January 6-January 19, 2016 —
COLORADO REAL ESTATE JOURNAL
— Page 29
Industrial
by Jill Jamieson-Nichols
A 70,080-square-foot indus-
trial building in Aurora leased
up almost immediately, a sign
of the times in Denver’s hot
industrial market.
Universal Forest Products
Inc., a building materials com-
pany with locations in Windsor
and Lafayette, signed a long-
term lease for the building at
14700 E. 38th Ave. in Aurora.
“That building actually
hadn’t even come on the mar-
ket. The tenant was just mov-
ing out,” said Kirk Vanino,
Cushman & Wakefield director
of industrial brokerage. “This
speaks to the strength of our
industrial market.”
Vanino, who represented the
tenant with Cushman & Wake-
field’s Taylor Hazard, said
the property fit UFPI’s needs
“almost perfectly.”
The building has rail service
and loading doors that UFPI
needs to bring in raw materi-
als for assembly of doors and
doorframes.
“They were looking for right
around 70,000 square feet. They
were looking for upgraded
power. The building was 70,000
square feet and already had
600 amps of three-phase power,
which was perfect for their
needs,” Vanino said, adding the
landlord was in the process of
upgrading the building’s fire
protection system to ESFR.
“We got everything we need-
ed and a perfect amount (4,048
sf) of office,” he said.
Tom Stahl and T.J. Smith of
Colliers International repre-
sented the landlord, TA Realty.
The building has 14 dock-
high doors, two drive-in doors
and 22-foot clear height. UFPI
expects to move into the space
Jan. 1.
Other News
n
Ryder Logistics
recently
signed a 66,014-square-foot
lease at Denver Urban Business
Center, the redevelopment of
the former Sears Outlet prop-
erty at West Sixth Avenue and
Interstate 25.
JLL’s Tyler Reed
said the ten-
ant was attracted to “the central
location and immediate access
to I-25, which increased effi-
ciencies for their supply chain.
That really drove the decision
to go central to our park over
somewhere on I-70,” he said.
The deal represents an expan-
sion within the market for
Ryder Logistics.
Mike Camp
of
CBRE
represented the tenant in
the deal.
Reed and JLL’s
Mitch Zatz
represented the landlord, a
partnership of
Triumph Real
Estate
and
Arc Capital Part-
ners.
Ryder Logistics joins White
Cap, a division of HD Supply,
which leased 107,000 sf at Den-
ver Urban Business Center last
year. The park is located at 701
Osage St.
n
Zippy Shell’s
former 19,900-
sf space at Warehouse Central
in Denver was subleased imme-
diately after the tenant moved
out, and Zippy also leased up
extra space in its new building.
Consolidated Electric,
which
was located nearby, subleased
the Warehouse Central space
at 2465 W. Fourth Ave. Zippy
Shell also leased 10,000 sf in its
new building at 72 Inverness
Lane East in Englewood to
303
Volleyball Club.
The 43,520-sf
building is fully leased.
Zippy Shell delivers, picks up
and stores storage containers.
Cushman & Wakefield
bro-
kers
Kirk Vanino
and
Taylor
Hazard
handled both transac-
tions.
n
Molder LLC
paid $650,000
for 6.97 acres of industrial land
at 8440 Spruce Mountain Road
in Larkspur.
Pueblo Bank and Trust Co.
was the seller.
Matt Call
and
John Witt
of
NavPoint Real Estate Group
represented the bank.
Karin
Adams
of
United Country
Legacy Properties
represented
the buyer.
The buyer will use the prop-
erty for construction equip-
ment storage and plans to build
a small office on the property at
some point.
The land is located off of
Upper Lake Gulch Road and
South Spruce Mountain Road,
with nearby access to Interstate
25.
s
Universal Forest Products Inc. signed a lease for the building at 14700 E.
38th Ave. in Aurora.
tion 217. By requiring the consent
of the declarant to amend the
declaration, a higher percentage
than 67 percent is required.
The prohibition of amending
the declaration only applies if
the declaration contains precise
disclaimer language set forth in
Section 10-204(1) that the owner,
by taking title to a unit, acknowl-
edges and agrees that the terms
of the declaration requiring
alternative dispute resolution
are a significant inducement to
the declarant’s willingness to
develop and sell the units for
the prices paid by the original
purchasers. The declaration also
must include provisions that the
alternative dispute resolution of
construction defect claims ben-
efits other development parties,
that the alternative dispute reso-
lution provisions are consistent
with the Colorado UniformArbi-
tration Act, that the mediation or
arbitration be held at a mutually
agreeable location in the city and
county of Denver and the arbitra-
tion be governed by the substan-
tive law of Colorado with regard
to any remedy and, if the remedy
is substantially affected by the
arbitrator’s failure to follow the
substantive laws of Colorado, a
court my vacate or refuse to con-
firm the arbitrator’s award on
that basis.
s
Law
