Colorado Real Estate Journal - September 21, 2016
The Opus Group is underway on a speculative building that not only can accommodate “smaller” industrial users but also is available for sale. Rangeview Industrial Center is a 122,500-square-foot building being built on 6.4 acres at Majestic Commercenter in Aurora. It will be the only building in the business park, and one of the few in the submarket, to accommodate users as small as 40,000 sf. It also could house a single tenant or user. “There is strong demand for industrial developments in the Denver area, and this project will offer a high-quality facility in a sought-after location,” said Peter Coakley, senior vice president and general manager of Opus Development Company LLC. “Rangeview Industrial Center will be able to accommodate smaller industrial users that to date have not been adequately served in this market, making it a much needed facility for future tenants.” The building will offer 32-foot clear height, 22 dock positions, two drive-in doors, and flexible outdoor space for additional storage and trailer parking. Mike Wafer of Newmark Grubb Knight Frank, who is marketing the space with Mike Wafer Jr., also of NGKF, said the project is a bit unusual in offering a lease or own option. “We think it’s a little different to have a for-sale building of that size that will appeal to companies that want to own,” he said. “Rangeview Industrial Center provides a unique opportunity for industrial users or tenants to purchase a modern building, or lease with an option to buy, as many industrial users prefer to own their real estate. Alternatively, tenants may lease this building due to the high quality construction and state-of-the-art features,” Wafer said. Located near Interstate 70 and Tower Road, the building will have quick access to the interstate and to Denver International Airport. Opus Design Build LLC is the design-builder. Ware Malcomb is the architect of record, and Peak Engineering Inc. is the structural engineer of record. Opus recently acquired the development site from 1435 Pearl Street Apartments LLP for $1.12 million, according to public records. Opus has completed, over the last 24 months, or has in the pipeline, 8.2 million sf of industrial development across the country. Its recent projects include an industrial build-to-suit for Charter Communications in Englewood. Other News Raritan Partners LLC sold a three-tenant industrial property at 2835 S. Raritan St. in Englewood to Darrow Family Partnership for $760,000. The sale of the 9,600-square foot building closed within 30 days, according to Russell Gruber of Newmark Grubb Knight Frank, who represented the buyer. “This was a really great bite sized deal in an underserved asset class. The demand for small-bay industrial space is very strong, putting the buyer into a great asset,” said Brandon Kramer of Marcus & Millichap. Kramer represented the seller with Marcus & Millichap’s Sean Gelson in Denver, along with Gus Lagos and Evan Altemus in the company’s Houston office. The building has a strong history of steady cash flow and high occupancy, according to Marcus & Millichap. “Because of the high demand, we saw multiple offers and were able to close 10 percent above our list price,” Kramer said. Built in 1977, the building was 100 percent leased at the time of the sale.