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Page 10 - January 3-16, 2018
Industrial
by Jill Jamieson-Nichols
Cherry Creek School District
picked up an 88,238-square-foot
industrial property on 10.5 acres in
Centennial for $8.25 million.
The district bought the property
at 14603 E. Fremont Ave. in Cen-
tennial from Bow River Capital
Partners. Bow River repositioned
and rezoned the site after buying
it from Conmed, a medical tech-
nology manufacturer, in 2016. The
rezoning allows the site to be sub-
divided and also permits approxi-
mately 77,000 sf of outside storage,
which is difficult to find in the
southeast industrial submarket.
Cherry Creek School District
said the site, which is central
to its operations, may be used
to consolidate storage and to
support its food and nutrition,
and homeschool services. It is
located approximately a half-
mile south of the Arapahoe and
Jordan road interchange, near
Centennial Airport.
Daniel Close, vice president in
CBRE Industrial and Logistics Ser-
vices, said, “14603 E. Fremont is a
unique property that provided a
range of opportunities for different
users. The combination of a mas-
sive site, plentiful parking, high-
end office finishes, clean room
and highly sought-after outdoor
storage, which could one day be
leveraged for expansion, all con-
tributed to Bow River achieving
a nice return on its investment in
a relatively short period of time.”
“Bow River saw an opportunity
to take a vacant building and use
our experience and expertise to
create value for future tenants and
owners, and now a great organi-
zation, the Cherry Creek School
District, has the opportunity to
benefit from our repositioning of
the property,” said Nick Koncilja,
Bow River Capital Partners vice
president of real estate.
Close and Matt Kawulok of
CBRE Industrial & Logistics Ser-
vices in Denver represented Bow
River Capital in the transaction.
The multitenant office/ware-
house building, which has poten-
tial for three tenants, was built
in 1989 and expanded in 2009.
About 38 percent of the building is
designed for office use. The ware-
house areas have 12- to 22-foot
clear heights and dock-high load-
ing. The entire interior is climate
controlled, and the property also
offers a large parking area.▲
by Jill Jamieson-Nichols
In the wake of “mind-boggling”
change around the National West-
ern Complex, a businessman
sold a 40,530-square-foot indus-
trial building on 4.29 acres in the
neighborhood for a record $175.18
per sf.
“It was an incredible oppor-
tunity, I’ll just put it that way,”
commented George Medley of GI
Investments LLC, who sold the
site at 4920 N. Washington St. in
Denver to an affiliate of Alberta
Development Partners for $7.1
million.
Denver Scrap Metal Recycling,
owned by Medley and his wife,
completed a lengthy leaseback
for the property, where the busi-
ness has been located since 2009.
“We’re going to stick around for
awhile. We’re not going anywhere
in terms of our business,” Medley
said, adding the company eventu-
ally will relocate.
“The National Western Stock
Show redevelopment has trig-
gered the next genre of transfor-
mation for the National Western
neighborhood, and the sale of the
older, Class C industrial asset at
4920 N. Washington for record-
level pricing per square foot indi-
cates the highdemand for redevel-
opment opportunities in the area,”
said Newmark Knight Frank
Managing Director Russell Gru-
ber, who represented GI Invest-
ments in the transaction.
Gruber said there was “fierce
competition” for the asset, which
has frontage onWashingtonStreet.
“Now that much of the vacant
land is off the market, the next
Bow River Capital Partners repositioned the property at 14603 E. Fremont Ave. in Centennial after acquiring it
just over a year ago.