May 4-May 17, 2016 —
COLORADO REAL ESTATE JOURNAL
— Page 13
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Industrial
by Jill Jamieson-Nichols
OtterBox’s 200,420-square-
foot national distribution head-
quarters in Frederick sold in a
$16.55 million investment deal
that produced “enormous”
activity.
Pacific Acquisitions LLC paid
$82.58 per sf for the building
at 4185 Salazar Way. Founders
Properties LLC was the seller.
OtterBox just signed a long-
term, triple-net lease for the
building, which it had occu-
pied on a sublease since 2012.
CBRE Inc. First Vice Presi-
dent Tyler Carner said the
property received “very, very
strong” investor interest.
The Class A building pro-
vides a front-park, rear-load
configuration with 32-foot ceil-
ing clearance and ESFR fire
sprinklers.
“It was a very rare Class A
transaction in this market. The
Denver market in this cycle has
not seen that many true Class
A distribution facilities trade,”
said Carner, who handled the
transaction with CBRE’s Jim
Bolt and Jeremy Ballenger.
“The fact that this was a true
Class A facility brought a lot of
interest to the property.”
Situated on 12.46 acres along
Interstate 25, just south of
the Highway 119 interchange
and the American Furniture
Warehouse store, the building
serves as OtterBox’s distribu-
tion facility for all of North
America. Opus Northwest
LLC constructed the building
as a build-to-suit for Cambium
Learning Inc. in 2006.
Carner said Pacific Acqui-
sitions is an active buyer of
industrial properties in the
Western United States. It also
owns a more-than-100,000-sf
building at 4690 Florence St. in
Denver, he said.
Other News
n
A pair of industrial condos
totaling 22,336 square feet with
freezer/cooler space sold for
$1.79 million.
Heirborn Partners,
which is
affiliated with Mountain Man
Nut & Fruit, purchased the
condos at 82 Inverness Drive
East, Units C and D, in Engle-
wood from
Arapahoe Ware-
house Buildings Inc.
Because of limited availabil-
ity of freezer and cooler space
in the Denver metro area, the
property generated “quite a bit
of interest” from users, accord-
ing to
Tyler Ryon
of
Colliers
International,
who repre-
sented the seller with
Steve
Serenyi,
also of Colliers. “That
was something that stood out
to these particular buyers,” he
said.
Previously occupied by an
owner-user, the space offers
1,800 sf of freezer space and
2,100 sf of refrigerated space.
The building was constructed
in 1979.
Jeremy Reeves
and
Rick
Egitto
of
Inverness Properties
represented the buyer in the
transaction.
n
HKE Solutions LLC
renewed its lease for 20,000
sf at Gateway 11, an 81,564-sf
industrial building at 18150 E.
32nd Place in Aurora.
First Industrial Realty Trust
is the landlord.
Kirk Vanino
of
Cushman &
Wakefield,
who represented
the tenant in its initial lease in
the building more than 11 years
ago, said, “It has been a great
relationship with HKE Solu-
tions, C&W and First Indus-
trial ever since. At the end of
the day, this building was still
the best fit for the tenant, and
First Industrial was the right
landlord,” he said, adding the
location has been beneficial for
HKE Solutions and the lease
has created “a lot of value” for
the facility due to long-term
rent growth.
s
OtterBox just signed a long-term lease for the building at 4185 Salazar Way in Frederick, where it previously
subleased space.
‘The fact
that this
was a true
Class A facility
brought a lot
of interest to
the property.’
– Tyler Carner, CBRE Inc.
