Colorado Real Estate Journal - September 16, 2015
An industrial investment property in the Airport-Montbello submarket traded for $3.33 million, or about $28,000 more than the asking price. Denver-based F&F Properties bought the 51,640-square-foot building at 5005 Ironton St. in Denver from Northstar Commercial Partners. The price equates to $64.48 per sf, well below replacement cost, according to CBRE. The building is fully leased to two tenants: Colorado Party Rental and Colorado Tent Co., each of which has seven to 10 years remaining on its lease. Northstar brought the tenants to the building when it acquired the property for $1.3 million in 2011 and recently invested more than $1 million in tenant-specific improvements. Industrial investment properties are highly sought after in Denver, and CBRE’s Jeremy Ballenger said the property “went under contract very quickly.” Ballenger represented the seller with CBRE’s Tyler Carner and Bill Thompson. Building features include dock-high and rail loading, and 16- to 22-foot clear height.