April 6-April 19, 2016 —
COLORADO REAL ESTATE JOURNAL
— Page 41
for $7.08 million.
Located just east of north-
bound I-25 and accessible within
amile fromboth the 58thAvenue
and 70th Avenue exits, it offers a
host of advantages for industrial
users, according to Tyler Carner,
senior vice president of CBRE
Denver’s Industrial and Logis-
tics Services group.
“The combination of unparal-
leled I-25 signage opportunities,
Class A development, small-bay
space and an infill location in
an unincorporated enterprise
zone sets Hub 25 apart from any
industrial project developed in
Denver in the last decade,” he
said.
The site has I-2 and I-3 zoning,
allowing flexibility for a range of
industrial uses. It also has 1,800
feet of frontage along I-25, with
213,000 cars per day passing by.
“Not only is the frontage great-
er than any other recent indus-
trial development, but Hub 25’s
location between I-70 and I-76
means users can potentially
avoid much of the congestion
likely to occur with the upcom-
ing renovation of I-70 east of
Denver,” said Jeremy Ballenger,
vice president in Industrial &
Logistics Services at CBRE.
Because it’s in unincorporated
Adams County, in an enterprise
zone and outside any metropoli-
tan districts, users can realize
potential tax benefits of 25 to 35
percent, he said.
“Hub 25 is well poised to
meet the unique needs of the
Denver industrial market, espe-
cially within construction sup-
ply, showroom and as a last-mile
distribution solution for e-com-
merce users,” said Ballenger. The
project can accommodate light-
industrial users or large tenants
while offering an infill location
and Class A quality.
There is potential for build-to-
suits, although Westfield plans
to construct the project in a single
phase, delivering the first build-
ing in first-quarter 2017.
Buildingswill have 28-foot ceil-
ings, 135-foot truck courts, trailer
parking and storage, front-park,
rear-load options, efficient col-
umn spacing and ESFR sprin-
klers.
s
County Economic Development.
“Adams County’s industrial
vacancy rate hovers around 3
percent, and Welby Business
Park will relieve some of the
pressure on the market and help
bring new businesses and jobs to
Adams County,” he said.
“The market in this area is
just in need of more industri-
al space,” LaRusso concurred.
“There’s not a lot of vacancy out
there, so we’re hoping to fill that
niche.”
Welby Business Park is situ-
ated on 11 acres at the southwest
corner of East 77th and York
Street that Center Land Co. pur-
chased in 2014.
Dan Bess and Joe Krahn of
Cushman & Wakefield are the
leasing brokers for the park,
which is being built by dcb Con-
struction Company Inc.
Welby Business Park is among
a very few speculative industrial
developments geared to small to
average-size industrial users in
the Denver market.
Center Land Co. is a family
owned business that has oper-
ated in the Denver area since the
1950s. It specializes in commer-
cial land development, property
acquisition and property man-
agement.
Center Land’s portfolio
includes Harlan Crossing, a
54,250-sf retail/flex property;
Center Plaza, a 46,685-sf retail
and office/warehouse complex;
and additional developments
in Brighton, Arvada and Long-
mont.
Other News
n
Way to Grow,
a hydro-
ponic and organic gardening
business, leased 32,450 square
feet of industrial space at 4501
Wynkoop St. in Denver.
There was “tremendous activ-
ity” on the building because it
offered both Interstate 70 and
Brighton Boulevard visibility,
according to
Russell Gruber
of
Newmark Grubb Knight Frank,
who represented the landlord,
Red Fisch LLC,
with NGKF’s
Pete Staab.
The tenant occupied the space
immediately.
n
Gruber also represented
Step 13 Inc.
in the acquisition of
an expanded facility for its Drive
to Donate business.
Step 13, a residential recov-
ery program, sold a 4,920-sf
warehouse and 12,347-sf apart-
ment building at 1430 Jasmine
St. in Denver to
The Keystone
Group LLC
for $1.86 million and
purchased 2600 W. 62nd Ave.,
also in Denver. The new facility,
which was acquired for $1.65
million, consists of 11,250 sf on
1.85 acres.
Matt Landes
and
Garth Gib-
bons
of
J&B Building Co.
rep-
resented the seller,
One More
Summer Inc.
s
16-foot ceilings and extensive
parking. The sale was Pathfind-
er Partners’ ninth disposition in
Colorado since 2009.
Pathfinder purchased Garri-
son Business Park from the real
estate-owned department of a
commercial mortgage backed
securities special servicer in 2012.
It paid $4.33 million for the prop-
erty, which was fully leased at
the time.
Pathfinder Partners’ business
plan included boosting rents and
stabilizing the property’s occu-
pancy and operations, according
to Lorne Polger, Pathfinder senior
managing director. In late 2013, a
tenant that occupied 18,100 sf,
or 37 percent of the property,
provided a notice of lease ter-
mination. Pathfinder signed two
leases totaling 16,450 sf for that
space. The buildings were 100
percent leased at the time of sale.
Tenants include Pinkard Con-
struction and Golder Associates,
an engineering firm.
“We were attracted to the proj-
ect’s location and diversified ten-
ant base and remain bullish on
the Denver metro area, which
has demonstrated population
and employment growth well
above the national average for
the past several years,” Polger
said. “When we originally pur-
chased the property, we knew
vacancy for Class B flex build-
ings in the Lakewood submar-
ket was historically low and that
Garrison was well positioned to
benefit from improving market
fundamentals. Now that we have
added the value and stabilized
the property, it is time for a new
owner with a very long time
horizon.”
CBRE Inc. Senior Vice Presi-
dent Tyler Carner said there were
“multiple” parties interested
in acquiring Garrison Business
Park, which occupies a 3.76-acre
site.
“The asset was very high qual-
ity and was nicely stabilized with
an attractive rent roll that offered
good long-term cash flow to
buyers,” said Carner, who repre-
sented Pathfinder Partners with
CBRE Vice President Jeremy Bal-
lenger.
First Industrial Realty Trust
developed Garrison Business
Park, which includes a total of
four buildings, in 2009. A New
York investor owns the other two
buildings.
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