Colorado Real Estate Journal - August 5, 2015
A Denver pavement maintenance company paid $1.53 million for 8.89 acres of property in Adams County. ADG Investments LLC, which is affiliated with A-One Chipseal, purchased the property at 2025 E. 64th Ave. in Denver from the Estate of Mary Balistreri and Rosalee Jean and Douglas Solt. It is in the process of seeking a rezoning of the property from agricultural to industrial use, said Tim D’Angelo of Newmark Grubb Knight Frank, who represented the buyer with NGKF’s Mike Wafer. A-One Chipseal plans to use the property primarily for storage of vehicles and equipment. Tim Gilchrist and Brian Wilkes of DTZ represented the sellers in the transaction. Other News A central Denver manufacturing/warehouse building recently sold for $1.73 million. The building at 200 Lipan St., built in 1952, consists of a 13,815-square-foot warehouse and 4,130 sf of office space. The local buyers plan extensive renovations, including converting 53 percent of the warehouse to office space and adding 1,800 sf. The renovation and expansion will allow them to bring their three businesses under a single roof, according to Jim Knowlton, senior adviser at Pinnacle Real Estate Advisors, who represented the buyers. n Denver’s industrial market posted its 21st consecutive quarter of positive net absorption in the second quarter. The market absorbed 628,434 sf, bringing year-to-date absorption to 1.4 million sf, according to CBRE’s Marketview report. A total of 2.8 million sf of product was under construction at the end of the quarter, and while rents increased for new construction, they were below prerecession levels, keeping developers cautious, CBRE said. Tenant demand continues to outweigh supply, forcing companies to make decisions more quickly, according CBRE First Vice President Bill Thompson. There typically are multiple offers on any functional space in the market, he said. Direct vacancy was 4.3 percent at the end of the quarter. The overall average lease rate was $6.83 per sf triple net, with rates for Class A space significantly higher than for B and C space, according to CBRE.