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COLORADO REAL ESTATE JOURNAL
— July 15-August 4, 2015
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Industrial
by Jill Jamieson-Nichols
An institutional-quality flex
park off East Iliff Avenue and
South Quebec Street in Den-
ver traded for $12.2 million, or
$93.31 per square foot
MIG Real Estate, which owns
a number of commercial prop-
erties in the Denver market,
bought Iliff Business Park from
a joint venture that included
Dallas-based TriGate Capital
and RLA Advisors of Costa
Mesa, California.
The
130,748-square-foot
property was 86 percent leased
when it was placed under con-
tract and 90 percent leased
at closing,
a c c o r d i n g
to T.J. Smith
of Colliers
International,
who repre-
sented the
seller with
Brad Calbert
and
Cody
Sheesley, also
of Colliers.
The park’s four single-story
buildings are located at 2369,
2422 and 2452 S. Trenton Way,
and 7800 E. Iliff Ave.
In addition to invest-
ing in new signage, paint
and awnings, “TriGate did a
great job of repositioning and
improving a lot of the older
spaces and ‘spec-ing’ them
out,” said Smith. When those
spaces were completed, “We
were able to lease them up
quickly,” he said.
Iliff Business Park has 22 ten-
ant spaces and a good mix of
national and local credit ten-
ants, according to Smith. Nalco
Co., a subsidiary of Ecolab
Co., occupies 25 percent of the
project and has many years
remaining on its lease.
Located between Interstates
25 and 225, the property drew
strong investor interest, accord-
ing to Smith. “Activity was
good because of the location
and the occupancy, and there
was some upside to be had,”
said Smith. While the seller
achieved a great price, Smith
said there also is upside in
rents and as existing leases roll.
Iliff Business Park was con-
structed from 1980 to 1984.
MIG Real Estate is a New-
port Beach, California-based
real estate investment compa-
ny that owns I-225 Plaza, a flex
property in Aurora, as well as
hotels and apartments in the
Denver area.
Other News
n
Charles D. Jones,
an heat-
ing, ventilation, air condition-
ing and refrigeration supplies
wholesaler, keeps growing at
4900 Osage St. in Denver.
Now in 47,600 square feet,
the company has signed a
long-term lease extension and
expansion that will take it to
95,200 sf.
Bill Thompson, Jim Bolt
and
Mike Camp
of
CBRE
rep-
resented the landlord,
DCT
Industrial,
in the renewal and
expansion.
Steve Serenyi
of
Colliers International
repre-
sented the tenant.
n
Axiom Worldwide Logis-
tics,
a company that is new
to Denver, signed a lease for
30,944 sf of industrial space at
12650 E. 33rd Ave., Units 103
and 104, in Aurora.
CBRE’s Bill Thompson, Jim
Bolt
and
Mike Camp
repre-
sented the landlord,
TPG Real
Estate. Mark Dwyer
and
Giles
Conway
of
Lincoln Property
Co.
represented the tenant in
the long-term lease.
n
Amarr Door Co.
signed
a long-term lease for 23,200 sf
of industrial space at 14300 E.
35th Place in Aurora. The deal
represents a relocation and
expansion for the company.
Bill Thompson
of
CBRE
rep-
resented the tenant.
Prologis
is
the landlord.
n
Thompson, along with
CBRE’s
Tyler Carner,
also rep-
resented
The Stone Collection
in renewing its lease for 82,695
sf of showroom space along
Interstate 70 at 4210 Carson St.
in Denver.
Jim Bolt
and
Mike Camp,
also of CBRE, represented land-
lord
Mountain West Industri-
al Properties
in the long-term
deal.
s
Iliff Business Park was 90 percent leased at the time of closing.
T.J. Smith
