Colorado Real Estate Journal - January 3, 2018
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 Centennial from Bow River Capital Partners. Bow River repositioned and rezoned the site after buying it from Conmed, a medical technology manufacturer, in 2016. The rezoning allows the site to be subdivided and also permits approximately 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 home school 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 Services, said, “14603 E. Fremont is a unique property that provided a range of opportunities for different users. The combination of a massive site, plentiful parking, high-end office finishes, clean room and highly sought-after outdoor storage, which could one day be leveraged for expansion, all contributed 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 organization, 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 Services in Denver represented Bow River Capital in the transaction. The multitenant office/warehouse building, which has potential for three tenants, was built in 1989 and expanded in 2009. About 38 percent of the building is designed for office use. The warehouse areas have 12- to 22-foot clear heights and dock-high loading. The entire interior is climate controlled, and the property also offers a large parking area.