Colorado Real Estate Journal - December 16, 2015
A large, high-quality flex development in Denver’s southeast industrial submarket sold for $27.75 million, or $113.72 per square foot. MIG Real Estate purchased Dry Creek Business Park, a 244,028-sf property at 7300-7348 S. Alton Way in Centennial, from Greenfield Partners. The park consists of 15 buildings that are 93 percent leased to roughly 90 tenants. “We’ve been involved with that project since 1999. Throughout the years, we have been contacted repeatedly by investors wanting to buy that site,” said Colliers International principal T.J. Smith. Smith said Colliers took the property to market, but already had received preemptory offers. “We had many offers, but MIG’s offer was strong enough to go right to contract with them,” he said. “It’s a unique property in an A-plus location right off I-25. I think it’s the premier incubator flex project in southeast Denver.” Located between Arapahoe and Dry Creek roads, Dry Creek Business Park has frontage on Interstate 25. It caters to tenants from 562 to 10,193 sf, none of which occupies more than 4 percent of the property. Astrodyne International, an aviation repair firm, is the largest company in the park. Historically, the park has outperformed competitors and continues to garner increasing lease rates. Smith handled the sale with Colliers International’s Brad Calbert and Matt Keyerleber. Dry Creek Business Park is MIG Real Estate’s second recent acquisition in the Denver area. It purchased Iliff Business Park in Denver last summer. The company also owns I-225 Plaza in Aurora, as well as hospitality and multifamily properties.