Colorado Real Estate Journal - October 17, 2018
An office/warehouse building in West Evans Industrial Park in Denver sold at a price of $7 million. Calhoun Street Industrial and Matrix Group purchased the building at 1550 W. Evans Ave. from Colony Northstar. JLL’s Industrial Capital Markets group represented the seller in the transaction. “Strong fundamentals and limited opportunities for buyers in the Denver market allowed Colony to achieve strong pricing for the asset and are great indicators of Denver’s positive momentum in the investment market,” said Jason White, vice president with JLL in Denver. The 78,787-square-foot building was 93 percent leased at the time of the sale. Denver Winair Co. is a major tenant. The twin-T building was built in 1975. It features 18-foot clear height and a combination of drive-in loading and dock-high doors. It is located off of Santa Fe Drive with easy access to Interstate 25. “We saw significant interest from local and national buyers,” said Ryan Sitov, vice president with JLL Capital Markets. “Ultimately, Matrix Group was the best buyer for the property due to their local presence and familiarity with the market.” Matrix will assume leasing and management of the property. JLL Denver Vice President Carmon Hicks said, “1031 buyers are aggressively pursuing the limited opportunities available in the market, and this transaction reflects the strong pricing and aggressive buyers for Denver industrial product.” Other News Gullo Cos. sold a 12,672-square-foot industrial building on 1.43 acres at 4960 Locust St. in Commerce City for $2.4 million, or $189.39 per sf. The property features a fully paved and secure yard. The buyer was a local investor, Eric Stern. “At nearly $190 per square foot, this sale shows again how strong the demand is for buildings with yard space,” said Brendan Cagney of Lee & Associates Denver. Cagney and Ron Webert of Lee & Associates listed the property, which reportedly received significant interest and activity. T.J. Smith and Tim Shay of Colliers International represented the buyer. Windermere 4675 LLC paid $1.5 million, or $114 per sf, for a 13,150-sf industrial/ flex building at 4675 S. Windermere St. in Englewood. A local couple sold the property. Jim Knowlton and Robert Lawson of Pinnacle Real Estate Advisors LLC represented the buyer. Vivint Solar leased 12,547 sf of industrial space at 4770 Fox St., Unit 8, in Hilltop Business Center in Denver. Tony Giordano of Antonoff & Company Brokerage represented the tenant. Bill Thompson of CBRE represented the landlord. Workshop Events Inc. leased 12,000 sf of industrial space at 14600 E. 35th Place in Aurora. Mark Dwyer and Andrew Piepgras of Lincoln Property Co. represented the tenant. Cushman & Wakefield represented the landlord, Icon IPC Property Owner Pool 6 West/Southwest LLC. Dwyer also represented sublandlord Palo Duro Hardwoods Inc.in a sublease to OCG Denver LLC at 12875 E. 42nd Ave. in Denver. Melissa Nochlin of Broad Street LLC represented the subtenant.