Colorado-Real-Estate-Journal_346086

Page 12 - June 7-20, 2023 www.crej.com Industrial As the largest privately owned bank in the nation, MidFirst Bank is not affected by stock market volatility. We have a long history of managing interest rate risk and hedging against it. Our highly diversi ed business model, along with a signi cant amount of liquidity, gives your assets strength and stability. mid rst.com Cherry Creek – 101 Cook St. 303.376.3800 Boulder – 840 Pearl St. 303.376.3870 University Hills – 2805 S. Colorado Blvd. 303.376.3840 Strong. Stable. Private. by Avalon Jacka ENGLEWOOD – NorthPeak Commercial Advisors LLC facili- tated the sale of a long-held industrial asset. NorthPeak brokers Jack Sher- man and Hunter Schaefer rep- resented both the buyer and seller in the $1.72 million transaction. The 12,388-square- foot property, located at 3701 S. Kalamath St., sold for $139 per sf. “The buyer was able to purchase at a competi- tive price per square foot in a growing neighborhood by offering a quick close with cash, which really set him apart from other buyers while we are in this tough lending environment,” Sherman said in a press release. The Bassiri Family Trust, which owned the asset for 20 years, decided to sell the asset “to achieve truly passive income on their equity,” Sher- man stated. The trust is using a 1031 exchange to trade the property for a turnkey, triple- net investment out of state. Sherman noted that the buyer, 3701 S. Kalamath LLC, intends to renovate the vacant property after finding a tenant so renova- tions can be tailored to the ten- ant’s needs. The buyer also owns a mixed-use retail property in the Lower Highland neighborhood. “We listed this property right before interest rates took their hike and the markets started turning,” Sherman said. “We were able to really track the value of this property. We first listed at $2.2 right before the markets started going down, and we closed at a price much lower, and it’s just a classic example of chas- ing the market down.” Other News n GOLDEN – Gamel Hold- ings LLC has purchased a 33,015-square-foot industrial property for $4 million. Russell Gruber of Gruber Commercial Real Estate Inc. represented the buyer in the transaction. The seller, Carlisle Architectural Metals LLC, was represented by Jim Bolt and Bill Thompson of CBRE. Gamel Holdings had a busi- ness that needed additional space with heavy power and good clear height, according to Gruber. He noted that the property, located at 6270 Joyce St., was a good fit for expanding business needs in a hard-to-find west submarket location. n ENGLEWOOD – Monolith Materials Inc. signed a new lease for 26,681 sf of industrial space at 345 Inverness Drive South. Monolith Materials, a Nebraska- based chemical and materials pro- ducer, was represented by Colliers International. Jason Addlesperger, David Lee and Philip Lee of Newmark rep- resented the landlord, KW Fund VI – Inverness LLC. n ARVADA – Cavendish Fam- ily LP sold an industrial property off-market for $2.25 million. The 12,870-sf property, pur- chased by 5545 LLC, is situated on 1.01 acres at 5280 Ward Road. The buyer intends on operating its rapidly growing apparel company out of the building, according to a statement. Tanner Digby of Digby Com- mercial Advisors brokered the sale. n DENVER – A Denver-based automation company will move into a new location following a $2.23 million purchase. Lennox-Gen- tle Automa- tion Inc., under the name BLG Investments LLC, purchased the 13,520-sf property located at 4725 Oak- land St., Suites A and B. Alex Scott and Jason Russ of Fuller Real Estate rep- resented BLG Investments in the transaction. Jake Malman of Malman C o m m e r c i a l Real Estate represented the seller, GS Oak- land LLC. Established in 1988, Lennox- Gentle Automa- tion brings cost- effective engineering solutions to the automation arena, according to the company’s website. n DENVER – A truck leasing services company has transitioned from tenant to owner near the Chafee Park neighborhood. A business entity formed by the principals of AIM Leasing Co., 45 Cherry Hill Court III LP, purchased the industrial property from I25 & I70 LLC for $2.9 million. Corey Murray of SVN | Denver Com- mercial facilitated the transaction. AIM Leasing has been a ten- ant of the 9,300-sf property, NorthPeak closes sale on Englewood industrial space The buyer will complete renovations once a new tenant has been set. Jack Sherman Hunter Schaefer Please see AIM, Page 32 Jason Russ Jake Malman Alex Scott