Press Release: Integrated Properties Sells Prime Development Site in LoDo

DENVER (Nov. 6, 2015) – CBRE Group, Inc., and Integrated Properties, Inc., announced today that one of the last remaining development sites on Denver’s 16th Street Mall traded hands. Integrated Properties, Inc., sold one of Denver’s most-coveted development sites to a west coast developer. The site, dubbed “Block 47,” contains 15,655 square feet across five city lots at the corner of the 16th Street Mall and Market Street. Positioned in the heart of Lower Downtown (LoDo) with frontage on the 16th Street Pedestrian Mall, Block 47’s irreplaceable location was the primary demand driver in the high-profile sale.

 

“Block 47 is one of the last prime lots in LoDo and is the ideal location for a quality new development,” said Bruce Deifik, president and CEO of Integrated Properties, Inc. “The purchaser, a visionary developer, was able to see the value in the land.”

 

The sale of Block 47 comes just three months after Integrated Properties sold 16M, an 188,000-square-foot class AA mixed-use asset located directly across 16th Street from Block 47. Upon completion of the development in 2015, Integrated Properties sold 16M to LaSalle Investment Management in an off-market transaction. Integrated Properties’ two recent landmark sales speak to the overall strength of the Denver market.

 

“Integrated Properties has raised the bar on quality development in Downtown Denver, as evidenced by the sale of our recently completed 16M mixed-use building in LoDo,” said Jordan Deifik, vice president of business development for Integrated Properties, Inc. “Now with the sale of Block 47 across the street from 16M, and the subsequent potential development on that lot, the 16th and Market area will serve as the high-end gateway to LoDo and the Union Station district.”

 

Integrated Properties contemplated developing Block 47 and drafting off their success at 16M across the street. However, the company’s opportunities elsewhere in the country as well as a satisfactory price created an opportunity for a new developer to enter the market.

 

CBRE’s Tim Richey and Mike Winn represented the Deifiks and Integrated Properties in the sale of Block 47. CBRE secured deep investor interest, including foreign capital, institutional investors, high-net-worth families and local developers. The flexible zoning of the site appealed to a wide range of uses ranging from multifamily to office, hotel and retail.

 

“Block 47 may prove to be one of the best development sites between Los Angeles and Chicago,” said Richey, vice chairman, CBRE Institutional Properties. “With the recent success of Block 47 as well as 16M, Integrated Properties has left an indelible mark on the Denver market.”

 

“The lack of supply in the LoDo neighborhood is one of the triggers for low vacancy and high investor demand,” said Winn, also vice chairman, CBRE Institutional Properties. “Additionally, land values in Denver are relatively attractive to investors when compared to the price of dirt in coastal markets.”

 

 

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

 

About Integrated Properties, Inc.

Integrated Properties, Inc. is a Denver, CO-based commercial real estate development company, formed in 1990 by Bruce Deifik. Since its inception, Integrated Properties, Inc., along with its partners, have acquired, reformatted, or newly-developed 103 commercial properties; including mixed-use, office, retail, resort, hotel/casino, industrial and apartment communities in six states, encompassing more than 8.5 million square-feet. Integrated Properties’ portfolio has included a number of high-profile developments, including the brand-new mixed-use 16M in the heart of LoDo in downtown Denver, CO. Please visit their website at www.integprop.com.