Colorado Real Estate Journal - June 17, 2015
A southwest metro industrial building fetched $9.72 million in an off-market deal. Drake Mansfield Partners, an affiliate of a Denver investment, development and management company, paid $50.90 per square foot for the 191,009- sf building at 1201 W. Mansfield Ave. in Englewood. The multitenant building, also known as 3880 S. Windermere St., has been fully occupied since 2010. “The southwest industrial market is a really strong industrial submarket,” said DTZ Managing Director R.C. Myles, who handled the transaction with DTZ’s James Brady, Alec Rhodes and Aaron Valdez. “The building is a good, functional, clean building with good exposure on Santa Fe. Interestingly, although we were not actively marketing it, we did have several buyers that had come out of the woodwork wanting to purchase it,” said Myles. Seller Northstar Commercial Partners bought the building vacant and “had done a really nice job” renovating and retenanting the building, which originally was a single-tenant asset, Myles added. “After initially acquiring this building in 2007, we invested in a full-scale renovation of the entire property. We’ve now held 100 percent occupancy with some truly wonderful local tenants for the last several years,” said Brian Watson, Northstar founder and CEO. “We really love going in and buying these vacant assets and creating jobs and opportunity for the local community in the repositioning process,” said Watson. “We’re glad to sell it to the new buyer and wish them great success with it. I have full confidence that they will only continue to foster further growth and opportunity at this attractive southwest Denver facility.” Ouray Sportswear occupies 85,000 sf in the building. The other tenants are Hands-on Labs Inc., ProDPI and Christian Brothers Moving & Storage. Situated on 5.97 acres, the building has proximity to the Oxford-City of Sheridan lightrail station, which is attractive for tenants, said Myles. Constructed in 1965, it has new HVAC, high-efficiency lighting and new office space build-out. Building features include high ceilings, ample power, and dock-high and drive-in loading.