Colorado Real Estate Journal - December 2, 2015
A storage company bought a 43,250-square-foot distribution building in Inverness Business Park for $3.5 million, or $80.42 per sf. GSO RE Holdings LLC acquired the property at 72 Inverness Lane East in Englewood. The buyer is a Zippy Shell franchisee that will occupy half of the space and offer the other half for lease, said Kirk Vanino of Cushman & Wakefield. “It’s a pretty good sale in the southeast market, where you can’t really find much product. It’s a tough market to find buildings to buy these days, especially for users,” said Vanino, who represented the buyer with Taylor Hazard, also of Cushman & Wakefield. Michael Bloom of Michael Bloom Realty represented the seller, a limited liability company affiliated with the Visser family of Furniture Row. Zippy Shell delivers and picks up storage pods for people who are moving or need storage for other reasons. The Inverness building has 24-foot ceiling clearance, but the fire sprinkler system is dated. As a result, the new owner is immediately upgrading to ESFR to take advantage of the building’s clear height, Vanino said. Vanino and Hazard are marketing the available space for $7.95 per sf triple net to users that need approximately 10,000 or 20,000 sf. The space has 3,428 sf of office, climate control, two drive-in doors and two dock doors with levelers. Other News Southern Wine & Spirits leased 38,233 square feet of industrial space at 601 W. 50th Ave. in Denver for expansion purposes. Its main facility is located a few blocks away. Bill Thompson of CBRE represented the tenant in the transaction. Kirk Vanino and Taylor Hazard of Cushman & Wakefield represented the landlord, L&R Partnership. Packaging Express signed a lease for 26,889 sf of industrial space at 14704 E. 33rd Ave. in Aurora. Drew McManus, Matt Trone and Sam Slaton of Cushman & Wakefield represented the landlord. Jim Bolt of CBRE represented the tenant. An industrial/retail property at 780-790 Kipling St. and 9960 W. Eighth Ave. in Lakewood sold for $500,000, or $99.11 per sf. The sale consisted of three buildings and a small singlefamily house totaling 5,045 sf. The property formerly housed Rocky Mountain Sports. “The seller owned the property and operated their business for over four decades and decided it was time to sell,” said Gary Garcia, senior adviser at Pinnacle Real Estate Advisors. The buyer plans to make capital improvements to and occupy the property, he said. The seller was Doris Pruett. Jeremy Shull and his wife were the buyers. Garcia handled both sides of the transaction.