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Page 4AA —

COLORADO REAL ESTATE JOURNAL

— September 17-September 30, 2014

Industrial

by Jill Jamieson-Nichols

A six-building flex park in the

northwest submarket recently

sold for $7.3 million, or $109.28

per square foot.

Affiliates of Aurora-based

Matrix Group Inc. bought the

66,801-sf MetroTech Centre at

12001-12071 N. Tejon St., just

west of Interstate 25 on the 120th

Avenue corridor in Westminster.

The buildings were approxi-

mately 82 percent occupied, pro-

viding an opportunity to lease

up the vacancy and roll below-

market rents up to market rates,

according to CBRE. Some proj-

ects in the submarket have seen

rate increases of more than 10

percent, and that trend is likely

to continue as the market tight-

ens, the brokerage firm said.

Three of the MetroTech build-

ings have visibility on 120th

Avenue, which connects I-25

with U.S. Highway 36 and offers

direct access toDenver and Boul-

der. The visibility of the project

and the monument signage have

attracted quality tenants that are

very loyal to the project, accord-

ing to CBRE. CBRE’s Tyler Carn-

er represented the seller with

ErikAbrahamson, formerly with

CBRE and nowwithW.W. Reyn-

olds Cos.

MetroTech Centre is leased to

16 tenants that range from 1,650

to 6,508 sf. The project has a his-

tory of low vacancy, said CBRE.

Two of the vacant spaces are in

move-in-ready condition.

The park is two blocks from

DigitalGlobe’s new campus and

the Park 12 Hundred office/

industrial redevelopment. Ame-

nities including restaurants,

shopping and hotels surround it.

Matrix purchased the property

from DeCook Metro-Tech LLC

and New Crossroads West LLC,

entities of Alpha West Realty &

Investment in Greenwood Vil-

lage.

There were multiple offers for

the asset, according to CBRE.

Other News

n

Cassidy Turley

broker

Craig

Myles

sold a high-visibility

industrial property originally

listed at $88 per square foot for

$108 per sf following a call for

best and final offers.

The property consists of three

small, metal industrial buildings

totaling 11,046 sf at 920 and 924-

930 W. Byers Place in Denver.

One of the buildings was leased

at the time of the sale to a con-

struction company and shares

a wall with the space at 924

W. Byers. That building is con-

nected by a causeway to 930 W.

Byers, an office building.

The

Estate of Miriam L. Brady

sold the property to

Rock I LLC

for

$1.2 million. The buyer’s plans for

the property are unknown.

The property originally was

listed at $975,000 and drew

interest from multiple parties.

n

A flex property at 13276

E. Fremont Place in Centennial

sold for $1.2 million, or $60 per

sf.

Contact Media LLC

bought

the property for Performance

One Media, a competitor to the

Weather Channel that will occu-

py all 20,000 sf. Performance

One has been leasing space

in the Denver Tech Center for

many years and was facing a

significant rent increase, accord-

ing to

Pinnacle Real Estate

Advisors

Senior Adviser

Paul

Schneider.

“The transaction was truly

a win-win for both parties.

The buyer was able to acquire

the property at a very attrac-

tive price per foot, which will

afford them the opportunity to

make significant upgrades to

the property and turn it into

one of the nicest flex buildings

in the southeast submarket,”

said

Chase Grimes,

associate

adviser at Pinnacle Real Estate

Advisors.

Grimes represented the buyer.

Schneider and Pinnacle Senior

Adviser

Mark Goodman

repre-

sented the sellers,

Vukoslav V.

Aguirre

and

Emma J. Aguirre.

n

Russell Gruber

and

Steve

Fletcher

of

Newmark Grubb

Knight Frank

represented

Great Lakes Properties LLLP

in

the sale of a 10,498-sf building

at 4950 Oakland St. in Denver.

The property was on the mar-

ket only a week before going

under contract and had multi-

ple offers, according to Gruber.

“Part of why the seller select-

ed

Savory Partners LLC

as the

buyer was because their busi-

ness was nonmarijuana-related

and they felt they would be a

great user for the property,” he

said. A food production com-

pany will occupy the property.

The closing took 21 days. The

closing price was $1.1 million.

Mat Kolding

of

Kolding Com-

mercial Brokerage & Invest-

ments

represented Savory Part-

ners.

n

Gruber and Fletcher also

represented

Starker Service of

Colorado Inc.

in purchasing

481 E. 66th Ave. in Denver for

$855,000. The centrally located

property consists of 12,000 sf

of space on a paved 1.38-acre

site zoned I-1 and I-3 in Adams

County.

The buyer is a user that needs

the outside storage the site had

to offer, said Gruber.

Bruce

Mawhinney

of

Newmark

Grubb Knight Frank

represent-

ed the seller,

Ingle Real Estate

Partnership.

s

Westminster flex buildings sell to local group for $7.3m

MetroTech Centre offers upside in vacancy and lease rollover, according

to CBRE.