December 2-December 15, 2015 —
COLORADO REAL ESTATE JOURNAL
— Page 3AA
Industrial
by Jill Jamieson-Nichols
A storage company bought a
43,250-square-foot distribution
building in Inverness Business
Park for $3.5 million, or $80.42
per sf.
GSO RE Holdings LLC
acquired the property at 72
Inverness Lane East in Engle-
wood. The buyer is a Zippy
Shell franchi-
see that will
occupy half
of the space
and offer the
other half for
lease,
said
Kirk Vanino
of Cushman
& Wakefield.
“It’s a pretty
good sale in
the southeast market, where you
can’t really find much product.
It’s a tough market to find build-
ings to buy these days, espe-
cially for users,” said Vanino,
who represented the buyer with
Taylor Hazard, also of Cushman
& Wakefield. Michael Bloom of
Michael Bloom Realty repre-
sented the seller, a limited liabil-
ity company affiliated with the
Visser family of Furniture Row.
Zippy Shell delivers and picks
up storage pods for people who
are moving or need storage for
other reasons. The Inverness
building has 24-foot ceiling
clearance, but the fire sprinkler
system is dated. As a result,
the new owner is immediate-
ly upgrading to ESFR to take
advantage of the building’s clear
height, Vanino said.
Vanino and Hazard are mar-
keting the available space for
$7.95 per sf triple net to users
that need approximately 10,000
or 20,000 sf. The space has 3,428
sf of office, climate control, two
drive-in doors and two dock
doors with levelers.
Other News
n
Southern Wine & Spir-
its
leased 38,233 square feet of
industrial space at 601 W. 50th
Ave. in Denver for expansion
purposes. Its main facility is
located a few blocks away.
Bill Thompson
of
CBRE
repre-
sented the tenant in the transac-
tion.
Kirk Vanino
and
Taylor
Hazard
of
Cushman & Wake-
field
represented the landlord,
L&R Partnership.
n
Packaging Express
signed
a lease for 26,889 sf of industrial
space at 14704 E. 33rd Ave. in
Aurora.
Drew McManus, Matt Trone
and
Sam Slaton
of
Cushman
& Wakefield
represented the
landlord.
Jim Bolt
of
CBRE
rep-
resented the tenant.
n
An industrial/retail prop-
erty at 780-790 Kipling St. and
9960 W. Eighth Ave. in Lake-
wood sold for $500,000, or $99.11
per sf.
The sale consisted of three
buildings and a small single-
family house totaling 5,045 sf.
The property formerly housed
Rocky Mountain Sports.
“The seller owned the prop-
erty and operated their busi-
ness for over four decades and
decided it was time to sell,” said
Gary Garcia,
senior adviser at
Pinnacle Real Estate Advisors.
The buyer plans to make capi-
tal improvements to and occupy
the property, he said.
The seller was
Doris Pruett.
Jeremy Shull
and his wife were
the buyers.
Garcia handled both sides of
the transaction.
s
The new owner of 72 Inverness Lane East is installing ESFR fire sprinklers
and offering half of the building for lease.
by Jill Jamieson-Nichols
With vacancy in Denver’s
central industrial submarket as
tight as it gets, Corum Real
Estate Group is rolling out a
124,024-square-foot
ware-
house/distribution building on
Interstate 25.
Central 62, located on 7.5
acres at I-25 and East 62nd Ave-
nue, will sit 15 feet above the
freeway, providing unmatched
visibility and signage, said
Corum’s Eric Komppa. “The
visibility and tenant recogni-
tion, with 213,000 cars a day
driving by, is going to be sec-
ond to none,” he said.
The location provides imme-
diate access to a host of high-
ways, including Interstates
25, 76, 270 and 70, and repre-
sents the last remaining central
Denver freeway site that was
available for industrial devel-
opment.
Corum reportedly bought the
property – a former alfalfa farm
– for approximately $6 per sf.
The sellers were longtime own-
ers Tony and Lou Ficco.
“This land has been in our
family, in our blood, for nearly
75 years, since 1941,” said Tony
Ficco. Ficco said the family is
focused on managing multi-
housing and commercial prop-
erty holdings and felt the time
was right to sell.
Central 62 is being con-
structed on a speculative basis
and will be delivered by gen-
eral contractor DSP Builders in
May. Ware Malcomb designed
the building, which will have
28-foot clear height, ESFR fire
protection, 26 dock doors and
two drive-in doors. There will
be 15 trailer stalls and 126 park-
ing spaces.
Located in Adams County,
next to the Denver Merchandise
Mart, it is designed for divis-
ibility to 30,000 sf to appeal to
midsize industrial tenants with
office, retail and/or showroom
requirements.
“The central industrial area
is drum tight, currently under
2 percent vacancy, and the
Central 62 development fills
a current gap in the market,”
said Newmark Grubb Knight
Frank Associate Director Matt
McClintock. He and NGKF
Senior Managing Director Jeff
McClintock brought the oppor-
tunity to Corum and handled
the land sale. They also are mar-
keting the building for lease.
“This new industrial con-
struction fronting I-25 is the first
in decades, and as land values
skyrocket in RiNo and along
Brighton Boulevard, centrally
located companies need new
options,” said Matt McClintock.
Komppa and his father, Mike,
operate Corum Real Estate
Group. The McClintocks and
Ficcos also are father-son teams.
“Working with another
father-son team was a unique
experience for Mike and me.
We had a lot of fun putting the
pieces of this deal together, and
with the activity we’re already
seeing, we expect to see a suc-
cessful lease-up of the build-
ing,” said Eric Komppa.
“Not many sites have this
kind of family legacy. This is
one of those unique deals,”
added Matt McClintock. “This
has been rewarding – three
family teams working together
to determine the best use for
this optimal site in the Denver
market.”
s
Just north of the Denver Merchandise Mart, Central 62 is being built on the last industrial development site
on I-25 in central Denver.
Kirk Vanino
by Jill Jamieson-Nichols
A company that distributes
products to natural food retailers
and grocery stores will occupy a
270,000-square-foot distribution
facility in Aurora.
Scannell Properties is devel-
oping the building for KeHE
Distributors at 2200 N. Hima-
laya Road. The building will be
KeHE’s first facility in Colora-
do. Scannell also is developing
450,000 sf for KeHE in Doug-
lasville, Georgia.
“We are excited about our new
facilities. This growth strategi-
cally aligns with our long-term
strategy and demonstrates our
commitment to our growing cus-
tomer base,” said Mike Leone,
KeHE chief commercial officer.
“The optimized proximity to our
customers helps reduce time in
our supply chain and our car-
bon footprint. In addition, we
believe this expansion enables
our vendor community with
more efficient shipping. The new
facilities are larger and carry a
wider assortment of products,”
Leone said.
KeHE will use the Aurora
facility to distribute products
to stores in Colorado and sur-
rounding states, according to Jill
Marcotte, Scannell Properties
senior director. Scannell Proper-
ties will own the LEED-certified
building, which will include
approximately 60,000 sf of freez-
er/cooler space. The property
also includes land for possible
future expansion.
Scannell Properties, which has a regional office in Denver, is developing KeHE Distributors’ first Colorado
facility.
