Colorado Real Estate Journal - December 7, 2016
DCT Industrial Trust continues to add to its Denver portfolio, purchasing a Class A industrial building in the Stapleton area for $15.6 million. DCT bought the 145,948-square-foot Champion Windows building on 7.18 acres at 10000 E. 45th St. in Denver from Champion Realty Company of Denver for $106.89 per sf. The Class A building fronts Interstate 70, offering signage and tremendous visibility. “This location is probably second to none,” said Mark Bowen, DCT Industrial Trust senior vice president. “Visibility and a quality asset right on I-70 – that’s pretty tough to beat. It’s an A-plus acquisition for us,” he said. The front-park, rear-load building was built for Champion Windows in 2002. Champion occupies approximately 116,000 sf and has a showroom fronting I-70. FTSS Flight Simulator occupies just under 30,000 sf. Both leases are at below-market rates and are coming due in the near term, which added to the property’s appeal, Bowen said. Because of the quality construction and location, DCT is confident in its ability to renew the existing tenants, or lease the building, at today’s lease rates. “We had multiple offers, and DCT rose to the top and closed very quickly,” said Bill Thompson, first vice president with CBRE. Thompson and Jim Bolt, CBRE executive vice president, were the listing brokers. The property wasn’t widely marketed, and that played in DCT’s favor, Bowen said, explaining it’s difficult to acquire properties in Denver when they are broadly marketed nationally. The building represents state-of-the-art construction, with 30-foot-high ceilings, ESFR fire protection, interior flood drains, skylights and more. DCT owns approximately 2 million sf of industrial product in the Denver market and plans to start construction of a 168,000-sf, Class A speculative building in Gateway Park in Aurora, DCT Summit Distribution Center, in the first quarter. DCT Industrial Trust is the largest industrial real estate investment trust focused on North America with a portfolio of approximately 72 million sf.