Deals Happen Here

At NAIOP Colorado, we bring together relationships, resources and informed insights to get business done while helping Colorado develop in a responsible way. We keep our eyes open for unexpected business opportunities and innovative partnerships. We initiate and build key conversations. And we bring the right people to the table at the right time to make deals happen here.

Central Connection | Denver, Colorado

In December 2020, Comunale Properties completed Central Connection, a 200,000 square foot, two building, infill development project located in the North Central industrial market. The project had immediate leasing success and was delivered 76% preleased – a record lease up for a speculative industrial project in the submarket – and achieved 100% occupancy shortly after delivery.  The project’s success was only possible after completing an intensive entitlement process.

Prior to embarking on Central Connection, Comunale Properties completed a 70,000 square foot build-to-suit in the same submarket and was eager to grow its footprint in the area.  Brandon Kramer, First Vice President Investments at Marcus & Millichap and a long-standing NAIOP member, began marketing the land that would eventually make up the Central Connection project and thought of John Comunale (a NAIOP member and future member of the board of directors) and the company’s recent success in the area, which had also required a rezoning process. The sales process for the site was very competitive with a “whose who” of developers submitting offers.  The Seller had operated the site as commercial greenhouses and knew the buyer would have to rezone the land from agricultural to industrial to successfully develop the site into an industrial park.  Despite the stiff competition, Comunale was awarded the deal as a result of their strong relationship with Brandon Kramer through NAIOP and the credibility built from their previous project.  The Seller knew they needed a buyer who was knowledgeable of the area’s rezoning process and flexible with timing to navigate the process.  

John Comunale, President of Comunale Properties, said, “Our relationship with Brandon allowed us to be able to meet with the Seller and tell our story as a well-capitalized family company with recent success in the area.  Had I not been involved with NAIOP, Brandon wouldn’t have known about our success with a similar project in the area and I don’t think we would have been awarded the project.”  The Seller appreciated that Comunale was also a family company and not a large institution, as navigating the entitlement process would take relationship building with the neighbors and local community.  On top of that, Comunale and the Seller had to quickly develop trust to work closely as a team in navigating two neighborhood meetings and four public hearings to receive the necessary entitlements for a successful development project. 

Comunale prides itself on being a local operator that is plugged into the community. Without the relationships made through NAIOP it would be difficult to have a competitive advantage over the well-capitalized national developers targeting Denver’s growth. Investors often target the same return profiles which leads to competitive deal flow. As such, a successful deal comes down to maintaining strong relationships and credibility in the market, assuring the public you have the proven expertise to undertake complicated projects. For Comunale, NAIOP has been a great facilitator of those relationships.

724 S Pearl Street | Denver, Colorado

On December 1, 2021, five NAIOP Colorado members collaborated on the successful close of an office building purchase in West Washington Park (“Wash Park”).  In June 2021, SC & Hansen Certified Public Accountants along with Flywheel Capital were actively in the market for an office building in South Denver that the two companies could cohabitate.  After looking at several buildings from South Broadway to Cherry Creek the duo identified 724 S. Pearl Street in Wash Park.  The 5,000 square foot two story building is within two miles of the managing partners residences.  It is also within walking distance of Wash Park, Vert Kitchen, and Kentucky Inn, which is a long standing local bar and grill (one of the most important features).  After some early conversations with other banks, Ian Nichols, Senior Director at Flywheel Capital, thought this acquisition would be better suited for a smaller local community bank.  

In September 2021, Ian reached out to Shane Mahoney, SVP Commercial Banking Relationship Manager with Community Banks of Colorado, a division of NBH Bank.  Ian and Shane have been acquaintances through NAIOP Colorado for years and both serve on its Board of Directors.  After working through underwriting with Shane and his team the group agreed to terms on outstanding long-term owner-occupied debt on the property.  Luke Davidson and Mindy Humphrey of Land Title provided the title services.  Also, with one final NAIOP twist, Justin Pless from Pless Law completed the legal work for both parties. 

SC & Hansen and Flywheel Capital will be moving in in late December 2021 after a light remodel.  This acquisition is truly an example of how NAIOP members collaborate in a real world commercial real estate business setting.