Colorado Real Estate Journal - November 5, 2014

Logistics company grows into 204,000-sf industrial building

by Jill Jamieson-Nichols

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A third-party logistics company is growing into a 204,000-square-foot distribution building in Commerce City.

Acme Distribution Centers, which occupied about half of a building at 9101 E. 89th Ave., signed a new lease for the entire building.

“They are in a number of buildings around the city. This is an additional operation for them,” said Tim Gilchrist of Cassidy Turley, who represented the landlord with Cassidy Turley brokers Brian Wilkes and Alec Rhodes. Altorfer Colorado LLC is the property owner.

Located on 9.96 acres off of Highway 2 and East 88th Avenue, the building has 22- to 24-foot clear height and 24 dock-high doors with levelers and shelters. It was built in 1982 and renovated in 1997.

Founded in Denver in 1947, Acme Distribution Centers has locations in Chicago, Dallas and in Harrisburg, Pennsylvania.

The company provides logistics, warehousing, trucking and fulfillment to more than 400 clients, according to its website.

Other News

An entity called 3741 E. 64th Ave. LLC paid $2 million for 20.9 acres of Industrial-3 land at 3741 E. 64th Ave. in Commerce City.

The property contains five small buildings and a house, however, “It was really a land deal,” said Tim Gilchrist of Cassidy Turley, who represented seller Magnolia Enterprises LLC with Cassidy Turley’s John Emmerling.

Located near 64th Avenue and Colorado Boulevard, the property has been used mostly for storage by various companies. The buyer plans to use half of the property for its business and keep the remainder as income-producing property, said Paul Schneider of Pinnacle Real Estate Advisors, who represented the group with Pinnacle’s Mark Goodman.

Gilchrist said the deal offered the buyer a rare opportunity to buy a large parcel of heavy industrial land in the Denver area. “It’s hard to find something like that,” he said.

A group affiliated with a high-end cabinetry company paid $1.55 million for a 23,800- sf warehouse at 3840 Forest St. in Denver.

Madeline Cohn sold the property to 3840 Forest LLC, a group that is partnering with an established company in a new venture. The building sits on a 1.27-acre site with a fenced yard, and dock-high and drivein loading.

Taylor Hazard and Kirk Vanino of Cushman & Wakefield of Colorado were the listing brokers. David Leuthold of Leuthold Commercial represented the buyer.

A 9,060-sf building suitable for marijuana growing sold in July for $950,000 and recently traded a second time for $1.05 million in a deal that produced significant activity. The price equates to $115.89 per sf.

The seller, JamAli Investments LLC, decided not to use the building, which is located at 10665 E. 51st Ave. in Denver, and offered it for sale or lease, said Taylor Hazard of Cushman & Wakefield of Colorado. “We were showing it two or three times a day once it was back on the market,” he said.

Part of the attraction was the size of the asset, which Hazard said is almost impossible to find in Denver. In addition, the owner offered to carry financing, although the buyer – 51st Avenue Investment Group LLC – paid cash. The Design Group will use the building, which was constructed in 1970, as a grow facility.

Hazard and Kirk Vanino of Cushman & Wakefield were the listing brokers.