Colorado Real Estate Journal - October 21, 2015
A company with plans to move into approximately 504,000 square feet of new distribution space in Denver sold its existing headquarters building for $11.04 million. Beverage Distributors Co. sold its 224,597-sf building on 14.05 acres at 14200 E. Moncrieff Place in Aurora to LBA Realty for $49.15 per sf. The company leased back the building for two years, pending completion of its new facility at Enterprise Business Center. LBA plans to make capital improvements to the property and either sell or lease it to a new user or tenant, said Mike Wafer of Newmark Grubb Knight Frank, who represented Beverage Distributors in the transaction. Wafer will market the building for the new owner. “LBA was attracted to this property due to the numerous features, including over 50,000 sf of office build-out, heavy power, rail service, surplus land for expansion and income in place for the next two years while trying to identify a replacement tenant or buyer,” said Wafer. The transaction was the last of three deals Wafer handled for Beverage Distributors’ relocation, which will take place in April 2017. Those included the land sale to United Properties for the new building, Beverage Distributors’ lease with United Properties and the sale of the existing building.