Colorado Real Estate Journal - July 15, 2015
An institutional-quality flex park off East Iliff Avenue and South Quebec Street in Denver traded for $12.2 million, or $93.31 per square foot MIG Real Estate, which owns a number of commercial properties in the Denver market, bought Iliff Business Park from a joint venture that included Dallas-based TriGate Capital and RLA Advisors of Costa Mesa, California. The 130,748-square-foot property was 86 percent leased when it was placed under contract and 90 percent leased at closing, a c c o r d i n g to T.J. Smith of Colliers International, who represented the seller with Brad Calbert and Cody Sheesley, also of Colliers. The park’s four single-story buildings are located at 2369, 2422 and 2452 S. Trenton Way, and 7800 E. Iliff Ave. In addition to investing in new signage, paint and awnings, “TriGate did a great job of repositioning and improving a lot of the older spaces and ‘spec-ing’ them out,” said Smith. When those spaces were completed, “We were able to lease them up quickly,” he said. Iliff Business Park has 22 tenant spaces and a good mix of national and local credit tenants, according to Smith. Nalco Co., a subsidiary of Ecolab Co., occupies 25 percent of the project and has many years remaining on its lease. Located between Interstates 25 and 225, the property drew strong investor interest, according to Smith. “Activity was good because of the location and the occupancy, and there was some upside to be had,” said Smith. While the seller achieved a great price, Smith said there also is upside in rents and as existing leases roll. Iliff Business Park was constructed from 1980 to 1984. MIG Real Estate is a Newport Beach, California-based real estate investment company that owns I-225 Plaza, a flex property in Aurora, as well as hotels and apartments in the Denver area.
Charles D. Jones, an heating, ventilation, air conditioning and refrigeration supplies wholesaler, keeps growing at 4900 Osage St. in Denver. Now in 47,600 square feet, the company has signed a long-term lease extension and expansion that will take it to 95,200 sf. Bill Thompson, Jim Bolt and Mike Camp of CBRE represented the landlord, DCT Industrial, in the renewal and expansion. Steve Serenyi of Colliers International represented the tenant. Axiom Worldwide Logistics, a company that is new to Denver, signed a lease for 30,944 sf of industrial space at 12650 E. 33rd Ave., Units 103 and 104, in Aurora. CBRE’s Bill Thompson, Jim Bolt and Mike Camp represented the landlord, TPG Real Estate. Mark Dwyer and Giles Conway of Lincoln Property Co. represented the tenant in the long-term lease. Amarr Door Co. signed a long-term lease for 23,200 sf of industrial space at 14300 E. 35th Place in Aurora. The deal represents a relocation and expansion for the company. Bill Thompson of CBRE represented the tenant. Prologis is the landlord. n Thompson, along with CBRE’s Tyler Carner, also represented The Stone Collection in renewing its lease for 82,695 sf of showroom space along Interstate 70 at 4210 Carson St. in Denver. Jim Bolt and Mike Camp, also of CBRE, represented landlord Mountain West Industrial Properties in the long-term deal.