Colorado Real Estate Journal - October 21, 2015
An industrial building across the street from a future commuter rail station traded for $108 per square foot. Tercero Properties, a local investment group, paid $5.28 million for the 48,902-sf building on 2.14 acres at 4200 Jackson St. in Denver. The building is adjacent to the 40th & Colorado Station on the East Rail Line between Denver Union Station and Denver International Airport. The rail line will open next year. The seller was 4200 Jackson LLC, led by the owner of All Copy Products. All Copy will continue to occupy 12,000 sf. Goodyear had occupied the remaining space for many years. The seller terminated the lease prior to the sale. “We had great interest in leasing it, as well as great interest in purchasing it,” said Craig Myles of Cushman & Wakefield, who represented the seller with Cushman & Wakefield’s Brett MacDougall. The price was strong for an industrial building, but the location also makes the property a good candidate for future redevelopment, said Myles. “Long term, it’s an ideal location, right across from the station, and transitoriented development sites have a great future, in my opinion. Big changes are occurring in that corridor.” The seller acquired the property for $2.5 million in 2006, he said. Carmon Hicks of JLL represented the buyer in the transaction, which was part of a 1031 exchange for an office property. Hicks said IW Products and Linn Star Transfer are leasing the former Goodyear space on oneyear terms until the ownership decides if it is going to reposition the property.