Vail Resorts sells land for new condos at Breckenridge

Curious how much it costs to buy a piece of land on a Colorado ski resort mountain? Try $5.2 million per acre.

Vail Resorts Inc. (NYSE: MTN) sold 2.1 acres of land at the base of Breckenridge Ski Resort’s Peak 8 to an affiliate of Breckenridge Grand Vacations Inc., which developed the Grand Timber Lodge and Grand Lodge at Peak 7. The land carried a $11.1 million cost.

Grand Vacations has plans for a 75-unit timeshare, ski-in/ski-out resort with a restaurant and spa.

“This is an exciting time for Breckenridge Ski Resort, with continued investment both on the mountain and at our base areas,” said Alex Iskenderian, senior vice president and chief operating officer of Vail Resorts Development Co. “Improving the bed base at Peaks 7 and 8, and having a gondola taking our guests to and from town, has transformed the Breckenridge experience.”

The new development will be where the Bergenhof Day Lodge is located. That lodge will be demolished in coming weeks. Grading and utility work is scheduled to start this summer, with new resort construction starting next spring.

Breckenridge Ski Resort is continuing to add summer activities to the mountain and finishing Peak 6, which will open 543 acres of new ski terrain for the 2013-2014 ski season.

Homebuilder poised to start new development in Jeffco

KB Home (NYSE: KBH) bought 68 lots for a new home development called Lyons Ridge in Jefferson County. The lots are near the Red Rocks Country Club, southwest of Colorado Highway 285 and C-470.

The sales price and previous land owner weren't disclosed.

“Market activity in the metro Denver area has been encouraging and we feel now is the right time to invest in land and open new communities like Lyons Ridge,” said Matt Mandino, president of KB Home’s Colorado division.

The new development will be the company’s 12th community in metro Denver, including the recent opening of its Conservatory Green community in Stapleton.

Plans call for ranch or two-story floor plans, from 1,747 to 3,606 square feet, with up to five bedrooms and 4 1/2 baths.

In other Denver-area commercial real estate deals, according to brokers and public records:

• Sagebrush Capital, doing business as 24 Jeff Park LLC, bought a 26,516-square-foot plot of land at 2602-2642 W. 24th Ave., Denver, for $1.16 million. The seller wasn't disclosed. Sagebrush plans on building townhomes on the seven lots in Jefferson Park. Pinnacle Real Estate Advisors’ Billy Riesing represented both parties.

• Melco Building Partnership sold a 52,200-square-foot industrial building at 1575 W. 124th Ave., Westminster, to KRN Properties LLC for $3.525 million. Newmark Grubb Knight Frank’s Mike Wafer and Tim D’Angelo represented the seller. ANV Real Estate represented the buyer.

• Linda B. Smith leased 12,615 square feet of industrial space at 19000 State Highway 72, Arvada, to Len’s Excavating. Cassidy Turley’s Brian Wilkes and Chris Ball represented the landlord.

• Baceline Investments LLC, a Denver-based real estate investment company, bought Clocktower Square retail center in West Des Moines, Iowa for $6.9 million as part of its Distressed Property Fund. Baceline plans capital improvements.

• First Industrial LP leased 29,593 square feet of industrial space at 3871 Revere St., Denver, to Arizona Shower Door. Colliers International’s Steve Serenyl represented the tenant. CBRE Group Inc. represented the landlord.

Reported by:  Denver Business Journal