Property acquired by the City of Lone Tree, setting the stage for redevelopment
News release
17 November 2023
JLL facilitates sale of Treõ at Lone Tree
Your browser doesn't support speech synthesis.
Listen to article •
Read time: 1 sec
DENVER, Nov. 18, 2023 – JLL announced today that it has closed the sale of Treõ at Lone Tree, a property located at 9070 Maximus Drive that has been vacant for more than a decade. The City of Lone Tree acquired this property so that it can control the redevelopment and align the use with its vision for the Entertainment District.
Situated in the heart of Lone Tree, Colorado, the property enjoys excellent traffic and visibility, emphasizing its strategic importance for the City's redevelopment goals of boosting the local economy and enhancing the Lone Tree community. Furthermore, with a recent appraisal value of $4.3 million, the City secured the property for $3.85 million, reflecting a substantial cost-saving advantage.
JLL’s Sam Zaitz, Executive Vice President, and Jeff Feldman, Vice President, represented the seller, MRJ Holdings, LLC, a commercial real estate investment company managed by Hemal R. Jhaveri.
“This property was under numerous contracts over the years but couldn’t close as the parties could not come to a resolution with the City on approved use and incentives,” said Zaitz.
“Without Jhaveri’s commitment to help boost the local economy and enhance the Lone Tree community, this deal would have never come to fruition. His strategic guidance and commitment were crucial in ensuring the success of this transformative deal,” added Feldman.
“We are thrilled for the City to be able to utilize this property as part of the Entertainment District plans and thank Mr. Jeff Holwell, Director of Economic Development and Public Affairs for the City of Lone Tree, for his efforts over the years,” said Jhaveri of MRJ Holdings, LLC.
As a testament to his commitment to the community, Hemal R. Jhaveri, a long-time Lone Tree resident, has decided to donate a portion of the proceeds from the sale to the Sky Ridge Medical Facility in Lone Tree. This generous contribution holds personal significance for Jhaveri, as the hospital is where his mother passed away in 2009 and where both his grandsons were born.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.