Colorado Real Estate Journal - April 18, 2018
Industrial Outdoor Ventures, which focuses on the acquisition, development and redevelopment of industrial service facilities, entered the Denver market with two acquisitions totaling $10.7 million. The Schaumburg, Illinois based company acquired a vacant 50,542-square-foot trailer shop and parts warehouse on 10.51 acres at 4780 Vasquez Blvd. in Denver from Wabash National Trailer Co. for $6.8 million. It plans to spend another $4 million to $5 million renovating the 1947 masonry and steel building. Paul Kahn of NAI Shames Makovsky, along with NAI Global’s Joe Howell and Brett Spitzer, represented the seller. Kahn also represented the buyer. IOV also purchased the 12.8-acre Aurora Outdoor Storage boat and RV storage facility at 2550 Laredo St. in Aurora. Aurora Outdoor Storage LLC sold the property, which has 665 truck/trailer stalls, for $3.9 million, according to public records. Donald J. Saavedra of Donald J. Saavedra Real Estate Services represented the seller. David Dandur and of Burr & Temkin represented IOV. “Infill industrial property throughout Denver is in high demand due to a very strong local economy, population growth and major redevelopment taking place throughout the immediate area,” said Industrial Outdoor Ventures CEO Tom Barbera. The Vasquez property, which was surplus property for Wabash National Trailer, includes a 9-acre storage yard suited for heavy equipment or bulk material storage. It is visible from Interstate 70 and provides immediate access to the interstate via a full, four-way interchange at Vasquez Boulevard. IOV’s strategy is to upgrade all building systems to restore the building’s functionality and to update the image with a new facade. Improvements will include a partial roof replacement, new pavement, landscaping, mechanicals, new overhead doors, rebuilt office space, and new interior and exterior lighting. The property will be made available once renovations are completed this fall. The Laredo Street property will be repositioned as a single-tenant truck parking facility or build-to-suit site. IOV is targeting a user involved in transportation of construction materials. The property has access to I-70, Denver International Airport and is 10 miles from Denver’s central business district. Industrial Outdoor Ventures intends to seek additional acquisitions in Denver because of demand and redevelopment projects that are displacing industrial users. “It’s the perfect storm,” said Barbera. “Multiple major projects in the area, such as the National Western stockyards redevelopment, the Park to Platte storm water project and, of course, the I-70 expansion are squeezing industrial users while creating demand for outdoor storage.” IOV is the first national real estate investment company to focus exclusively on industrial service facilities – mission-critical facilities used to store, maintain and dispatch equipment and/or bulk materials. Its five-year plan is to amass more than $500 million in properties in major markets throughout the United States.