantage of changing conditions in a market that has swung hard over to the downside, according to a report by Prudential Investment Management (PIM), the asset management arm of Prudential Financial, Inc., titled “Turbulent Markets: Challenges and Opportunities for the Institutional Investor.“
“The dislocation in the financial markets has left institutional investors with a range of attractive investments across practically every asset class, and in every region of the world,“ Prudential Investment Management CEO Charles Lowrey said. “That creates opportunities in the long run, but also demands that [defined-benefit] plans absorb the lessons from the current crisis so they are well-positioned for a new economic reality.“
Investors will need to be more than simply well positioned with ample cash, however—they’ll also need impeccable timing, and the requisite dash of good luck won’t hurt, either. Once open, the window to grab assets at the best prices could slam shut very quickly, a new capital markets report by Jones Lang LaSalle states, noting, “once the yield ceiling is set, the crowd will invariably follow.“
Despite the cautiously upbeat pronouncements by President Obama and Federal Reserve Chairman Ben S. Bernanke on the broader economy, optimism has been in particularly short supply of late in the battered commercial property markets. Values have tumbled 20-25% in many large markets, much more in some secondary and tertiary markets. Transaction activity has remained flat and net absorption and new development will likely continue to weaken for the next six to nine months.
Bernanke said on Wednesday the recession could end this year if the various government and market interventions are successful. But earlier this week, Atlanta Federal Reserve Bank President Dennis Lockhart didn’t sound as optimistic as his boss, warning that $400 billion in commercial mortgage refinancings leave many U.S. banks “pretty heavily exposed” to woes in commercial real estate, which he described as “a domestic factor that keeps me up at night.“
Granted, trying to time investments in volatile markets and predict when real estate equity values will turn around can be a fool’s errand. Buyers—even those with the deepest pockets and strongest lenders—are likely to stay cautious throughout the year. Sellers are just beginning to come to grips with the harsh re-pricing of property, JLL’s report acknowledges. If credit markets don’t thaw, commercial transaction volume could fall another 30-40% this year, the report stated.
CB Richard Ellis wrote down $100 million in impaired real estate assets, primarily in its development and global investment management business, in 2008, hoping value declines that reached unprecedented levels in the fourth quarter have also reached a trough, Brett White, president/CEO, said earlier this month.
“Near-term prospects are tough in the development and investment management business,“ White acknowledged in reviewing the company’s 2008 financial results. “But the good news is that with the devaluations we’ve seen across the assets classes, as you look into late 2009 and 2010, there ought to be opportunities in the marketplace that we may not get a chance to look at for many years.
“Our goal for that business is to have it positioned properly to return profit, and then be ready when opportunities arise and property markets return.“
08-31-2008
Woodspear Acquires 3425 East Van Buren Street for $8.8M
Woodspear Properties
Woodspear Properties has acquired four units within the Washington Airport Center, a new industrial building in Phoenix, AZ for $8.8M. 3425 East Van Buren Street is located just north of Sky Harbor International Airport, which offers exceptional access to the main transportation routes within Phoenix.
The property is 100% occupied by the Sara Lee Bakery Group under a long-term lease and consists of 74,268 net rentable square feet.
Woodspear Properties is a self-managed, private equity real estate investment company that invests in income-producing properties in the Denver, Phoenix, San Diego and Seattle MSA’s. Woodspear Properties, along with its investors, owns a diversified portfolio consisting of 2 office properties, 2 retail properties, 10 multi-family properties and 17 industrial/flex properties.
Contact: Woodspear Properties, Craig Lessard, Acquisitions Associate
Office: 303-792-3456 x305
Email:
Recent Acquisitions
2013
Off Broadway Flats
640 East Jefferson Avenue
Englewood, Colorado
80113
810 Los Vallecitos Blvd., Suite 201 | San Marcos, California 92069
Phone: 760.761.4340 | Fax: 760.761.0191
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