|By PR Newswire||
|February 24, 2014 05:43 PM EST||
DENVER, Feb. 24, 2014 /PRNewswire/ -- Zocalo Community Development and Principal Real Estate Investors have agreed to sell the 219-unit Cadence Union Station apartments to an institutional client of Invesco Real Estate. Cadence Union Station is the first multi-family project to open in Denver's emerging Union Station neighborhood.
Cadence, which welcomed its first residents in January, is already 20 percent leased. The property was marketed to a small set of select buyers interested in owning the property for the long-term.
"We had a distinct advantage by being the first to build in the Union Station neighborhood, acquiring what's arguably the best location and building an asset that we believe will show itself to be one of enduring value," said David Zucker, Principal of Zocalo Community Development. "Invesco's focus on the strength of Union Station, the location of Cadence and its quality are aligned with our development ethics. We sense in Invesco a shared commitment of stewardship, making them an apt purchaser of this incredible asset."
Zocalo will continue to mange and lease the property, which features unparalleled amenities, including a dramatic 13th story rooftop pool and fitness center and a community jazz room, complete with baby grand piano and original, classic jazz album artwork.
"These features and community-creating spaces make Cadence a wonderfully unique property, immediately distinguishable for its character and quality," said Zocalo Partner and Director of Real Estate Susan Maxwell. "It's an honor to continue to manage what we believe is Denver's finest high-rise apartment for Invesco."
The LEED Gold-registered building is located in the very heart of the 20-acre Union Station redevelopment, which includes a 22-bay underground bus terminal, eight-track commuter rail station and the renovation of the historic Union Station, all of which are scheduled to open in July 2014. Cadence sits equidistant between two sets of Light Rail tracks, only 250 feet from the station and a 30 second walk to the Denver International Airport rail line, where (once it opens in 2016), travelers will ultimately check their bags and pick them up at their final destination. Cadence residents are also minutes by foot, bike or bus from some of the most exciting and sought-after restaurant districts in the country. The popular free Mall Shuttle also offers access to virtually all of downtown in only minutes.
"Invesco's investment in Cadence underscores the transformational impact that the redevelopment of Denver Union Station into the multi-modal transportation hub will have for the entire Rocky Mountain region," said Tami Door, President & CEO of the Downtown Denver Partnership. "This transaction confirms what many developers have known for some time – an investment in Denver Union Station is a once in a lifetime opportunity that can't be missed."
Principal Real Estate Investors' Green Property Fund provided the equity for the project. This is Principal and Zocalo's second of three joint ventures. The first, Solera, sold in 2011 for what was then the highest price per unit in the state's history. The partners' third joint venture, located at the northeast corner of Steele and 1st Avenue in the Cherry Creek district of Denver, is three months from construction start. Principal's Green Property Fund focuses on the development of LEED properties. Cadence, Zocalo's fourth LEED property, delivers on Zocalo's commitment to greater sustainable design and development by offering features like the Velo Room, a complete repair shop for bikes, skis and snowboards, one-to-one bike-to-auto parking, a focus on indoor air quality and heating, cooling and lighting system that will likely reduce resident utility costs by 50 percent.
Cadence was the first high-rise apartment building to break ground at the Union Station neighborhood. Cadence is the fourth LEED multi-family project developed by Zocalo in Denver. The company's other high-rise apartments include 2020 Lawrence, a 231-unit development, in Denver's Arapahoe Square neighborhood, and Solera, a 120-unit luxury project, which sold for a record price in October 2011.
Zocalo Community Development is an award-winning, Denver-based development and management services company focused on creating sustainable communities that deliver for residents, investors and neighborhoods alike. Locally produced and contextually sensitive are descriptors of Zocalo's commitment to community development. Zocalo seeks to reduce the impact residential and mixed-use buildings have on the earth and the environment by substantially reducing greenhouse gases generated both by the building itself and by the means and patterns of resident commuting. Zocalo is ceaseless in its commitment to improving the design, sustainability, construction, development and marketing of its projects. The product of this complete integration is the development of real estate projects of greater enduring quality and sustainability.
The word Zocalo dates back to the Aztec culture and refers to a community center or plaza common to towns and cities throughout Latin America.
For more information visit www.zocalodevelopment.com
About Principal Real Estate Investors:
Principal Real Estate Investors manages or sub-advises $37.3 billion in commercial real estate assets. The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
About Invesco Real Estate:
Established in 1983, Invesco Real Estate manages $55.7 billion of real estate investments, which includes $20.4 billion in U.S. direct real estate portfolios, $7.3 billion in European direct real estate portfolios, $4.9 in Asian direct real estate portfolios, and $23.1 billion in real estate securities (as of December 31, 2013). With over 360 employees in 18 offices worldwide, the group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for over 25 years, contributing to the consistent implementation of Invesco's investment strategy and resulting performance.
Additional information is available at www.invescorealestate.com.
For more information contact:
Lu Stasko, The Stasko Agency
SOURCE Zocalo Community Development
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Oct. 1, 2016 03:00 PM EDT Reads: 3,051
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
Oct. 1, 2016 01:30 PM EDT Reads: 866
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Oct. 1, 2016 01:00 PM EDT Reads: 5,188
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Oct. 1, 2016 12:30 PM EDT Reads: 2,340
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Oct. 1, 2016 12:30 PM EDT Reads: 3,272
Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of companies worldwide-from publishers and broadcasters, to enterprises, marketing agencies and household-name brands. Building on its established design leadership, Adobe enables customers not o...
Oct. 1, 2016 12:30 PM EDT Reads: 645
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Oct. 1, 2016 12:30 PM EDT Reads: 3,113
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Oct. 1, 2016 12:30 PM EDT Reads: 5,540
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
Oct. 1, 2016 12:30 PM EDT Reads: 652
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...
Oct. 1, 2016 11:45 AM EDT Reads: 2,813
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
Oct. 1, 2016 11:30 AM EDT Reads: 1,336
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Oct. 1, 2016 11:15 AM EDT Reads: 890
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.
Oct. 1, 2016 10:45 AM EDT Reads: 641
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
Oct. 1, 2016 10:30 AM EDT Reads: 729