See 2015 winners and Denver Business Journal insert.

Transcription

2015
HEAVY
HITTERS
IN COMMERCIAL
REAL ESTATE
PAID SUPPLEMENT TO THE DENVER BUSINESS JOURNAL
S2 DMCAR HEAVY HITTERS • 2015 WINNERS
Congratulations
2015 TOP PRODUCERS
Jason
ADDLESPERGER
Scott
GAREL
Dave
LEE
Investment
Alan
POLACSEK
Jamie
GARD
Tim
HARRINGTON
Victor
FRANDSEN
Riki
HASHIMOTO
OFFICE RETAIL
Tenant Representation
LAND
303.892.1111 • www.ngkf.com
Industrial
Dan
GROOTERS
#1
Mike
WAFER
Jeff
HAWKS
#1
Kevin
McKENNA
Shane
OZMENT
#1
Terrance
HUNT
Doug
ANDREWS
Full-service Land Services
Multihousing
303.260.4400 • www.ARANewmark.com
1800 Larimer Street, Suite 1700 • Denver, Colorado 80202
DMCAR HEAVY HITTERS • 2015 WINNERS S3
DMCAR HONORS 2015 TOP PRODUCERS
Welcome to the Denver Metro Commercial Association of REALTORS® (DMCAR)
Heavy Hitters in Commercial Real Estate
Special Section. Together with our partners at
The Denver Business Journal, we’re excited to
once again celebrate the accomplishments of
our members and their clients in this Heavy
Hitters edition. Like years past, this year’s
annual awards event shines the spotlight on
Denver’s leading commercial real estate professionals, as well as the businesses and owners
they represent.
In addition, our association honors our
Young Broker of Denver, Broker of the Year
and, a special new Impact Award for a broker
that has had a very special year – a year that
made a significant impact on our local market.
While the Heavy Hitters Awards pay tribute
to the top producers in each of our industry’s
specialty markets – Office, Land, Retail, MultiFamily, Investment and Industrial – our association is proud to say that this year’s results
also revealed a significant number of career
highs in personal production. While those
members may not be singled out as the Heavy
Hitter for 2015, their
commitment to their
clients and the results
they have achieved in
the past year are to be
commended.
Thanks to a variety
of contributing economic and business
factors, including the
incredible hard work
By Chris Cowan
of
our entire DMCAR
ARA, A Newmark
membership, our city
Company
DMCAR President and our region continue to thrive. From
2015-16
our fast-paced economic recovery over the past several years, to
our current successes and long-term outlook,
our members and our market continue to be
the envy of brokers and business leaders across
the country. And, it is our members who are
helping lead the way with their thoughtful,
creative and savvy approach. Our members
understand, see, create and deliver deals that
provide long-term value and results for their
clients and our community.
As an organization, we continue to grow
our membership by offering high-value, highreward education and professional development
tools, marketing and business development resources, career advancement and mentoring for
young brokers, and proactive advocacy at both
the city and state levels. Our products, services,
relationships and commitment to tackling the
industries most pressing real estate development
issues are helping fuel our success.
All of this success is directly attributed to our
members and, of course, we could not achieve
these results without the visionary leadership of
our volunteer board of directors and a professional staff led by CEO, Katie Kruger. Our
leadership team is fully committed to enhancing and growing this great organization in the
years ahead.
I hope you will take a few minutes to read
through the wonderful profiles throughout this
special section and reflect back on 2015 and
think about the opportunities that lie ahead in
2016 and beyond.
Please join me in celebrating our 2015 Heavy
Hitters in commercial real estate.
DMCAR 2015 BROKER OF THE YEAR
ALEX RINGSBY
RINGSBY REALTY CORP.
The entrepreneurial spirit has moved seamlessly across
the generations in the Ringsby family. With a commitment to hard work and an unwavering dedication to and
trust in family, Alex Ringsby has distinguished himself
by leveraging a business and real estate foundation built
by his grandfather and father.
Recognizing his industry leadership, business acumen
and continued dedication to his family’s core values, the
Denver Metro Commercial Association of REALTORS®
recognized Alex Ringsby as its 2015 Broker of the Year.
A graduate of the University of Arizona in 1992 with
a degree in Regional Development, Ringsby returned to
his Denver roots and the official launch of a 10-year stint
with Cushman & Wakefield, the same company he had
interned for while going to school in Tucson.
As an industrial and land specialist, he was recognized
as both the Denver Business Journal and Cushman &
Wakefield’s Rookie of the Year in 1993. Over the course
of the next 9 years, Alex Ringsby was the Top Industrial
Producer at C&W and earned recognition including the
distinguished C&W Brokerage Excellence Award, as well
as numerous honors for his production. His accomplishments and leadership led to him being named director at
Cushman & Wakefield. At age 28, he was the youngest
person in the company’s history to earn the director title.
In 2002, Ringsby left Cushman & Wakefield to
launch Ringsby Realty Corporation, specializing in
office, industrial, land and investment brokerage. The
move allowed him to join his father Don Ringsby and
Ringsby Terminals, Inc. which owns and manages properties in twelve states across the country.
“Alex has always been a highly focused young man,”
said his father and Denver trucking industry icon Don
Ringsby. “He knew in college that he wanted to be in
the commercial real estate business
and, just like his grandfather, he’s
always had a great eye for real
estate and a great mind for this
business. Alex brought a whole
new aspect to our company when
he came on board and grew the
commercial real estate business.”
That business intuition and entrepreneurial spirit
started with J.W. (Bill) Ringsby, Alex’s grandfather, who,
while attending Denver’s Emily Griffith Opportunity
School, borrowed $150 from his brother to buy an old
coal truck which he used to make deliveries to Boulder.
By the time he left Emily Griffith, Bill Ringsby had
six trucks and a staff of drivers working for him. He
built that business into a $100 million a year trucking
company that Don Ringsby ultimately sold to Digby
Trucking while holding onto the real estate assets.
Bill Ringsby’s entrepreneurial spirit also had a direct
impact on the city’s entry into the American Basketball
Association (ABA) and ultimately the NBA. In the late
60s, he had picked up the financial pieces of a broken basketball ownership group and bought into the
fledgling franchise. The Denver Rockets, named after
the slogan of the Ringsby Trucking companies Ringsby
Rockets trucking service, became a reality and the family
owned the team from 1967-1971.
Taking the lead from his father and grandfather, Alex
Ringsby continued his real estate successes by surrounding himself with talented and dedicated industry
professionals, including longtime partner Scott Patterson. Ringsby Realty has continued to grow its holdings
and in 2006, the company was ranked among Denver’s
fastest-growing private companies by the Denver Business
Journal.
With the addition of Rob Lockhart and Rick Hubina,
Ringsby chose to get back to his roots in 2013 and focus
on the region’s growing industrial market.
“The idea was to be able to focus and grow as an
industrial boutique,” said Ringsby reflecting on the
decision. “We have a seasoned team of experts that are
able to focus on the needs of and ability to serve our
clients. We’re not trying to be all things to all people, we
just focus on delivering the highest level of service and
the greatest volume of industrial experience at the best
possible price.”
While growth is important, Alex Ringsby’s vision and
leadership are what drive the success of the company and
its team.
“He is an absolute proven talent in this business and a
natural leader,” said Ringsby Realty Vice President Scott
Patterson. “A great person first and foremost, Alex is also a
wonderful business partner who is as genuine and honest
as they come. There is no questioning his commitment to
his family, this business and our industry as a whole.”
Active in numerous industry leadership positions and
boards throughout his career, including DMCAR and
SIOR, Ringsby has always been eager to support the
organizations that help lobby and lead the industry he
cares so much about.
RINGSBY (CONTINUED ON PAGE 4)
DMCAR 2015 HEAVY HITTERS IMPACT AWARD
TODD WHEELER
CUSHMAN & WAKEFIELD
With the Denver metro area commercial real estate
industry continuing its strong growth and headline
making deals in 2015, Cushman & Wakefield’s Todd
Wheeler was an instrumental player in some of the
area’s largest and most complex office leases in years.
Although he finished second in the annual ranking
of office brokers based on production, his 74 lease
agreements and five sales transactions in 2015 ($181.3
million in personal production) had a profound impact on a market that delivered record results.
“It was an extraordinary effort by so many big
players who came together as true placemakers,” said
Wheeler referring to his numerous deals in the thriving Union Station neighborhood. “There’s a tremendous difference between developing real estate and
people who develop a place over an extended period of
time. We were very fortunate to work with that type
of collective group and a number of users that obviously took very big positions.”
While Wheeler played an integral part in so many
high profile deals, he credits the vision and commitment of numerous other key players including Continuum Partners, East West Partners, Sage Hospitality
Group, Rob Cohen and IMA Financial Group, Ed
Haselden and Haselden Construction, Dana Crawford and so many more.
“To be the design drivers and create the ethos of
what the Union Station area is and will continue
to mean to this community is very special,” added
Wheeler. “These people and their companies came
together to ensure the sum of the parts was greater
than any one thing that they were doing on their
own.”
Leading the tally sheet for Wheeler’s year of production were Davita’s 265,000 square foot expansion at
16 Chestnut; WeWork (69,863 square feet) and Liberty Global’s (70,722 square feet) deals at The Triangle
Building; Antero Resources nearly 37,000 square feet
at the A Block; Inspirato’s (Best of 52) nearly 45,000
square foot lease at the Historic Sugar Building; as
well as five deals with Sierra Nevada Corporation in
building that spanned from Broomfield to Centennial
and Colorado Springs.
“Not only were these some of the biggest office
deals we’ve seen in the market over the past several
years, these were deals that involved signature tenants
and landlords in buildings that will become iconic in
the years ahead,” said Cushman & Wakefield Managing Principal, Greg Morris. “What a year for Todd and
what a hear for our marketplace!”
A past recipient of numerous industry awards and
recognition, Wheeler has and continues to be one
of the most active advocates for commercial real
estate in the United States. His transaction specialties
include lease negotiations, build-to-suit contracts,
structured finance, lease and sale dispositions and fee
simple acquisitions. In addition, Wheeler has managed corporate headquarters relocations for numerous corporations and his experience, creativity and
problem solving abilities have led to the completion
of significant real estate transactions in the Rocky
Mountain West, coastal U.S. markets and other markets around the world.
While 2015 was the second best career production
year in his impressive 27 years in the business, the
impact of the deals he completed and the sense of
place he helped create will be remembered by many
for decades to come.
2015 HEAVY HITTERS APPLICATION REVIEW PANEL
The DMCAR Board of Directors extends its sincere appreciation to the 2015 Heavy Hitters Awards Application Review Panel.
These members volunteer their time to review each Heavy Hitter application and ensure the validity of the results of the annual
competition. They are not only experts in the industry, they are well respected members of the community who have generously
given of their time for many years.
BARRY DORFMAN
International
Managing Director
JLL
EVAN KLINE
JAMES MANSFIELD
KEVIN MCCABE
GREG MORRIS
Managing Broker
VP Managing Director Executive VP Regional
Managing Principal
Managing
Director
NAI Shames Makovsky Pinnacle Real Estate
Cushman & Wakefield
Newmark Grubb
Advisors
Knight Frank
CINNAMON TRIMMER
Sales Director
CBRE
RINGSBY (CONTINUED FROM PAGE 3)
“Alex has always been willing to carry the torch for our
industry and the associations that represent brokers and
businesses across the region,” said DMCAR CEO Katie
Kruger. “He’s been an instrumental part of DMCAR and
his vision and generosity have helped us to grow as an
independent association and provide the resources our
members need and want.”
In addition to his professional leadership and commitments, Ringsby and his wife Joanna, are active in a wide
range of charitable organizations including Denver’s
First Tee Program, Children’s Hospital Colorado, Boys
and Girls Clubs of Colorado, Graland School, Denver
Art Museum, Colorado Uplift and the University of
Colorado.
Outside of the office, he carries a family passion for
golf into many of the charitable organizations he is
engaged with throughout Colorado. Wife Joanna is
credited as the driving force behind the love of the game
and there are single-digit handicaps up and down the
family scorecard.
With oldest daughter Calli shining as a collegiate
golfer at Stanford, the younger two Ringsby children,
Lexi and Jimmy, have very bright futures and are also
making headlines as student athletes for Cherry Creek
High School.
“Golf has been a glue that has given our family the opportunity to spend a large quantity of time together over
the years and has helped reinforce the overall importance
of being together,” said Ringsby.
With a precision focus in everything that he takes
on, Ringsby is now dialed in on the next chapter of his
career. In the past few years, he moved his real estate office headquarters further into the downtown corridor at
1336 Glenarm and just across the street from the Emily
Griffith Opportunity School where his grandfather was
when he started the family’s trucking business.
“It took us back to our roots,” said a proud Alex
Ringsby. “I’ve been very fortunate to come from a family
that has strong Denver roots, and a dad and family who
are so supportive and who have given their trust in me to
run our family’s investment firm.”
For Alex and the Ringsby family, those entrepreneurial roots have served not only the family but the entire
Colorado community well for generations.
By Marty Schechter, on behalf of DMCAR
TOP INDUSTRIAL BROKER
MIKE WAFER
NEWMARK GRUBB KNIGHT FRANK
2015 Volume: $90,401,094
Please share some information/details about
your biggest, most memorable deals that
you were involved in/completed in 2015.
The largest and most memorable transaction of
2015 for me was the 650,000-square-foot buildto-suit project for Beverage Distributors Company
(BDC) at Enterprise Business Center at Stapleton. I
have represented BDC for a decade now, expanding
the largest liquor distributor in Colorado into two
leased warehouses of 250,000 square feet in addition to its 225,000-square-foot owned headquarters
facility. With more growth anticipated, I worked
with BDC to strategize the next decision, which
was to unite its operations into a larger facility and
benefit from the efficiencies of being located at one
address, under one roof.
After analyzing numerous build-to-suit options in
the market, BDC selected United Properties as the
developer, and Stapleton served as the perfect location.
This project actually involved three separate transactions. The first was selling 45 acres from Forest City to
United Properties in Stapleton for the third phase of
Enterprise Business Center, both for this build-to-suit
project, as well as a speculative 157,000-square-foot
industrial/flex building. Next, I represented BDC in
the 15-year lease transaction for its initial 503,000
square feet with options to expand into the remainder,
and finally selling BDC’s owned headquarters facility
to LBA Realty in an investment sale.
Each component of this transaction had challenges, including coordinating lease expiration dates
in different buildings to allow BDC to move at
one time and identifying potential sites to develop,
since no existing buildings of the required size were
available. Once the site was chosen, we worked with
Forest City to allow this use, which was granted due
to the project’s 80,000-square-foot office component
fronting Central Park Boulevard and the fact that
there were 600+ employees of BDC, all adding to
the significant assessed valuation of the facility. The
last piece to the puzzle was the sale of BDC’s main
headquarters building to an investor, knowing that
BDC would be vacating in an 18-month timeframe.
However, such a strong industrial market creates
numerous challenges. Due to the lack of existing
inventory of both sale and lease product, the overall
transaction activity has dropped fairly significantly.
Additionally, the dramatic increases in lease rates and
sale prices during the past few years have priced many
tenants and users out of the market, and some are
taking a “wait and see” approach.
Fortunately, all of the companies involved in these
deals are first class organizations and each party
worked extremely hard to complete these transactions. It’s extremely rewarding to be involved in one
of the largest industrial leases ever in the Denver
Metro area, and to have several other significant
“spin off ” transactions occur as well!
While new construction of larger speculative
buildings will satisfy some of the current demand,
there are still very few projects under construction
to satisfy small-to medium-sized tenants and user
demand to purchase buildings. One exception is
the Crossroads Commerce Park by Trammell Crow
Company – a nearly 1 million-square-foot park with
a variety of sized buildings offered both for lease and
sale in the central Denver market.
Describe the overall performance/state
of your submarket for 2015? Biggest
surprises (positive or negative), challenges,
obstacles, successes.
The overall performance of the Denver metro
industrial market maintained its record setting pace
with 3.1 million square feet of positive absorption
with continued significant increases in lease rates as
well as sale prices for both buildings and land. Vacancy rates are now at record low levels of only 3.4%.
There continues to be strong demand by large
tenants seeking bulk warehouse/distribution space
to lease, user demand for vacant buildings available for sale, extreme interest by investors pursuing
leased investment opportunities and demand by
developers to continue building speculative buildings. There are currently 4.3 million square feet
of industrial buildings under construction to help
accommodate the continued strong demand.
What are your predictions for your
submarket for 2015?
The Denver industrial warehouse market will enjoy
another strong year in 2016, as the Denver Metropolitan area and Rocky Mountain region continue their
population growth. Nearly all industries are growing
and carrying larger inventories to serve this increased
demand for product. One exception is the oil and gas
industry which has been battered in the last year, and
I believe there will be a softening from the drilling and
service related companies, possibly resulting in some
much needed inventory coming available for buildings
of 5,000 – 50,000 square feet with yards for outside
storage. This type of property has been practically
non-existent the past three years, and availabilities
would be welcome news to other construction related
industries that have been seeking this kind of space.
WAFER (CONTINUED ON PAGE 6)
DMCAR INDUSTRIAL FINALISTS
2. JIM BOLT
CBRE, Inc
3. TYLER CARNER
CBRE, Inc
3. JEREMY BALLENGER
CBRE, Inc
$68,249,866
$68,249,866
$80,104,181
7. MITCHELL ZATZ
JLL
$39,863,708
8. JASON
ADDLESPERGER
Newmark Grubb Knight Frank
$39,250,477
4. T.J. SMITH
Colliers International
$58,224,485
8. DAVID LEE
$39,250,477
5. THOMAS B. STAHL
Colliers International
$47,759,649
6. MIKE CAMP
CBRE, Inc
$45,912,108
9. CARMON HICKS
JLL
10. GREG KNOTT
Unique Properties
$31,381,562
$23,832,093
WAFER (CONTINUED FROM PAGE 5)
Denver’s diversification over the last decades
ensures the oil and gas industry sector is a very
small segment of the metro area industrial market. Because of this, I predict continued growth
through 2016, although I do expect lease rates and
sale prices to begin to level off after three years of
significant gains.
What is going to be the biggest
commercial real estate story for the
Denver area in 2015?
One of the biggest commercial real estate stories
in 2016 will be the arrival of a few of the largest
e-commerce companies into Denver, who I predict
will occupy close to 2 million square feet of warehouse space. This will have a dramatic effect on the
industrial sector, and will apply severe pressure to
the retail market, as demand for online shopping
continues to increase and impact commercial real
estate.
ABOUT MIKE WAFER
Tell us about the first time in your life
that you realized that you had the power
to do something meaningful?
It was in college that I realized that I
could do something meaningful for others, as my fraternity Sigma Alpha Epsilon
at Colorado State University was very
active with a variety of charities, including the March of Dimes and the Special
Olympics. It was very rewarding to see
how quickly we could raise funds and
how much of an impact we could have by
volunteering our time to help others – this
made a significant and lasting impact on
my desire to help my community grow.
Tell us about a time that you did the right
thing at work but no one saw or knew
that you did it.
There have been many times where I
have advised my client to actually do
nothing, which was in their best interest,
rather than advising them to sell, buy,
expand, or whatever the case may be,
which could have generated significant
fees for me. Fortunately, those instances
have benefitted me much more in the
long run as you earn a client for life when
they trust you and know that you put their
interests before yours.
You’re being introduced to a potential
new client relationship, in addition to
your presentation that you’ve prepared
for them, what is your sales pitch to convince them that you and your team are
the right choice to represent them?
You are asking me to share my “Secret
Sauce”! I still have two kids in college
and one high schooler in private school,
can’t give up my recipe quite yet
What do you worry about and why?
I worry about the direction in which our
country is headed – financially with the
continuing and ridiculous mounting
debt! I have five children and despise the
thought of their generation having to deal
with our current mess. We all owe it to
our kids and the next generation to vote
for politicians who will actually prioritize
and do something about this problem.
What do you never worry about and why?
I never worry about support from my family. I can always count on them being on
my side, as we are very close and stand
by each other through good times and
bad. No matter how difficult life can be at
times, my family is always there for me.
What do you hope to accomplish within
the next year? Personally? Professionally?
My hope is to accomplish a lot in 2016,
both personally and professionally. Professionally, I am working on several
extremely exciting projects and expect
successful results on each. I love this
business and all of my clients and am
grateful to work with each of them. Admittedly, the past few years have been
“all work and no play”, so I will strive to
seek a better balance of my personal life
with my family in 2016 and beyond.
2015 Heavy HItters
ARA, A Newmark Company, is pleased to congratulate the 2015 DMCAR Heavy Hitters.
Terrance Hunt
#1
Shane Ozment
Andy Hellman
#1
#1
MULTIFAMILY
Doug Andrews
#3
Jeﬀ Hawks
#3
Kevin McKenna
#5
Chris Cowan
#1
YOUNG BROKER
Justin Hunt
#7
Steve O’Dell
Andy Hellman
#9
#1
LAND
Robert Bratley
#2
MULTIFAMILY
Oﬃce: 1800 Larimer Street, Suite 1700, Denver, CO 80202 | Phone: 303-260-4400
Saul Levy
Spencer Bradley
#3
#7
YOUNG BROKER
www.aranewmark.com
TOP INVESTMENT BROKERS
TIM RICHEY & MIKE WINN
CBRE, INC
2015 Volume: $522,998,269
Please share some information/details
about your biggest, most memorable
deals that you were involved in/completed
in 2015.
WINN:
BELMAR – Client GF Properties/Continuum
Partners – South Wadsworth at West Alameda in Lakewood - $293.5mm 1.25msf – Details: This was a complicated mixed-use asset with retail, office, apartments
and multiple public reimbursement revenue streams.
Challenges: This was a very large suburban deal,
which did not fit for pure play retail or office investors due to the mixed use profile, an existing CMBS
loan, and a date certain Seller deadline to meet.
Results: We sourced multiple bids from highly
qualified investors and selected Starwood Capital
who performed extremely well and within the time
frame. We have a satisfied Seller.
GREENWOOD CORPORATE PLAZA – Client: Broadreach/Equity West – Greenwood Plaza
GV – $93.5mm /621,000 sf – Details: Suburban 6
building office complex
Challenges: This was a big office deal for the suburbs
Results: Competitive bidding among multiple
interested parties. The winning bidder was SKB in
joint venture with a domestic opportunity fund.
SKB handled the transaction well. The Seller is very
pleased with execution.
RICHEY:
BELMAR – client GF Properties/Continuum
Partners – South Wadsworth at West Alameda in
Lakewood - $293.5mm 1.25msf – complicated
mixed-use asset with retail, office, apartments and
multiple public reimbursement revenue streams –
challenges were it was a big suburban deal, it did
not fit for pure play retail or office investors due
to the mixed use profile, an existing CMBS loan
and a date certain Seller
deadline to meet. The
results were 1- sourced
multiple bids from
highly qualified investors
and selected Starwood
Capital who performed
extremely well and within the time frame. We have
a satisfied Seller.
WESTCORE PORTFOLIO – client was Westcore Properties; a 13-building portfolio that was
divided up into two transactions. The first subportfolio consisted of 6 buildings in a direct sale to
SteelWave & Northstar Financial for more than $60
million, 417,862 square feet. The second sub-portfolio consisted of seven buildings in a joint-venture
with American Realty Advisor for approximately
$85 million, totaling 699,854 square feet.
Describe the overall performance/state of
your submarket for 2015?
WINN:
Overall, 2015 was a record year for the sale of
office and retail CRE investments. Biggest surprise
and challenge was the significant number of office CRE assets across the United States that were
marketed for sale in 2015, creating a challenge for
acquisition executives to sort through the offerings
and select opportunities that best fit their capital.
For a broker you had to make sure your client’s offerings were being considered by the best investors.
RICHEY:
The biggest surprise in the overall Denver investment market is the continued influx of foreign
capital that is discovering Denver for the first time.
There is also a growing number of investors that
truly view Denver as a first-tier market.
submarket for 2016?
WINN:
Investment CRE sales will be robust in 2016, but
deals may not be as easy to close as they have in the
past 24 months. There will be a continued abundance of office assets for sale, primarily suburban,
and a shortage of quality anchored retail for sale in
the top 10-15 markets. Debt will continue to be
available, but spreads early in the year are widening
and lenders are becoming more selective.
RICHEY:
We will experience continued record setting
pricing for Central Business District and suburban
assets. We expect to see the new product to experience rapid lease up to stabilization. Lease rates will
be the topic of conversation, not leasing absorption.
What is going to be the biggest commercial
real estate story for the Denver area in 2015?
WINN:
We may see another record sale for new Central Business District office transaction, which would eclipse the
current record of approximately $650 per square foot.
RICHEY:
The biggest commercial real estate story for 2016
will be the continuation of pricing pushing through
replacement costs even for older vintage product and
the surprising limited impact that the pullback on the
oil and gas market will have on Denver’s real estate.
WINN/RICHEY (CONTINUED ON PAGE 6)
DMCAR INVESTMENT FINALISTS
2. GEOFF BAUKOL
CBRE, Inc
$520,872,557
6. PATRICK
DEVEREAUX
JLL
$51,448,797
3. BRAD LYONS
CBRE, Inc
$321,366,738
6. JASON SCHMIDT
JLL
$51,448,797
4. DAN GROOTERS
$108,910,667
7. DREW ISAAC
Marcus & Millichap
$43,483,465
4. RIKI HASHIMOTO
5. MATTHEW HENRICHS
CBRE, Inc
$108,910,667
$64,592,568
8. MATT CALL
NavPoint Real Estate Group
9. JOHN WITT
$31,844,691
$12,016,169
WINN/RICHEY (CONTINUED FROM PAGE 7)
ABOUT TIM RICHEY
Tell us about the first time in your life that
you realized that you had the power to do
something meaningful?
The moment I held my first newborn in my arms.
thing at work but no one saw or knew that
you did it.
I put a live lobster in a colleague’s filing
cabinet on December 24. This was definitely
the right thing to do at the time and no one
saw me do it.
You’re being introduced to a potential new
client relationship, in addition to your presentation that you’ve prepared for them, what is your
sales pitch to convince them that you and your
team are the right choice to represent them?
We put our client’s goals first. These goals
might be timing, pricing, or ease of execution
without considering the implications to our
next deal.
Starbucks will run out of coffee. Their coffee
keeps me on my toes.
I never worry about my next assignment. If
we do what we are hired to do, there will be
a lot more assignments to come.
What do you hope to accomplish within the
next year? Personally? Professionally?
Personally, I hope to complete a marathon,
drag race at Bandimere Speedway and run
with Ralphie during half-time at a CU football game.
ABOUT MIKE WINN
I am still trying to sort out what I want to do
when I grow up, so stay tuned.
you did it.
I once filled the copy machine with paper
when it was empty, I’ve put a dirty fork in
the dishwasher rather than the sink, and I
always try to turn off the lights when I leave
at night.
new client relationship, in addition to your
presentation that you’ve prepared for them,
what is your sales pitch to convince them
that you and your team are the right choice
to represent them?
The Winn/Richey team has built its success
over 25-plus years by focusing on our client
relationships and our reputation and protecting both vigorously. When you focus
on that versus the money, then success will
always follow.
I would say I don’t like to worry about anything. There are things that I am concerned
about, namely increasing medical costs in
the U.S. that are unsustainable over the long
run, massive federal debt (it is a big burden
for our children to inherit), the growth of
ISIS (they are a non-traditional enemy that
requires non-traditional tactics to defeat),
federal regulations of too many businesses
have become a burden, survival of important
animal species that are endangered (when
they are gone they are gone forever), anemic GDP growth in the U.S. and around the
globe coming out of the last recession - we
all could use more robust growth to fuel
economic opportunities for everyone.
Things that are out of my control like those
listed above.
Professionally: Continue to grow the skills
and responsibilities of our young and enthusiastic Winn/Richey team members.
Personally: Take another exciting international trip – this year it will be adventure trip
to visit the Galapagos Islands with Leslie,
my wife.
Quebec Court
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TOP LAND BROKERS
CHRIS COWAN
& STEVE O’DELL
ARA, A NEWMARK COMPANY
2015 Volume: $54,955,878
key corners. 2015 was a
great year for landowners,
sellers, and brokers.
COWAN:
O’DELL:
This past year was marked by transactions of all
sizes and shapes including townhome lot sales in
Edgewater, a senior housing land sale in Aurora, an
air rights opportunity in Cherry Creek and development equity assignments in RiNo. The most memorable is 85 South Union in Lakewood, a functionally
obsolete multi-tenant retail center on four acres of
land. The first challenge was demonstrating the
opportunity to active developers as the site required
expensive development costs and the submarket
didn’t command the necessary rents at the time.
Challenges two through 10 included tenant buyouts,
encumbering easements on every property line, utility capacity challenges and right of way issues. All
pretty simple for pros like Lennar Multifamily and
Mr. Morris Ginsburg.
The Denver metro
apartment market remains strong and vibrant with
a year-end vacancy of 4.8%. Rents increased 9%
during 2015 after seeing 12% rent growth during
the previous year. Absorption was 6,500 units, much
higher than the 5,000 unit average annual absorption we have seen over the last 20 years. Low cap
rates for existing apartments have pushed values
to record levels, $250,000+/unit for suburban and
$350,000+/unit for urban investments. Denver has
consistently been recognized as one of the top five
apartment markets in the country. These strong fundamentals continue to attract capital for apartment
land and development opportunities. The biggest
challenge today is the rapid increase in construction
costs. We have seen costs increase 45% over the last
four years. Going forward, I believe there will be
plenty of demand for apartments, but keeping costs
in check will be the key to future development.
The end product will be an unmatched asset in
an underserved market.
O’DELL:
My most memorable sale in 2015 was the sale
of the parking structure at 1st & Cook in Cherry
Creek. The one-story parking deck was underutilized, the adjacent office building (also owned
by the seller) needed more parking, and the site
was recently rezoned to accommodate eight-story,
residential mixed use. The creativity on both the
seller’s and buyer’s behalf was put to the test. The
end result was a new parking structure, two levels
below grade, two levels above grade, and a new
170-unit apartment development. The seller now
has more parking for the office building and the
buyer will have a new, luxury apartment community, all on 35,000 square feet of land.
Describe the overall performance/state
of your submarket for 2015?
COWAN:
I think everyone has already heard how good
the apartment market has been recently. We
in the apartment business would like to take
all the credit but we really don’t have much to
do with it. Denver needs the credit as a great
young city with incredible infrastructure and
300 days of sunshine. What 18 to 32-year-old
wouldn’t want to live here? The lifestyle that
has been curated over the past 30 years in this
Rocky Mountain melting pot is unlike any other
and will continue to draw from all reaches of the
country. This has obviously fueled many sectors of our economy including commercial real
estate and even the tiny sub-sector of land sales.
Homebuilding has returned albeit, in a reserved
fashion. Condominiums are still an unknown
with urban townhomes taking their place in
hip, city-center neighborhoods; retail seemed to
have found a new life and finally, hospitality and
office projects are coming out of the ground on
submarket for 2016?
COWAN:
The land market will continue to see action on all
fronts in 2016. Apartment development will most
likely slow as we moderate to more sustainable supply and demand fundamentals further tempered by
elevated costs. Condo development speculation will
again ramp up only to be shut down by a committee
who is not in touch with the real needs of our city
and state. Diversified economic growth will keep
commercial pursuits active albeit, we may see a slow
first half of the year given the recent turbulence in
the oil fields, China and Wall Street. Investor and
institutional appetites will then again look at the
strong demographic profile and fundamentals and
will return by year’s end to continue making Denver
a market to watch.
O’DELL:
We believe the apartment market, and the corresponding land market will continue to be strong
in 2016. Denver continues to attract new residents
with strong job growth, and its high quality of
life. Millennials will still migrate here and rent
apartments to enjoy our climate and recreational
opportunities whether they have jobs here or not.
I predict that the construction defect liability issue
will not be resolved during 2016, again, which will
contribute to more apartment demand (but I hope
I’m wrong).
COWAN:
In the land arena, one of the three things will happen: $200 land trades in RiNo, discovery of a large
oil patch in Cherry Creek North, Capecelatro and
Kboudi retire and open a surf resort in Nicaragua.
O’DELL:
Commercial real estate and apartment values in
Denver will continue to increase. Domestic and
foreign investment capital continues to flow into
Denver as the most sought after location, excluding
coastal markets.
COWAN/O’DELL (continued on page 10)
DMCAR LAND FINALISTS
2. ERIC ROTH
CBRE, Inc
2. MARTIN ROTH
CBRE, Inc
3. JIM CAPECELATRO
Cushman & Wakefield
3. MIKE KBOUDI
Cushman & Wakefield
$45,107,001
$45,107,001
$19,733,715
$19,733,715
4. BRIAN BAIR
NAI Shames Makovsky
$9,787,100
5. BILLY RIESING 6. STEWARD L. MOSKO
Pinnacle Real Estate Advisors
Cushman & Wakefield
$5,610,282
$5,249,938
7. CARY CLARK
NAI Shames Makovsky
$3,153,415
COWAN/O’DELL (CONTINUED FROM PAGE 9)
ABOUT CHRIS COWAN
Becoming a father nearly three years ago
really took the focus off of myself and
placed it entirely on the single mission
of being a provider and role model for
a malleable life. Take my mistakes and
missteps, combined with the few successes, and I wake up every day knowing
my second chance is with my kids. It’s not
the first time I probably did something
meaningful but absolutely the one with
the greatest impact on me and that I try
and focus on daily.
For me, it is never about “convincing” a
potential client to give ARA Newmark an
assignment, but more about connecting
on a personal level hoping that my experience, knowledge and communication
style is one that they consider heavily
before making a large business decision
for themselves.
I worry that there will be no more land to
sell!
I try not to worry about things that are out
of my control.
Personally – Landing a permit on a fly. My
next shot will be this spring in Ascension
Bay, Mexico. Patience.
Professionally, I would like to work smarter, and patience.
ABOUT STEVE O’DELL
upset. The deal revived and I was glad
that I held my tongue.
One of my worries is keeping up with
younger, more energetic and technologically savvy clients.
When I was 14, I worked a summer as a
dishwasher. I earned enough to afford a
motorcycle. While it was a small job, it
made me feel empowered and helped me
realize the endlessness of my potential.
that you did it.
Our unique blend of market knowledge
and vast experience helps deliver top of
the market results.
As a young broker, an important deal fell
through at the eleventh hour. I did the
right thing by not dwelling on it or getting
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NatioNal SpoNSorS
partNErS
I never worry about the strength of my
relationships with my partners. We are
constantly there to support each other.
Closing my 100th land transaction and
learning to speak Italian are my goals in
2016.
TOP MULTI-FAMILY BROKERS
SHANE OZMENT
& TERRANCE HUNT
2015 Volume: $496,096,625
Please share some information/details
about your biggest, most memorable
deals that you were involved in/
completed in 2015.
OZMENT:
Our team was fortunate in 2015 to handle numerous transactions. It was the largest deal volume we
have ever done, so picking one or two is a challenge.
Horizons at Rock Creek in Superior was the largest
transaction for the team at $255,000,000. That being said, all deals are always memorable due to they
all have their own heartbeat, complexities, challenges
and surprises. I would say what I am most proud of
is how well our team and support staff handled the
deal volume. The brokers could not do the job we do
without the bright folks supporting us.
HUNT:
By far, the most memorable deal in 2015 was
Horizons at Rock Creek, a large value-add deal
we listed for Simpson Housing. The sale achieved
the largest price tag that Denver has ever seen for
a single multifamily asset. At the time, the market only had three asset trades over $250 million,
none of which were multifamily.
There was concern on how deep the market was
for buyers willing to make this big of a bet in suburban Denver but due to our unique relationships,
ARA Newmark’s innovative marketing strategies
and platform of shared information, there was tremendous activity. We ended up with over 20 offers
from a diverse group of qualified buyers.
OZMENT:
The metro Denver market was just on fire in 2015.
The fundamentals were amazing and the appetite
was very, very strong for investors. I can’t remember
another year in my career where everything clicked so
well and the market surpassed our proformas.
HUNT:
What are your
predictions for your
submarket for 2016?
OZMENT:
I think that Downtown and the Tech Center will
see some softness as those submarkets work through
new inventory being delivered. The suburban
markets should fair very well this year as there is a
limited amount of product being delivered. I think
we will see rent growth in the high single digits in
2016 for suburban locations.
Now with unemployment down to 3.2% and
our economy back on track, many of the cranes
visible downtown are for office and hotel construction, with 3 million square feet of office space being
delivered over the next few years. Denver will see
continued residential demand downtown as the
employment base grows and transportation and
other infrastructure continue to move forward.
However, the majority of the construction projects over the last few years have been apartment
product, creating concerns about overbuilding.
The fact is all new apartment buildings are leasing above proforma. In 2016, you will not see the
same double digit rent growth as years past but
rent growth will be healthy. Denver as a city is not
slowing down anytime soon and the Denver apartment market has a lot of runway left.
Denver’s economy should continue to be very
strong in 2016 and years to come with strong population and job growth. Roughly 30% of the population is millennials and in the next ten years, millennials will be the largest group in our workforce.
Multifamily in Denver will continue to benefit from
the continued strength of the single-family housing
market. It is very difficult to buy a house in Denver
today. We lead the nation in price increase, least
number of days on the market and a very thin inventory. This and lack of condo development in 2016
with continue to push up the multifamily market.
HUNT:
OZMENT:
The 2016 multifamily market will see continued strength on the demand side as our population continues to grow from immigration and the
organic growth of 34,000 young adults turning
18 each year. Supply will continue to be delivered
with major pockets being downtown, in the Denver
Tech Center and the US 36 Corridor. Downtown
has had the largest concentration of new deliveries
with 6,000 units added since 2010. This nearly
doubled Denver’s number of downtown apartments
in five years. However, Denver was always behind
most metropolitan areas in the residences to worker
ratio, even though downtown is where the heaviest
demand is. After the last recession, several prime
downtown sites were picked up by apartment
developers early in the cycle because this is the only
product type with demand and available construction debt. Even office developers jumped into the
apartment development business as no other product type would pencil.
Well, we are working on a few deals now that I
hope will make that list. But I guess we will have to
wait until the end of the year to find out. I am sure
there will be a lot of big stories across all commercial
asset classes. Denver is an impressive place to live
right now and commercial real estate will continue to
thrive as investor appetite is very strong in Denver.
The multifamily market in Denver continues to
perform even better than expected. The demand
is still strong and 2015 was another year of
near double-digit rent growth after 2013
saw 9% growth and 2014 saw 12% growth.
The population has grown 9% since 2010
in the Denver Metro Area, and never before
have we seen such a large percent of new
household formation opt for rental housing.
Single-family home ownership has fallen to
the lowest rate since 1967. Continued strong
investor demand in Colorado, rising rents and
the availability of inexpensive debt has pushed
pricing to record levels. Values for some
2. DAVID POTARF
properties have doubled in the last five years.
HUNT:
The significant expansion of FasTracks will be a
great change for the city with 122 miles of commuter and light rail being added, and, most importantly, the A Line to the airport connecting downtown with so many important parts of the city. This
addition will make DIA, Fitzsimons and other parts
of the city much more accessible and will have a
substantial benefit to residential, office and hospitality. We will look back upon this infrastructure
addition as a game changer for the city.
OZMENT/HUNT (CONTINUED ON PAGE 12)
DMCAR MULTI-FAMILY FINALISTS
CBRE, Inc.
$382,036,664
2. DAN WOODWARD
CBRE, Inc.
$382,036,664
3. DOUGLAS
ANDREWS
ARA, A Newmark Company
$303,476,050
3. JEFFREY HAWKS
$303,476,050
DMCAR MULTI-FAMILY FINALISTS
4. PAT STUCKER
JLL
4. RAY WHITE
JLL
5. KEVIN MCKENNA
6. MATT BARNETT
CBRE, Inc
$184,390,000
$184,390,000
$148,945,250
$142,630,410
8. JUSTIN
BROCKMAN
8. JULES HOCHMAN
9. ANDREW HELLMAN
10. JOSH NEWELL
$68,696,750
$49,088,290
$37,855,667
$68,696,750
7. JUSTIN HUNT
$70,639,955
OZMENT/HUNT (CONTINUED FROM PAGE 11)
ABOUT SHANE OZMENT
No question about it, meeting my lovely
wife Beth and starting a family. We have
two kids, boy and girl, an eight-year-old
and a nine-year-old. They are really the
center of my universe and I cherish every
moment I am with them.
that you did it.
I like to think that I do the right thing at
work every day. We have been doing
this long enough that we don’t look for a
pat on the back. At ARA Newmark, our
team only represents sellers, so we strive
to give them the best representation and
maximize their return on investment.
I really pitch to two strengths when doing
a sales presentation, team and company.
I am fortunate enough to have both that
are very strong.
The things I most worry about are the
things I can control and are work related.
So I spend a significant amount of time
preparing for everything work related
whether it is a presentation or even a
property tour. Preparation is the key to
eliminating stress for me.
I don’t worry about things I can’t control.
I try to enjoy life through spending time
with my family and exercising. I believe
you can’t go through life worry about
things you have no control over.
Personally, I would like to win my age
group at the Leadville 100 mountain bike
race in August. Professionally, my goal
is to have another great year, enjoy work
and meet more interesting people in this
profession.
ABOUT TERRANCE HUNT
About 15 years ago some friends and I
started a small scholarship fund to honor
our friend, Sean, who passed away. The
Sean Ranch Lough Scholarship fund has
evolved over the years and we recently
celebrated our 17th first generation scholar.
One student that stands out is Eunice from
south high school. She was a refugee from
Congo who was brought to this country
by UNICEF after her parents were killed in
an ethnic conflict. Eunice is hard working,
smart and desperately wanted to go to
college, however, she felt the need to
work at Wendy’s to send money back to
Africa to support her surviving family. The
Scholarship fund provided her with a fouryear, full-ride scholarship to CSU and she
is still thriving in college. Eunice has even
introduced the university president at high
profile events. She will use her education
to help child victims of violence in Africa
and we now share a similar passion, as
helping children in need is my passion.
you did it.
My father taught me there is never a right
time to do the wrong thing and never a
wrong time to do the right thing. One thing
that stands out was a time when I cancelled
a listing when I became concerned that the
seller was misrepresenting the numbers and
property, to us and the market.
to represent them?
ARA Newmark is a unique platform. Our
team offers decades of experience, our
sales volume speaks for itself, and we have
been involved in thousands of transactions
over the years. It is very unlikely there is a
situation we haven’t dealt with. You can’t
learn experience; you can only learn from
experience. No one has more experience
than us.
The health and well-being of my friends and
family because at the end of the day that’s
what matters most.
Things I try not to worry about are things I
can’t change or control.
Professionally, I will continue to evolve
our platform at ARA Newmark and create
a great work environment for the team.
Personally, to spend time with my family
as kids grow up quickly, and continue to
support hard working underprivileged kids
with scholarships and support children
and families with medical and physical
challenges.
TOP OFFICE BROKERS
VICTOR FRANDSEN
& TIM HARRINGTON
NEWMARK GRUBB KNIGHT FRANK
2015 Volume: $245,227,331
Describe the overall
performance/state of
FRANDSEN:
FRANDSEN:
What I really like about Corporate Services is the
diversity of interesting transactions on which we have
the opportunity to work all over the world. My job
is not limited to the Denver metropolitan market,
as corporate clients like CenturyLink have sites and
requirements on a national and/or global level.
As part of NGKF’s Data Center Consulting group,
I have an enviable position of viewing a more global
approach for trends and performance analysis. With
more than 4 million square feet of data center and
colocation transactions completed and a database of
more than 3,000 colocation facilities to catalog and
track available power capacity, tier ratings, and data
center market information, our team is not tied to
one geographic area.
An example of this is CenturyLink’s data center expansion in Moses Lake Washington. My team worked
for well over a year on this transaction, targeting the
best location for Data Center expansion. Two of the
most critical factors to consider when selecting a site for
a data center are disaster risks, costs of power and cooling. Moses Lake Washington scored well in all areas.
We negotiated with providers in the area for over a
year. The electricity for Server Farm’s Realty’s state-ofthe-art Moses Lake data center is in large part supplied
by hydroelectric generators powered by the nearby
Columbia River. A former Air Force command and
control facility, it was built to withstand a nuclear
strike and offers 136,000 square feet of data center
space with a uniquely low risk natural disaster profile.
The Landlord had in-place the permitting rights for
the backup generators necessary to support a high load
of up to 30MW of power, providing for the quickest
time to market. The end result was an extremely flexible lease for CenturyLink that allows for expansions of
various powered shell alternatives or completely backed
up cloud and disaster recover configurations. Power
costs and efficiency metrics for this site rank among
the best in the industry.
A lot of late night and early morning negotiations
came together in a transaction that served all parties
well, both our client and the Landlord were extremely
satisfied with our team’s performance. “Victor’s
professionalism and, above all else, his vast knowledge
and understanding of his client’s needs provide key
ingredients in making this a successful transaction for
both CenturyLink and Server Farm,” stated Avner
Papouchado, CEO of Server Farm.
HARRINGTON:
I would have to say that ProLogis was a very interesting transaction that we handled on behalf of our client, the Landlord, McWhinney and Grand American
at The Dairy Block. The redevelopment of the historic
Dairy Block was a challenging project, and all parties
knew we needed to have a signed anchor tenant in
order to break ground. Once this step was achieved, we
knew the project would be a very exciting and transformative development. ProLogis had sophisticated
tenant demands due to their knowledge of real estate,
and I was proud of the way we were able to meet
McWhinney, Grand American and ProLogis’ specific
requirements– including overcoming any potential
issues – to execute a lease and move forward, knowing
that this deal was the first step in making this unique
development a complete success.
Data centers are one of the fastest growing segments
of commercial real estate, and often one of the more
difficult to understand by the layman. Some of the
most common data center trends include:
• Increased sale-leaseback transactions (but the buildout cost can create potential hurdles)
• Increased utilization and a healthy and evolving
marketplace thanks to content and cloud service
providers, the financial industry, and healthcare and
software verticals
• The addition of levels of service by data center
providers in order to differentiate or “productize”
service offerings
• Record growth in the Northern Virginia, Dallas,
Chicago, Portland and, surprisingly, Silicon Valley
markets, coupled with a slow-down in the Northeastern US, driven by high energy and construction
costs, and high taxes
HARRINGTON:
Though the low price and over supply of oil are impacting the nation’s energy sector, Denver has shown
resilience due to its diverse tenant mix. And, despite a
number of relatively minor hiccups, primarily losses in
the oil and gas sector, the CBD experienced numerous success stories that have made a positive impact
on the city, most notably in the LoDo micromarket.
Many major companies are expanding or relocating
to LoDo, attracted to the exciting live/work/play environment and constant transformative development,
like the new Denver Union Station. Examples include
Liberty Global, DaVita, WeWork, and ProLogis, to
name a few. I expect this trend to continue.
What are your predictions for your submarket
for 2016?
FRANDSEN:
To continue the discussion from the above question,
and in the perspective of global corporate services, in
general corporate real estate continues to expand and
become more centralized, and global users are looking
more to the US for relocations and expansions. NGKF’s
global reach and perspective provides a unique benefit
to our clients in an increasingly centralized world.
For the data center industry in particular, I expect:
• A shift in the ownership in the marketplace as giant
global corporations – Verizon, AT&T, CenturyLink
for example – look to bring their assets to the US
market
• Pricing for data centers to remain relatively stable
in 2016, driven by more savvy consumers and landlords forced to provide competitive market rates
• Increased flexibility in the market – for example
companies moving to elastic pricing models based
on the actual amount of critical energy and space
used by consumers, increased “productization” of the
data center industry, and growing experimentation
with different pricing structures (wholesale operators
experimenting with a retail structure and vice versa)
• Overall rising IT costs forcing consumers to look
outside of traditional markets for the lowest cost
of operation; the western region, and Denver in
particular, shapes up well in comparison.
HARRINGTON:
The CBD will continue to have negative absorption
due to further oil and gas fallout. While this sounds dire,
it provides opportunities for Denver’s other industries.
Companies will be able to take advantage of aggressive
sublease pricing, lowering immediate rental expenses.
This allows companies to focus on growth and development as well as employee recruitment and retention, and
encourages longevity in their respective industries.
FRANDSEN:
Many are predicting slowdown because of the drop
in oil prices, but I believe Denver’s fundamentals
position it remarkably well to weather any upcoming
storm. The local diverse economy continues to expand
– logging continued strong job growth and in migration of a young and talented work force, one of the
hottest residential markets in the country, and demand
outpacing supply in all commercial real estate markets.
These factors will continue to drive absorption and
rates, despite any jobs lost in the oil and gas sector.
HARRINGTON:
I anticipate the Denver metro area will attract one
or two major corporate relocations within the next
year, lured by Denver’s high quality of living and its
constant inflow of educated, confident and vibrant
workers. Market rates have gone up – now higher in
most submarkets than they have ever been – but this
is not substantial enough to deter companies from
moving to the metro area. More and more national
companies are looking at the west, and Denver’s
infrastructure, low tax rates, and substantial benefits
continue to attract new industries and corporations.
FRANDSEN/HARRINGTON
(CONTINUED ON PAGE 14)
DMCAR OFFICE FINALISTS
2. TODD WHEELER
Cushman & Wakefield
$181,328,636
7. JAMIE GARD
Newmark Grubb Knight
Frank
$111,368,732
3. GREG BANTE
JLL
$170,569,274
4. ALAN POLACSEK
Newmark Grubb Knight
Frank
5. TODD ROEBKEN
JLL
$152,013,119
$154,880,420
8. TY RITCHIE
CBRE, Inc
9. ROBERT N. LINK
Savills Studley
$104,324,993
$103,133,693
6. DOUG BAKKE
CBRE, Inc
$133,897,501
10. DUNCAN HEITMAN
JLL
$93,022,149
FRANDSEN/HARRINGTON (CONTINUED FROM PAGE 13)
ABOUT VICTOR FRANDSEN
Tell us about the first time in your life that you
realized that you had the power to do something
meaningful?
The birth of my first child was the birth of not
only a realization that we can all have a meaningful impact on the world but also a sense of obligation that I’ve brought this amazing child into
the world and I have the responsibility and the
opportunity to make a meaningful difference in
the future. Children give you the deep yearning to
make the world a better place, and I now always
looks for opportunities to do just that. Often times
you don’t have to look far to find those chances.
Tell us about a time that you did the right thing
at work but no one saw or knew that you did it.
C. S. Lewis said it best “integrity is doing the
right thing even when no one is looking.” A big
reason for the success Tim and I have enjoyed
is that we both live by this credo. I have 100%
confidence that Tim and everyone on our team
will always “do the right thing.” We don’t talk
about it, it’s just understood. Our clients have
that same level of confidence in our integrity
and dedication to our fiduciary obligations as we
have with each and every one of our clients.
I am proud of NGKF’s long and active heritage
in the Denver metro area, and our partnership
with many of the city’s most premier business
organizations and leaders. I am fortunate that I
have the great privilege of working for a company, and with a team, that reflects my own values
of integrity, dedication to others, and providing
superior service. I am extremely confident in
our ability to provide the most comprehensive
market analyses, seek the best solutions for our
clients, and ensure positive outcomes.
I worry about a future for the next generation
that holds the same opportunities and sense of
security we’ve had in our lives. Listen to the
political rhetoric going on in our country and it
should be easy to understand why.
I never worry that every member or our team
will a) do the right thing, b) has the necessary
skill to perform at the highest level for our clients, and c) do the absolute best job for our clients every time. When the sun comes up every
morning you just know it will….
My personal goals include nurturing my family
so that each individual can maximize their potential. Additionally, I would like to go somewhere
new, achieve the best health of my life, make a
new friend and spend time with old friends.
My professional goals include nurturing everyone on our team so that they can maximize their
potential. I would like to streamline processes,
work on what matters and avoid time on what
doesn’t. I would like to grow our business while
continuing to provide best in class services to
our clients at every level.
ABOUT TIM HARRINGTON
Tell us about the first time in your life that you
realized that you had the power to do something meaningful?
I was 9 years old at a Christmas Eve party with
Temple Buell and Temple Buell asked me what
I wanted to do when I grew up. I told him I
wanted to own a pro-football team. He looked at
me, with a shocked look in his face, and commented “son, you may not be the brightest kid I
ever met, but I do admire your gumption.” His
words stuck with me.
Tell us about a time that you did the right thing
at work but no one saw or knew that you did it.
There was a person that I passed by on the 16th
Street Mall, two days before Christmas, who
looked like she was the same age as my daughter.
She asked me for money to spend the night in a
hostle that evening. I asked her where she was
going to be for Christmas. She said she wanted to
be with her mother in Alabama, but there was no
way to get there. I checked her into a cheap hotel
and gave her money for dinner and made her
promise that she would meet me at the bus station at 8:00 AM the next day. To my surprise, she
showed up. I booked her a ticket to Alabama and
she was able to arrive there on Christmas Day. I
had given her my business card and her mother
wrote me the nicest note I have ever received,
thanking me for providing for her daughter to be
with her on Christmas.
On a personal level, I hope to be able to pay for
my daughter’s upcoming wedding and send her
off on the right foot to an enriching healthy life.
Professionally, I want to maintain the excellent
team of professionals that I currently work with
and know that we will continue to get better and
better every day.
We are extremely good, have the right resources,
and we will always tell you the truth.
Our society is changing fast. Like most parents
I worry about the future we are leaving for our
children, and very much want them to enjoy the
same quality of life I have been fortunate to enjoy.
I don’t worry about the things I can’t control
because whatever is going to happen, is going
to happen anyway.
TOP RETAIL BROKER
JON WEISIGER
CBRE, INC.
2015 Volume: $41,754,740
2015 was an exciting year for our business and I
was especially proud of our clients and our talented
teammates. We worked hard together to make 78
successful real estate transactions including grocers,
restaurants, banks and retailers. Some of the notable
transactions included a new 57,600 sf ground up
for Gander Mountain at Crown Point (Parker) now
under construction, and a new 34,781 sf Christy
Sports north of Southwest Plaza. A repeat client,
Conn’s (Electronics Furniture and Appliances)
opened two new 46,000 sf stores in Thornton and
Fort Collins.
In addition, we successfully negotiated several
deals with Bank of America, a very rewarding experience as each of these transactions are long in making
and it is always refreshing to see them come out of
the ground and open according to plan.
It was also a great year for our Landlord clients.
Cherry Hills Marketplace, owned by Principal
(Orchard and University), added 6 new merchants
to complement the transformational additions of
Trader Joe’s and Sierra Trading Post a year ago.
At Bowles Crossing (Bowles and Wadsworth) we
worked with our institutional client PERA on a
multi-year transition of their tenant base culminating with a new deal for Trader Joe’s, slated to open
in March. The center was sold at a premium at year
end. We appreciated working together with our
clients on these strategies to elevate their centers into
strong stable investments.
2015 lived up to expectations as a year where
rents continued to improve while vacancy declined
to a low point, hovering around 6.1% -- the lowest we have seen in the last decade. The Colorado
Blvd./Cherry Creek, Boulder and Southeast markets
have lead the way with vacancy rates in the sub 3%
range. This has not been a surprise based on the demand for retail in those strong, but limited markets.
As the inventory of available retail space remains
low, demand will continue to drive investment on
several new development projects. That said, it is
important to note retail tends to be very location
specific, with sensitivity to access co-tenancy and psychographic/demographic data.
What has been encouraging is how well the suburban areas have rebounded, mostly as result of the
improved housing market in these areas. Grocers
have become particularly active, following in the
footsteps where the housing sales have been brisk.
Parker, Aurora, Westminster, Erie and Castle Rock
have all benefited. We have seen strong healthy activity in the investment market with several centers
changing hands at unprecedented CAP rates.
Our clients are becoming much more sophisticated as they learn more about how their consumers think, feel and shop. Look for more melding of
ideas on the experience (food, entertainment and
social), e-commerce, as well logistics in distribution
ideas which change how products land in the hands
of consumers.
submarket for 2016?
Mixed use will dominate the retail story. The
opening of Whole Foods in Union Station will be
the next evolution of our downtown urban market.
As our rail and transit system continues to evolve,
look for more mixed-use developments around the
main transit hubs that are forthcoming such as the
Arvada Towne Center, as an example. Primarily
driven by housing and/or office, these sites will also
create some nodes of opportunities for retail as well.
We have been taking notes on the dynamics studying similar markets.
2016 will prove to be another year of good growth.
Several segments of the retail market continue with
strong fundamentals of housing growth, continued
net immigration, job growth and healthy lifestyle.
These fuel our retail centers with demand for grocery,
health clubs, retail, service and restaurants.
Looking forward, I believe we will see 5-7 new developments over 100,000 sf be announced in 2016.
In addition, look for several infill and suburban pad
development deals to be announced as restaurants,
pharmacy and service retailers all look for strong
opportunities.
WEISIGER (CONTINUED ON PAGE 16)
DMCAR RETAIL FINALISTS
2. MATTHEW
DEBARTOLOMEIS
CBRE, Inc
$25,307,000
3. DORIT FISCHER
NAI Shames Makovsky
$25,298,212
7. JIM LEE
CBRE, Inc
$12,630,752
4. JOHN V. PROPP
John V. Propp
Commercial Group
5. HAYDEN
HIRSCHFELD
NAI Shames Makovsky
$16,191,008
$13,696,964
8. LAUREN COOK
Weingarten Realty
Management Company
9. HEATHER TAYLOR
10. RAY ROSADO
Cushman & Wakefield
$10,563,872
$8,523,054
$11,153,102
6. DAVID FRIED
Cushman & Wakefield
$13,319,865
WEISIGER (CONTINUED FROM PAGE 11)
ABOUT JON WEISIGER
you did it.
I am the youngest of 4 boys growing up in
my family. My father and older brothers
were my disciples. All possessed strong
sense of motivation, all majored in engineering and paved strong career paths, (in varying fields they were a rocket engineer, CEO,
doctor, and chemical engineer) but also took
time to help others. I guess you could say
that having strong mentors and family from
an early age, has helped to shape my outlook
on life. Hanging in their shadows, I continually appreciate their virtues of, family, teamwork and discipline. To this day, I am blessed
with the strong values of my wife and family
at home. Professionally, I derive value by surrounding myself with talented partners and
advisors. I am fortunate to maintain a great
network with internal and external partners,
including clients who care about core values
as much as their projects.
I don’t want to get specific on this one, but
suffice it to say that life is more fulfilling
when we maintain true relationships with the
people we encounter. Professionally, our client’s interests always come first. There have
been times when the best advice we give
clients is to tell them not to pursue a particular deal. I think our clients appreciate our
honesty and approach. Treating others with
dignity is as much a right as a responsibility.
to represent them?
efit from the research, ideas and extended
capabilities and creativity of my teammates
in Colorado and nationally. Our team has
many coordinated parts built to provide
great outcomes for our clients.
I worry about the details… so our clients
don’t have to!
My team. Our energy and enthusiasm is
electric. They always have my back and go
the extra mile to find solutions.
Work on inspiring projects that make a difference with lasting benefits to our community. Develop relationships with great
genuine people.
In most cases we truly operate as a team
on given assignments. That means they
are not just getting one person, but ben-
TOP SMALL OFFICE BROKER
MATT SMITH
VECTOR PROPERTY SERVICES, LLC
2015 Volume: $22,677,800
Two memorable deals were indicative of what it
takes to get deals done these days. First was representing Brian Watson and NorthStar Commercial
Partners at Cherry Creek Place I for a lease with the
Avitus Group. Avitus’ corporate HQ was in Billings Mont. but they had outgrown the labor pool
there. Willis Chrans, founder of Avitus, called from
a sign while driving to the airport when traveling to
Denver. After many twists and turns, including finding furniture for Avitus, arranging for a long-term
growth path within the building, and connecting
them with the Aurora and State Economic Development Agencies who came through with in excess of
$600,000 in incentives for the new jobs being committed to Aurora, Avitus signed an 11,000 sf longterm lease that grew to 21,000 sf. The deal took a lot
of cooperation amongst the Landlord, Tenant, and
Aurora, with some creative problem solving along
the way. But in the end, Avitus has a new HQ in
Aurora and expects to hire 500 employees over the
next 10 years. A win-win for all.”
The second memorable deal was with Madison
& Company Properties, working for owner Todd
Narlinger. I had worked with Madison as a Landlord
Rep at Quebec Corporate Plaza leasing them 2,000
sf in 2012. But they quickly grew and expanded
twice to 3,700 sf. With the building 100% leased and
Madison with term remaining, their only choice to
continue to grow their Greenwood Village office was
to sublease and relocate. So Todd asked me to find a
great first floor space to reward his existing agents as
well as to accommodate new brokers over time and
sublease his existing space. After looking and losing space for 5 months, we reached a deal for 7,500
sf of ideal space off the first floor lobby of 5975 S.
Quebec. We found two tenants to take Madison’s
existing space, terminating his remaining obligations
while signing new leases with the Landlord at Quebec
Corporate Plaza.
We work all over the metro area but mostly Downtown and Southeast. Certainly the biggest negative
was the drop in oil prices and the corresponding drop
in oil and gas companies demand for space as well
as the increase in sublease space. As a result, one of
my clients, Pioneer Natural Resources, shut down its
39,000 sf office in 1401 17th Street, and we subleased this space for them. Conversely, the biggest
positive was the continued job growth in Denver that
offset the losses in the oil and gas sector, resulting in
positive absorption.
submarket for 2016?
After several good years in a row, the office market might take a pause in 2016 as companies and
investors wait to see if the economy will continue to
improve. So rental rates and vacancy should remain
relatively stable.
I wish I knew. Let’s start a good rumor. How about
a major tech company is going to relocate its headquarters from California to Denver!
SMITH (CONTINUED ON PAGE 17)
DMCAR extends our most sincere thanks for longtime partnership
and support from the Denver Business Journal.
DMCAR SMALL OFFICE FINALISTS
2. PATRICIA WASSIK
Health Connect
Properties, Inc.
3. JOHN V. PROPP
John V. Propp
Commercial Group
$22,299,547
$16,191,008
6. SCOTT
PATTERSON
Ringsby Realty
7. ERIC GOLD
Sheldon-Gold Realty Inc.
4. KYLE MALNATI
Madison & Company
Properties Ltd
5. GREG JOHNSON
Madison & Company
Properties Ltd
$12,859,725
$12,415,525
$10,127,457
$10,394,649
8. ANDREA
ACKERMAN
Toma West
9. JOHN LIVADITIS
AXIO Commercial
Real Estate
$8,201,986
$8,114,596
6. ALEX RINGSBY
Ringsby Realty
$10,394,649
10. LANCE CHAYET
Hanover Commercial
$4,562,011
SMITH (CONTINUED FROM PAGE 16)
ABOUT MATT SMITH
I would say becoming a parent with the birth
of our son and daughter. Obviously that
changes your perspective forever. Judy and I
have raised 2 great kids who are now part of
the millennial work force.
you did it.
Integrity, character, good morals – these
have always been important to me. I always
try to do the right thing.
to represent them?
We are a small shop, and we have to provide superior service to succeed. We begin
every assignment with the end in mind of
making sure our clients are thrilled with the
results and gladly willing to give us referrals and great testimonials. To accomplish
this, we concentrate on a limited number
of assignments, permitting us to focus on
execution.
I am not a worrier. But I think my main concern about our future is the growing national debt and what it could do to our economy.
Vector turned 21 and 2015 was our best
year yet. I am not sure we can duplicate it in
2016, but we will try!
Personally, I am a volunteer football coach
at Regis Jesuit High School and would love
to win a state championship!
This high-profile awards program recognizes the biggest real estate
deals of 2015 and the movers and shakers who made them happen.
For each project honored, the entire team – from developer to
architect to law firm to financier – will be recognized. So be sure to
include complete information on all team members in the nomination.
To qualify, all real estate deals or projects must have been initiated
between January 1, 2015 and December 31, 2015 (i.e., ground
broken or lease signed), active during that time period (i.e., under
construction) or completed during that time period (i.e., took
occupancy). Properties involved in the deals or projects must be
located in metro Denver.
Award categories will be determined upon review of the nominations.
Some possible categories could include: office, multifamily, retail,
industrial, community impact, green design and adaptive use.
Nomination Deadline
April 1, 2016
www.bizjournals.com/denver/nomination/78252
In addition to the industry categories, the Visionary Award will be
presented to honor a lifetime of contribution to metro Denver’s real
estate industry and the broader community.
YOUNG BROKER OF DENVER
ANDREW HELLMAN
2015 Volume: $49,088,290
I had the privilege to be part of a number of transactions in 2015 however, my most memorable experience was securing a six-property, 571-unit portfolio
spread across the Denver metro area and one asset
located in Dillon. This was an exercise for me in
not only patience but persistence and creativity. The
seller is based in Santa Monica. My job was to secure
the first listing and then successfully sell that listing
in order to prove both my word and worth. The
process that my partner Justin Hunt and I ran went
smoothly and although a few issues surfaced, we
closed that first property at a very aggressive number.
After a few trips to L.A., we secured the remainder
of the portfolio. Today, we only have one of the six
properties left to close.
My submarket is more niche than location. That
said, the markets that my partner and I track are,
in my opinion, poised for a great run for a number
of years. Much of this prosperity can be directly
attributed to how amazing Denver’s economic
environment has been for the past few years. Our
population has exploded and the job market is as
healthy as I can remember. Vacancies are down,
rents are up and demand keeps growing.
submarket for 2016?
We should see many of the same trends in 2016
that we saw in 2015. The job market is expected to
keep its momentum, the population is expected to
increase at the same levels it has been, and demand
for apartments will continue to track at historic levels. I do expect to see a bit of slowing on construction of high-end units as we will see a fairly large
delivery of new product this year.
Interest rates, the stock market and oil. Given the
volatility in China and the European markets and the
drastic drop in oil prices, I expect capital to continue
to invest in tangible assets, i.e. real estate, vs stocks,
and I expect a lot of that money to be directed into
the Denver market. Apartments will again see great
transaction volume although we will not reach the
$4.0 billion that we saw last year. I do see pricing leveling off, especially if interest rates increase which the
Fed has said they would. And yet, “We don’t know
what we don’t know.”
HELLMAN (CONTINUED ON PAGE 19)
TOP LANDLORDS
DMCAR HEAVY HITTERS 2015 TOP LANDLORD HONOREES:
INDUSTRIAL, OFFICE, AND RETAIL
DMCAR is pleased to honor the regions Top Landlords in
the Retail, Office and Industrial categories for 2015. Now
in its fifth year of recognizing the areas Top Landlords,
DMCAR offers an open nomination process in which
members are asked to submit nominations for their
top three choices in the submarket that the individual
broker practices.
Nominations and final selection of the honorees
were based on three primary categories of business
performance:
• Ethical Business Practices – Adherence to the high
principles of fairness working with brokers and
providing professional service to clients and the
public, as well as, timely reconciliation of agreements.
• Service to the Community – Participation in/with
charitable organizations, political campaigns and
government entities, volunteerism and overall
philanthropic commitments.
• Innovation and Respect for the Planet –
Environmental awareness and practices in its facilities,
innovation demonstrated through unique community
enhancements.
Winners of the 2015 DMCAR Heavy
Hitters Award for Top Landlord are:
TOP INDUSTRIAL LANDLORD
1. First Industrial
2. Prologis
3. United Properties
TOP OFFICE LANDLORD
1. Brookfield
2. LBA Realty
3. UNICO Properties
TOP RETAIL LANDLORD
1. The Robert Naiman Company
2. Larimer Associates
3. McWhinney
DMCAR YOUNG BROKER FINALISTS
2. ROBERT BRATLEY
3. SAUL LEVY
4. AMY ALDRIDGE
JLL
5. DAVID SHIRAZI
JLL
$18,519,640
$16,071,150
$15,773,190
$11,157,090
7. SPENCER
BRADLEY
8. TAYLOR HAZARD
Cushman & Wakefield
9. DOMINIC DIORIO
JLL
$6,298,198
$5,554,909
6. SCOTT FETTER
$8,692,300
$7,773,250
HELLMAN (CONTINUED FROM PAGE 18)
ABOUT ANDREW HELLMAN
Personally, the first time my son Ethan (four)
walked down the stairs on a Sunday morning wearing the closest thing he could find
to what I was wearing and said, “Dad, I think
I want to be like you today.” This moment
made me realize that every decision I make,
even what I wear, carries enormous influence
and responsibility. Professionally, the first
time a client called me asking for, and I quote,
“My professional advice and opinion.” That
moment was important to me and still stands
out in my mind because it was symbolic of the
culmination of my journey at ARA Newmark
from student to teacher.
you did it.
I started at ARA Newmark June 1, 2005, as
a summer intern and worked nearly every
position in the company to get to my current
position. It was not easy but I loved the business, and more importantly, I loved those that
I had, and still have, the opportunity to work
with every day. There have been opportunities
to leave ARA Newmark and go elsewhere but
I could never see myself anywhere but here.
It has been a blessing to learn and grow and
be mentored by not only the best brokers in
the business but simply the best people in
the business as well. For those reasons alone,
there is an obligation to contribute everything
I can back to those who gave me the opportunity and believed in me.
for the same goal. When a client gives us the
opportunity to represent them in the sale of
their community, it becomes more than just
a listing, it becomes personal. If our seller’s
goals are not met, then we didn’t do our job!
to represent them?
This is easy because it’s true. We are the best
team in the business and we all work together
Only that which I cannot control.
I do not worry about my ability to do my job
and do it well. I work hard and always have
my entire life. I feel confident that I am more
than just a broker, I am an advisor and one of
the best resources for what I do in Denver.
I hope to continue helping my clients reach
and exceed their goals. The market will ebb
and flow, and as long as I can adjust to the
fluctuations, whether good times or bad, I will
become a better person as well as a better
broker.
Colorado has an ever-evolving tech scene that can impact you and your business.
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Whatever your mountain…
IS COMMERCIAL REAL ESTATE YOUR MOUNTAIN? Mountains can symbolize your business challenges.
In commercial real estate, it’s par for the course to move mountains – sometimes literally – or to
incorporate them in your design. When commercial real estate is an uphill battle for you, our attorneys can
assist – from land use and leasing to construction and financing – and most everything in between.
If commercial real estate challenges are your mountain,
we’re here to help you ascend.
Contact: Liz Sharrer, Chair
303.295.8000 lsharrer@hollandhart.com
555 17th Street, Suite 3200, Denver, CO 80202

See 2015 winners and Denver Business Journal insert.

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