February 4-February 17, 2015 —
COLORADO REAL ESTATE JOURNAL
— Page 31
Industrial
by Jill Jamieson-Nichols
An international company
recently signed a 72,199-square-
foot lease for industrial space
at Stapleton Business Center
North, continuing a preleasing
trend in Denver’s tight indus-
trial market.
Brighton-Best International
will be a tenant in the new
building at 9700 E. 56th Ave.
in Denver. The company is a
supplier of nuts, bolts, socket
screws and other fasteners.
Developer Prologis initiated
the 400,000-sf building on a
speculative basis, and Czar-
nowski Display Service pre-
leased 258,000 sf. Czarnowski
already has expanded into
another 72,199 sf, and the
Brighton-Best deal brings it to
full occupancy, according to Bill
Thompson of CBRE, who rep-
resented Prologis with CBRE’s
Jim Bolt and Mike Camp.
Prologis is completing a
392,425-sf building next door at
10000 E. 56th Ave., but it looks
as though that building, too,
will be fully leased. HD Supply
took 261,000 sf, and another
tenant reportedly is under let-
ter of intent for the remaining
131,000 sf.
Now out of inventory, Pro-
logis reportedly plans to break
ground soon on a 250,000-sf
building at Stapleton Business
Center North to help satisfy
demand for large blocks of new
industrial space in Denver.
Across Interstate 70 at Enter-
prise Business Center, United
Properties had similar preleas-
ing success with new buildings
completed last year.
Other News
n
Vista Park I J LLC
sold
a 56,014-square-foot industrial
building at 4905 York St. in
Denver to
49 York Partners
LLC
for $4.2 million.
The net-leased building pre-
viously was achieving below-
market rents, making the
acquisition a good value-added
play as existing leases expire,
according to
Unique Proper-
ties LLC-TCN Worldwide.
Unique’s
Marc Lippitt, Scott
Shwayder
and
John Sheflin
handled the transaction.
Situated on 4.94 acres, the
building was constructed in
1961.
n
Lipan Properties LLC
bought a 42,110-sf industrial
property at 3333 E. 52nd Ave.
in Denver from
52nd & Cook
LLLP
for $3.1 million.
Trevor Brown
of
DTZ
rep-
resented the seller.
Dawn
McCombs
of
JLL
represented
the buyer.
n
TJTM Castle Rock LLC
pur-
chased a 15,683-sf single-tenant
office/industrial building in
the Citadel Station develop-
ment in Castle Rock for $1.98
million, or $126 per sf.
Located at 1050 Topeka Way,
the building is just off Plum
Creek Parkway, three blocks
from Interstate 25. It was con-
structed in 2002 and is fully
occupied by Max Fire A Appa-
ratus.
RHI LLC
was the seller.
Matt Call
of
NavPoint Real
Estate Group
handled the
transaction.
n
Spitzer Electrical Co.
pur-
chased a 20,800-sf multiten-
ant industrial building at 3768
Norwood Drive in Littleton
from
Norwood Drive Partners
LLC
for $1.48 million, or $71
per sf. The property is 100 per-
cent leased to six office/flex
and office tenants. Platinum
Automotive occupies about 40
percent of the space.
Spitzer purchased the prop-
erty as part of a 1031 exchange.
Jeff Kummer
of
Altitude
Commercial Realty,
who rep-
resented Spitzer Electrical, said
the property provided a rare
opportunity for a 1031 buyer to
purchase an industrial invest-
ment property in the south-
west metro market, where the
vacancy rate is only 3 percent.
Nick Schill
of
Pinnacle Real
Estate Advisors
was the list-
ing broker. “This was a true 8
percent cap rate, so the buyer
reacted quickly,” he said.
n
Viaduct 37 LLC
paid $1.35
million for a 0.36-acre site at
3642 Jason St. in Denver. The
seller was
1101 W. 36th LLC.
The site was a storage yard for
Ground Service Co. for many
years, but recent demand for
redevelopment opportunities
in the area made it very attrac-
tive to residential-type devel-
opers, said
Russell Gruber
of
Newmark Grubb Knight
Frank.
The buyer is a builder
who has completed residential
development in the area.
“Activity was very steady on
the property through its listing
period,” said Gruber, who rep-
resented the seller with
Steve
Fletcher,
also of NGKF.
n
TechnoAlpin USA,
which
makes snow-making equip-
ment, signed a long-term lease
for 17,160 sf of Class A indus-
trial space at 8465 Concord
Center Drive in Englewood.
Bill Thompson
and
Mike
Camp
of
CBRE
were the listing
brokers.
Todd Witty
of CBRE
and
Mark Dwyer
of
Lincoln
Property Co.
represented the
tenant.
n
Thompson also recently
handled three lease renewals in
the Denver market.
McKesson Medical
signed
a long-term lease renewal for
105,432 sf of space a 5301 Peo-
ria St. in Denver. Thompson
represented the tenant, and
CBRE
brokers
Mike Camp
and
Jim Bolt
represented the land-
lord,
IndCor.
At Peoria Business Center in
Denver, Thompson and Bolt
represented the landlord in a
long-term lease renewal with
UPS Supply Chain Solutions
for 49,275 sf at 12360 E. 46th
Ave.
John Reynolds
of
DTZ
represented the tenant.
In addition,
Servall Co.
renewed its lease for 17,700 sf
at Centerpark, 4900 Osage St.
in Denver.
Thompson, Bolt and Camp
represented the landlord,
DCT
Industrial.
n
A 14,225-sf office/ware-
house property at the inter-
section of North Federal Bou-
levard and West 67th Court,
four blocks from the northwest
RTD FastTracks depot, sold for
$825,000, or $60 per sf.
The property was built in
1958 and 1980.
Nick Schill
and
Brandon
Gouker
of
Pinnacle Real
Estate Advisors
represented
the seller,
MJM Harris Inc.,
in
the transaction.
The property was an assem-
blage of three different parcels
totaling more than 57,000 sf
of land with frontage on Fed-
eral Boulevard, said Schill. The
office and warehouse will be
used for storage of hotel furni-
ture and dry goods.
s
Johns Manville Plaza is being
turned into five suites ranging
from 2,400 to 6,500 sf. The space
will be delivered by the end of
the quarter.
“This is the first time we’ve
done an entire floor all at once,”
said Merrion, who markets
the building with JLL’s Peter
Schippits and Michael Crane.
While the spec suites at 717
17th have been geared to tradi-
tional office tenants, at neigh-
boring 707 17th, Shorenstein
also built out a 4,300-sf cre-
ative space to demonstrate that
“tenants don’t need to go to
LoDo to get great space,” Mer-
rion said. Build-out included an
acoustical “cloud,” or floating,
ceiling with exposed, spiral duc-
twork that served to increase
ceiling height by some four feet.
SkookumDigital Works leased
the suite within 60 days. The
build-out has given other tech
tenants a look at the type of
space that can be created, said
Merrion.
Shorenstein Properties pur-
chased Denver City Center just
over a year ago. The previous
owner, Crescent Real Estate
Holdings LLC, completed a $7
million renovation that included
adding storefront glass to the
main level and enhancing the
outdoor plaza, which is the larg-
est in downtown Denver.
Dining options were added
with the Corner Bakery and
Green Fine Salad, and a “very,
very high-quality” fitness center
was completed. The new ameni-
ties, in conjunction with spec
suites, have resulted in 94,670
sf of leasing activity in the two
buildings in the past year.
Other News
n
Otten Johnson Robin-
son Neff + Ragonetti,
which
is celebrating its 30th year in
business in Denver, signed a
long-term lease renewal in the
U.S. Bank Tower at 950 17th St.
in Denver.
The law firm occupies 28,942
square feet in the building,
where it has had its offices
since 1987.
DTZ
brokers
Doug Wulf
and
Ted Harris,
along with
Joe
Sigdestad,
formerly of DTZ
and now with
Avison Young,
represented the tenant.
Kevin
Foley
and
Andy Wilson
of
CBRE
represented the landlord,
Callahan Capital Partners.
n
LAIT Texas LLC
paid $3
million for a 25,259-sf, fully
leased office building at 6850
W. 52nd Ave. in Arvada.
The property is located two
blocks from Interstate 70 off
Marshall Street. There are four
tenants, including New York
Life.
JAAD LLC
was the seller.
Matt Call
and
John Witt
of
NavPoint Real Estate Group
represented the buyer.
n
Wheel Pros LLC
leased
8,060 sf of office space in The
Valentia Building at 5347 S. Val-
entia Way, Suite 200, in Green-
wood Village.
Matt Kulbe
and
Heather
Taylor
of
NavPoint Real Estate
Group
represented the landlord
in the five-year lease.
s
Denver City Center includes a high-end fitness center.
Skookum Digital Works leased a creative suite at 707 17th St.
At neighboring
707 17th,
Shorenstein
also built
out a 4,300-sf
creative space to
demonstrate that
‘tenants don’t
need to go to
LoDo to get
great space.’
