Colorado-Real-Estate-Journal_352917

Page 12 - July 19-August 1, 2023 www.crej.com Industrial Elevate your business Industrial Land Development Company www.elevation25.com Class A Industrial Park on I-25 Up to 1 Million SF Available Close proximity to Denver, Boulder, Loveland and Fort Collins Two turns from I-25 Build-to-Suits available 73 acres Q2 COMPLETION Brad Cushard +1 303 550 9597 Stuart Platt +1 303 332 4207 stuartplatt@silverpoint-development.com For Information, contact: by Avalon Jacka BOULDER – A global phar- maceutical service and manu- facturing platform company has leased the entirety of a recently renovated property. CordenPharma GmbH will occupy 61,117 square feet across both floors of the asset, located at 2300 55th Ave. CordenPhar- ma will use the facility for client meetings as well as engineer- ing, research and development. CordenPharma is expanding its Colorado operations with the lease, its other facilities situated nearby at 4876 Sterling Drive. The asset was built out for advanced technology needs with tech-enabled meeting rooms, high-end office space and modern laboratory space. Steve Billigmeier of Cush- man & Wakefield represented CordenPharma in the transac- tion. Landlord TriTower Finan- cial Group was represented by CBRE’s Blake Harris, who specializes in industrial land- lord representation for office, technology and life sciences in Boulder. TriTower first acquired the property in spring 2021 and began marketing it for life sci- ences and advanced technology use. “This is an example of a land- lord identifying a need in the market for flexible office and lab space and targeting life sci- ences and advanced technology companies,” Harris said in a statement. Life science companies have struggled to find lab space in Boulder in recent years as lab vacancy has stayed low in the area, Erik Abrahamson of CBRE’s Boulder Life Sciences practice noted in a statement. “Fortunately, developers launched a series of both new construction and conversion projects in the past two years that are helping to balance the supply and demand imbal- ance and giving tenants more options,” Abrahamson added. Lab and good manufacturing practice vacancy was 4.2% at the end of first-quarter 2023, according to CBRE research. That rate nearly quadrupled from 0.5% vacancy the year before. At the end of first-quar- ter 2023, 21 companies were looking for a combined 800,000 sf of lab and GMP space in the Denver metro region. s CordenPharma signs lease on life science property by Avalon Jacka LOUISVILLE – A single-ten- ant industrial property in the Colorado Tech Center has sold for $3.85 million. Centum Investments Wood Tech LLC sold the 13,850-square-foot property to 606 Diagonal LLC with a cap rate of approximately 6%. The sale closed in 35 days. Layne McBride, Neil Litt- man and W. Scott Reichen- berg of The Colorado Group Inc. represented the seller, while Keith Kanemoto of Re/Max Tradi- tions Inc. rep- resented the buyer. The property, situated on 1.18 acres at 405 S. Pierce Ave., had a new 10-year lease in place for Wood Tech- nology at the time of sale. Wood Technology has been in business for nearly four decades and was acquired by Centum Con- struction Inc. in February 2022. Centum I n v e s t m e n t s Wood Tech LLC owned both the busi- ness and the real estate prior to the sale, McBride said, so they executed a sale-leaseback to maintain the space. McBride said The Colo- rado Group received five offers for the property, with 606 Diagonal’s offer being the strongest at a little above ask- ing price. Most of the interest stemmed from 1031 exchange buyers, primar- ily due to the in-place tenant, building size and price point, McBride noted. Built in 1995, the asset con- sists of approx- imately 15% newly remod- eled office space, with the remaining property com- prised of high- bay warehouse space with five drive-in doors. The roof, HVAC and parking lot were all either recently repaired or replaced. s The Colorado Group facilitates single-tenant industrial sale Virtuance CordenPharma will lease the entirety of the two-story building. Layne McBride Neil Littman Keith Kanemoto W. Scott Reichenberg