Medical building breaks ground: Developer Jim Miller broke ground last week on a $15 million medical office building in Lone Tree.
The 71,000-square-foot Lone Tree Medical Plaza, financed by TCF Bank, will be Douglas County’s largest off-campus medical building, said Jan Friedlander of Friedlander Commercial Real Estate, a broker who specializes in health-care real estate and an investor in the project.
The building is on Yosemite Street about a mile west of Sky Ridge Medical Center and Interstate 25.
An offer they couldn’t refuse: Denver resident Robert McAllister is paying $1.7 million for a 37-acre estate near Steamboat Springs.
Gadsden, Ala.-based National Auction Group had planned to auction the lodge last Tuesday, but McAllister made an offer immediately before the event, and it was accepted by the sellers.
The five-level home, built in 1972 and refurbished in 2001, is between Pearl Lake and Steamboat Lake.
Condo redevelopments: Modo Developers Inc. plans to renovate four buildings in Capitol Hill and West Washington Park into urban condos. Prices for the one- and two-bedroom condos will range from $107,000 to $297,000, with completion dates throughout 2007. The 71 condos are split among buildings at 500 E. 11th Ave., 1245 Columbine St., 636 Washington St. and 271 Grant St.
Renovations will include hardwood floors, granite or quartz countertops, high-end kitchen cabinets, stainless-steel appliances and free high-speed Internet.
Landlord concessions fewer: As Denver’s office vacancy rates decline, landlords are offering fewer concessions in lease negotiations with commercial tenants, according to a recent report by the commercial real estate services firm Studley.
The report shows that the value of concession packages fell by 5.4 percent, to $35 a square foot. Concessions for smaller tenants are still more generous than for those leasing spaces larger than 50,000 square feet.
The decline represents a gradual shift from a tenants’ market to a landlords’ market, said Jim McGrath, senior vice president and branch manager of Denver’s Studley office.
The survey also found that net rent rose by 1 percent, to $15 a square foot; operating expenses grew by 3.1 percent; electricity was up 10.3 percent; and real estate taxes were up by 24.3 percent.
Staff writer Margaret Jackson can be reached at 303-820-1473 or mjackson@denverpost.com.
Mortgage rates continue to climb
Interest rates on 30-year mortgages rose for a third consecutive week, hitting the highest level in more than four years. Rates on 30-year fixed-rate mortgages increased to a nationwide average of 6.78 percent last week, up from 6.71 percent the previous week. Fifteen-year fixed-rate mortgages, a popular choice for refinancing, increased to 6.43 percent. Five-year adjustable-rate mortgages climbed to 6.39 percent. Below are average mortgage rates in Denver, Adams and Arapahoe counties as of Thursday and the previous 52 weeks. The one-year Treasury bill average reported by the Federal Reserve Bank was 4.2817 percent. The Cost of Funds Index for April from the Federal Home Loan Bank (11th District) was 3.759 percent.
