Colorado-Real-Estate-Journal_330353

Page 10 - March 1-14, 2023 www.crej.com Industrial by Jenna Walters DENVER – One of the build- ings at Central Park Business Center, a newly constructed Class A industrial park in Den- ver, has been fully leased. Restaurant supply company Trimark leased 34,255 square feet at the park’s 132,306-sf Building 1 at 9525 E. 40th Ave. Lifetime Windows expanded its lease at the same building to occupy 66,281 sf. CBRE’s Todd Witty, Murray Platt and Jim Bolt brokered the lease trans- actions on behalf of project developer Confluent Develop- ment and co-owner Invesco Real Estate. The leases bring Building 1 to full occupancy. Autowash occupies the balance of the facility. “Seeing tenants not only sign a new lease but also expand their operations at Central Park Business Center affirms our vision to create a best-in- class industrial park that helps companies realize their own long-term goals for growth,” said Cadie Crean, development director at Confluent Develop- ment. With Building 1 fully leased, marketing efforts by CBRE will focus on the park’s 114,325-sf Building 2 at 9575 E. 40th Ave. According to CBRE, the vacant building could be leased in full by a single user or could be divided into spaces as small as 19,600 sf. The building has similar features as Building 1, including 29 dock-high doors, four drive-in doors, 28-foot clear heights, 2,000 amps of power, ESFR sprinklers and more than 140 parking spaces. Witty commented on Central Park Business Center’s desir- able position in the market, saying, “The quick timing to full lease-up of Building 1 is directly related to the lack of competing Class A properties in the central market, espe- cially buildings with highway visibility and new construction features. These buildings truly met a need in the market that was not addressed, which is why Central Park has seen such early success.” Central Park Business Cen- ter’s leasing success follows suit with industrial leasing trends in the Denver metro area. CBRE research shows Denver’s air- port submarket had the highest rate of positive net absorption of any Denver submarket in 2022, totaling nearly 3 million sf of positive net absorption. Other News n ENGLEWOOD – Charter Communications expanded its footprint at Compark Business Campus in Englewood, leasing an additional 58,487 square feet. The lease brings Charter’s total square footage at the 149,143- sf warehouse at 8560 Upland Drive to 122,000 sf. The tenant signed the lease with owners CWCapital and Kenai Capital Advisors. A team from CBRE represent- ed the tenant in negotiations, while Stream Realty Partners’ Tyler Reed, Peter Beugg and Dominic DiOrio represented the landlords. Stream Realty Partners declined to provide the specific lease term but said Charter will occupy its space under a long-term agreement. “Charter’s expansion demon- strates its strong commitment to housing its workforce in Den- ver’s southeast submarket,” Reed said. “The company’s real estate team was very profes- sional and a pleasure to work with on the lease. Charter is one of the premier companies in Colorado, and ownership is proud to have them as a long- term partner.” Regina Lubin of CWCapital agreed with Reed, adding, “We are excited to expand our rela- tionship with Charter Commu- nications as it increases its com- mitment to the property.” The lease brings 8560 Upland to full occupancy. AVI-SPL, a provider of collaboration and audiovisual technologies, occu- pies the balance of the Class A flex building, which features heavy power, dock-high load- ing and drive-in doors. n CENTENNIAL – The self- storage property comprising 21 single-story self-storage buildings offering 546 non-cli- mate-controlled drive-up units at 20210 E. Smoky Hill Road in Centennial recently traded hands. According to public records, an entity related to Prime Storage purchased the 66,856-sf property from Smoky Hill Self Storage LLC for $6.09 million. Charles "Chico" LeClaire and Adam Schlosser of Marcus & Millichap bro- kered the transaction. “The seller is an accom- plished local developer that built the facil- ity 23 years ago,” LeClaire said, giving insight into the property and seller. “He builds in the best locations in anticipation of major residential develop- ments, and he always seems to be ahead of the curve. His facili- ties are well planned and built with the finest materials.” According to LeClaire, the high-quality asset saw strong buyer interest while on the market for approximately two months and ultimately received numerous offers. While the offer from Prime Storage was not the highest received, the team thought it was the most likely to close, LeClaire noted. He attributed the interest levels to high demand for Class A and B self-storage properties and a dwindling supply. The buyer will continue oper- ating the property as is, LeClaire said. It adds the asset to a port- folio of hundreds of self-storage assets across the country. n LONGMONT – Advanced Thin Films signed a full-build- ing lease in Longmont. The tenant leased the approximate- ly 60,000-sf facility at 1625 S. Fordham St. from landlord 1625-1751 Fordham LLC. Har- rison Archer and Ryan Link of CBRE represented Advanced Thin Films in the negotiations, while Beau Gamble and Kevin Nelson of Dean Callan & Co. represented the landlord. The terms of the agreement were undisclosed. According to Gamble, 1625 S. Fordham was an attractive building to Advanced Thin Films because of its central loca- tion just minutes away from amenities in Longmont and just north of Boulder. Along with the location, the current build- ing conditions have a great mix of warehouse and office space that the tenant will reuse as it builds out its space, Gamble said. n DENVER – Tune Outdoor, a newly founded truck camp- er manufacturing company, leased 29,300 sf at the 56,376-sf industrial distribution building at 4633 Dahlia St. in Denver. NAI Shames Makovsky’s Craig Myles and Pete Wycoff repre- sented the landlord, JP & E Prop- erties LLC, in the negotiations. According to Myles, Tune Outdoor will occupy its space under a shorter- term lease with the option to extend on a lon- ger-term basis. It will house its assembly and d i s t r i b u t i o n operations at the building, along with a show- room component. The space became available at the start of the year when previous tenant Alpine Forklift vacated the building. It garnered strong interest from users inter- ested in the accessibility of the building, with proximity to Col- orado Boulevard and Interstate 70. Despite competing credit tenants, Tune Outdoor secured the space. Its lease agreement commenced Feb. 1, and the space was move-in ready. n PUEBLO WEST – The mul- tibuilding industrial asset at 589 E. Industrial Blvd. in Pueb- lo West sold for $3.65 million. According to property records, buyer 589 Industrial Parkway LLC purchased the 28,000-sf property from seller VIG Pueb- lo LLC. Brandon Kramer and Spencer Mason of Marcus & Millichap represented the buyer in the transaction, while Cory Gross of Marcus & Millichap represented the seller. “This was a rare opportunity to purchase the largest small- bay industrial park in the area located on an over 6-acre lot,” Gross commented. “With only 2.5% vacancy in the market and no new construction in the pipe- line, the new owner can increase the value of the property by rais- ing existing rents to market and utilizing the nearly 3.5 acres of secured fenced yard for storage or development.” n ENGLEWOOD – The 19,240-sf industrial building at 4695 S. Windermere St. in Engle- wood recently traded hands. According to public records, Uhrig Holdings LLC purchased the property from 4695 South Windermere LLC for $3.05 mil- lion. Brad Gilpin of Unique Properties Inc./TCN World- wide represented the buyer in the transaction, while a team from Kenai Capital Advisors represented the seller. Built in 1965, the property has accommodated many different uses over the years, including A&A Commissary and its cold and dry food storage. The prop- erty was vacant at closing. According to Kenai Capital Advisors, the buyer, like other investors, was attracted to the property’s functionality and out- door storage yard space, which will be desirable to potential ten- ants. “The demand for industrial outdoor storage outshines the headwinds in the debt capital markets,” commented Garrett Neustrom of Kenai Capital Advisors. “We continue to see assets like 4695 S. Windermere trade at a premium to market for their valuable outdoor storage capabilities.” The buyer plans to hold the asset for investment purposes, Kenai Capital Advisors noted. n ENGLEWOOD – Brent Ham and Mike Quinlan of NavPoint Real Estate Group represented landlord Gloria A. Capra in two lease transactions at the 9,715-sf flex property at 50-60 Chenango Ave. in Engle- wood. AAMCO Transmissions leased 4,800 sf at the property, while GarageWorks LLC leased 4,915 sf. Both tenants will occu- py the property under five-year terms. s Building 1 at Central Park Business Center project leases up Virtuance Trimark, Lifetime Windows and Autowash fully lease Building 1 at Central Park Business Center. Charter Communications expanded its footprint at Compark Business Campus in Englewood. Charles "Chico" LeClaire Prime Storage acquired a self-storage property in Centennial. Craig Myles