Page 4AA —
COLORADO REAL ESTATE JOURNAL
— December 17, 2014-January 6, 2015
Industrial
by Jill Jamieson-Nichols
Revere Distribution Center, a
high-quality flex building in the
Denver area’s southeast indus-
trial submarket, traded for $6.15
million, or $103.71 per square
foot.
The 59,270-sf building at 7025
S. Revere Parkway in Centenni-
al was 100 percent leased at the
time of the sale. It received strong
investor interest.
“It was definitely a very active
bidding process. You had four
very qualified groups going after
it. Three of the four groups nor-
mally look at much larger deals,”
said Transwestern Managing
Director Brad Cohen, who han-
dled the salewithLarry Thiel, also
amanaging director in Transwest-
ern’s Capital Markets group.
Exeter 7025 S. Revere LLC, an
entity formed by Philadelphia-
based Exeter Property Group,
acquired the asset fromLNR Part-
ners LLC, the special servicer for
the property.
“There are limited opportuni-
ties like this in the metro area
right now. It’s stabilized. It’s a flex
asset. It’s also very unique for that
submarket,” said Cohen.
The building offers great func-
tionality, including 24-foot clear
height and “a perfect mix” of
office and warehouse space to
appeal to a range of tenants. “It’s
just very, very functional,” Cohen
said.
Plus, “Vacancies within Den-
ver and the Centennial industrial
market are very low right now
and continue to decline,” he
commented.
Revere Distribution Center
was built in 1997 and is leased
to three tenants: Eagle Flooring,
MasTec and Accu-Tech.
Other News
n
Fleet Direct Properties
pur-
chased a property at 5565 E.
52nd Ave. in Commerce City for
$1.7 million. The buyer is affili-
ated with Fleet Direct, which
brokers fleet vehicles for large
organizations. It is relocating
from an existing facility.
The company needed addi-
tional yard area for its vehicles,
which the 3.33-acre property
will provide, according to
Peter
Beugg
of
JLL,
who represented
the company with JLL’s
Tyler
Reed.
The yard is fenced, paved
and secured.
The property includes a
17,600-square-foot industrial
building with 12,960 sf of office
space, plus drive-in and dock-
high doors, and has easy access
to Interstates 70 and 270, and
Denver International Airport.
The twin-T building was con-
structed in 1974.
Alex Ringsby
and
Scott Pat-
terson
of
Ringsby Realty
repre-
sented the seller, a private indi-
vidual.
n
An industrial building in
Montbello was placed under
contract in less than two weeks,
selling for $105.61 per sf.
MM Technology Holdings
LLC
paid $1.06 million for the
10.080-sf building at 4985 Iron-
ton St. in Denver.
EC Holdings
LLC
was the seller.
The buyer is affiliated with
Mary’s Medicinals, which
is known for its transdermal
patches that use beneficial com-
ponents of cannabis for medical
purposes, such as prevention
of seizures. The company will
more than quadruple its foot-
print with a move out of leased
space, according to
Taylor Haz-
ard
of
Cushman & Wakefield
of Colorado,
who represented
the buyer with Cushman &
Wakefield’s
Kirk Vanino.
“We had a lot of activity. It
was only on the market for 10
days before we put it under
contract,” said listing broker
Heather Burns
of
BRC Real
Estate,
who represented the
seller with BRC’s
Michael
Bright.
The industrial zoning allowed
for a variety of uses, and the
property generated interest
from marijuana-related compa-
nies as well as other industrial
users. “The industrial market is
tight in general, but especially
for people looking for a par-
ticular use. It’s difficult to find
a building that’s going to work
for them,” said Burns.
Although the property went
under contract quickly, the
buyer was strategic in its search.
“From when we first started
looking to closing was almost
a year,” said Hazard. “They are
very well-informed. The invest-
ment had to pencil out from a
valuation standpoint.”
The building sits on a 1.04-
acre site that is fenced and
secured. The property also
includes a separate, cold-stor-
age structure.
“A building with extra land is
probably the hardest commod-
ity (to find) right now,” said
Hazard.
The zoning allows for canna-
bis grow operations, although
Mary’s Medicinals doesn’t plan
a grow facility at present, he
said.
n
DirecTV
signed a 10-year
lease for 21,972 sf of industrial
space at 13330 E. James Casey
Ave. in Concord Business Cen-
ter in Englewood. The building
will house an operations ser-
vice center.
Peter Beugg
and
Tyler Reed
of
JLL
represented the tenant.
Jason Addlesperger
and
David
Lee
of
Newmark Grubb Knight
Frank
represented the landlord,
IBC Holdings.
s
A Philadelphia-based company bought Revere Distribution Center in Centennial.
The building at 4985 Ironton St. in Denver went under contract in less
than two weeks. (See Other News)
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