Colorado Real Estate Journal - March 18, 2015
Denver-based DCT Industrial picked up nearly 700,000 square feet of industrial space in Aurora with the purchase of Airport Distribution Center. The Class A industrial park was 97 percent leased. It comprises 689,557 square feet in five buildings near Interstate 70 and Chambers Road. “The acquisition of these Class A assets offers DCT an excellent opportunity to expand our presence within the desirable I-70/ northeast submarket, known for its strong tenant demand and easy access to major interstates and Denver International Airport,” said Mark Bowen, senior vice president, DCT Industrial. “We are very excited to be adding to our existing Denver portfolio at a time when the market is experiencing record-low vacancies due to the growing economy.” DCT bought Airport Distribution Center from The Pauls Corp. The price wasn’t released. The Pauls Corp. acquired the asset for $33.05 million in 2004 in a highly competitive deal. The property was “very selectively marketed” this go-around, according to Denver industrial broker Jim Bolt of CBRE, who was not involved in the transaction. Bolt said Airport Distribution Center is a “great portfolio – really well-located, Class A in every regard.” It represents a “fantastic acquisition for DTC,” he said. Airport Distribution Center was built in the late 1990s. It is located in the Interstate 70/northeast industrial submarket with excellent access to I-70 and I-225 and I-25, DCT noted. It also has great access to Denver International Airport via Peña Boulevard. Located at 15845 E. 32nd Ave., two of the buildings are connected, offering a total of 245,400 sf. They were built in 1997. The park also includes: a 136,957-sf building constructed in 1997, a 220,800-sf warehouse at 15965 E. 32nd that was built in 1998 and an 86,400-sf building constructed in 1999 at 16075 E. 32nd. The acquisition brings DCT’s Denver industrial portfolio to 1.74 million sf, which represents approximately 2.3 percent of its total portfolio. The company last year acquired 5.6 million sf for $363.1 million and expects to purchase another $200 million to $300 million of stabilized and valueadd properties in 2015. It also plans development starts of $100 million to $200 million. DCT Industrial is a leading industrial real estate company specializing in acquisition, development, leasing and management of bulk distribution and lightindustrial properties in high-volume U.S. distribution markets. As of Dec. 31, the company owned interests in approximately 72.3 million sf of properties leased to approximately 900 customers.