Colorado Real Estate Journal - August 19, 2015
A Class A office/warehouse building in Concord Business Center sold to a Boulder investor in a $5.22 million, off-market deal. Cary St. Onge bought the 54,280-square-foot building at 8530 Concord Center Drive at a 7.5 percent cap rate. Case Concord LP, a user/investor, sold the property just after Lewan and Associates inked a lease for the last available 24,080 sf. Listing broker Peter Beugg of JLL said the seller planned to begin marketing the property once the Lewan lease was signed, but the investor surfaced before that occurred . “There are very few opportunities to buy southeast,” said Beugg, who added that the opportunity to purchase a property at a 7.5 percent cap in the tight southeast submarket was very attractive. The price per sf was $96.20. Technitix LLC and Elevation Volleyball are tenants at the property, which is just off Peoria Street and E-470, near Centennial Airport. The building offers 24-foot ceiling height, ESFR fire protection, and dock-high and drive-in loading. Tyler Reed and Dominic DiOrio of JLL were the co-listing brokers. Other News Cross Development LLC paid $2.95 million, or $132 per square foot, for a 22,414-sf office/warehouse building on 2.63 acres at 6691 Colorado Blvd. in Commerce City. Caliber Collision will use the property for an auto body shop. GEP Investments Inc. sold the property, which consists of 19,396 sf of clear-span warehouse space and 3,018 sf of office build-out. The building has radiant heat and six drivein doors. The yard is fenced and paved. John Segelke of Segelke Real Estate LLC was the listing broker. Tyler Carner and Jeremy Ballenger of CBRE represented the buyer. Tenbar Inc., a local industrial property investor, paid $1.35 million, or $135 per sf, for a 10,000-sf, fully occupied building at 201 S. Rio Grande Blvd. in Denver. “The high price of $135 per square foot is an indication of the central market value,” Russell Gruber of Newmark Grubb Knight Frank, who represented the buyer, said in an announcement. “Sale activity for industrial buildings has been robust in recent years, driven by the owner, user and investment sales. Increasing rental rates attract investment buyers and prompt users to purchase their own buildings. The continuation of historically low vacancy in the central submarket will push prices and rental rates up in the coming months.” Longtime owner 201 Rio Grande LLC sold the building. Tuff Shed will remain at the property, as will subtenant Brekhus Marble and Granite. Murray Platt of CBRE was the listing broker for the property, which reportedly received multiple offers. Aramark leased the last space in a 91,961-sf building at 9600 E. 40th Ave. in Enterprise Business Center in Denver. The company signed a 10-year lease for 30,588 sf, which will be used by its refreshment services division, according to Drew McManus of Cushman & Wakefield of Colorado Inc., who represented the tenant. Mike Wafer and Tim D’Angelo of Newmark Grubb Knight Frank represented the landlord, United Properties, in the transaction. RMIP 7281 54th 1 LLC purchased a 15,000-sf industrial building at 7281 E. 54th Ave. in Commerce City for $1.28 million. JLL’s Peter Beugg and Tyler Reed secured a seven-year lease with Acuren prior to selling the property for owner Fleet Direct.