Colorado-Real-Estate-Journal_384814

Page 12 - February 7-20, 2024 www.crej.com Industrial by Avalon Jacka COMMERCE CITY – An 80,345-square-foot industrial building has traded hands for $12.2 million. Intermountain Electron- ics Inc. purchased the property 6195 Clermont St. from Brennan Investment Group in January. The property was vacant at the time of sale. Kirk Vanino and Matt Nora of Lee & Associ- ates – Denver r e p r e s e n t e d the buyer, and CBRE repre- sented the seller in the transac- tion. Vanino had represent- ed Brennan when it bought the property in 2022 for $8.62 million. “This sale shows that these compa- nies that are healthy and have a lot of business are growing in the Denver metro area, especially manufacturing clients,” Vanino said. Built in 1994, the building fea- tures outside storage and I-3 zon- ing, which attracted the buyer to the property, Vanino said. Inter- mountain will perform concrete work and add cranes to the build- ing, as well as generally freshen up the building. Intermountain will relocate its current operations from 8221 E. 96th Ave. in Henderson to the new space. The company owns the real estate for its locations in other markets, so the Clermont property offered an opportunity to operate out of a more func- tional building as an owner-user, Vanino noted. Price, Utah-based Intermoun- tain Electronics provides a full range of integrated electrical and process systems, with a primary focus on mission critical, power and utilities, mining, and oil and gas solutions, according to its website. Established in 1985, the company has four total locations, including in Centralia, Illinois, and South Point, Ohio. s Intermountain Electronics buys new Denver metro space by Avalon Jacka AURORA – A wholesale dis- tributor of food service, paper and janitorial supplies leased 60,254 square feet at Clarion Gate- way 27. Wisconsin-based RJ Schinner will occupy its new space in the recently completed Class A build- ing at 19080 E. 38th Ave. begin- ning in early 2024. CBRE’s Jeremy Ballenger, Tyler Carner and Jim Bolt represented the landlord, Clarion Partners, in the leasing of the building. “Clarion Gateway 27 benefits from a prime location in the heart of the airport submarket, brand- new Class A features and spec improvements to the building already in place,” said Carner. “We were able to work with RJ Schinner to utilize these existing improvements for a quick occu- pancy, and we look forward to welcoming them to the project.” Clarion Gateway 26 and 27 were the two newest additions to the 3.4 million-sf Clarion Gate- way portfolio, totaling 488,211 sf of industrial space. The project includes one cross-dock build- ing and one front-park, rear-load building with convenient high- way access and on-site trailer parking. For more than 70 years, RJ Schinner has serviced the food service, lodging, grocery, janito- rial supply and office supply mar- kets with 20 locations across the U.S., its website said. The Denver metro area indus- trial market experienced nearly 450,000 sf of net absorption in third-quarter 2023, according to CBRE research. New industrial projects like Clarion Gateway 27 have experienced continued demand in the market as tenants sought highly functional specula- tive space, the research found. Other News n FRONT RANGE – New- mark brokered several industrial deals in the Denver metro area. Relentless Volleyball Club leased 39,595 sf at Castle Rock Industrial at The Meadows Build- ing 1, located at 3533 Timber Mill Parkway in Castle Rock. Based in Parker, Relentless Volleyball Club offers programs and trainings for girls ages 12-18. Newmark’s Mike Wafer Jr. represented the tenant, while the landlord, CRiM Borrower LLC, was represented by Tim Shay and T.J. Smith of Colliers International. ZTL Partners LLC leased 5,000 sf in Norfolk Tech Center, located at 16608 E. Second Ave. ZTL Part- ners offers maintenance services for commercial, residential, mul- tifamily and government proper- ties. Wafer and Russell Gruber of Gruber Commercial Real Estate were co-brokers for the landlord, Judco Storage Properties LLC. The tenant did not have represen- tation in the transaction. Malco Auto Supply LLC leased 3,900 sf at 2464 S. Tejon St. from Penington-Miller & Company Inc. Malco Auto Supply manu- factures professional-grade clean- ing and detailing products. Brian Wingate of Newmark represent- ed the tenant in the direct deal with the landlord. n DENVER – A full-service equipment and supplies provider for the commercial cultivation and extraction industries recent- ly leased a 37,962-sf facility near the Central Park and Montbello neighborhoods. Elevated Equipment Supply leased Building 8 at Denver Busi- ness Center, located at 11220 E. 53rd Ave. The landlord, Prologis, was represented by Cushman & Wakefield’s McManus Indus- trial Team, which includes Drew McManus, Bryan Fry, Ryan Searle and Shannon McBroom. Aviva Sonenreich and Josh Oak- ley from Warehouse Hotline represented the tenant. The space features a cross-dock configuration, a 16-by-22-foot drive-in door and 1,660 sf of newly renovated office space. The adjacent parking area can be secured to be used for fully fenced/paved outdoor storage if the tenant needs it, McBroom said. n METRO DENVER – Russell Gruber of Gruber Commercial Real Estate Inc. facilitated multi- ple industrial deals in the Denver metro area. Headline Inc. leased 10,000 sf of warehouse space at 4635 Jason St. in Denver from landlord Vlasta Ventures. Gru- ber represented the landlord in the transaction, and the tenant was unrepre- sented. The Other Side Academy leased 9,000 sf of warehouse space at 1701 W. 13th Ave. in Denver. Gruber represent- ed the landlord, 13th Holdings. The tenant was unrepresented. The Other Side Academy also purchased a multifamily build- ing at 1880 N. Gaylord St. for $1.6 million in November. Kitty Hook represented The Other Side in that transaction, while JLL rep- resented the seller, the state of Colorado . Cruise America sold a 4,200-sf warehouse on 0.82 acres at 8950 Federal Blvd. in Federal Heights for $1.1 million. Gruber repre- sented the seller, while Paul Kahn of Stream Realty Partners repre- sented the buyer, Widhalm Prop- erties LLC. s Clarion Partners leases 60,000 square feet to RJ Schinner Utah-based Intermountain Electronics will move its operations approxi- mately 6 miles south to its recently purchased industrial building at 6195 Clermont St. Kirk Vanino Matt Nora Russell Gruber acreage, zoning for heavy indus- trial use, rail accessibility and existing functional warehouses. The property is currently occu- pied by Waste Management. Jeremy Ballenger, Tyler Carner and Jessica Ostermick of CBRE are serving at the exclu- sive listing agents for Central 70. Other News n WESTERN SLOPE – A sev- en-property self-storage portfo- lio located on the Western Slope has traded hands for an undis- closed price. DXD Capital, a self-storage private equity firm, acquired the Hills & Homes Self-Storage portfolio, with facilities located at 2222 Sandford Drive, 2462 U.S. Highway 6 and 50, 2693 U.S. Highway 50, 1462 Colo- rado Ave., 2787 Printer’s Court and 3170 Pipe Court in Grand Junction, and 340 W. Third St. in Palisade. T h o m a s Parsons and Adam Schloss- er of Marcus & Millichap represented the u n d i s c l o s e d seller, a local private owner and operator. The team also procured the New Mexico- based buyer. “This port- folio sold at an aggressive cap rate because the seller’s current high occupancy and below-mar- ket rents were viewed as future potential by the buyer pool,” Parsons said. The portfolio, which includes 922 units, all managed from a central office, totals 135,050 square feet. The properties all feature perimeter fences, remote- accessed security cameras and gates. n COLORADO SPRINGS – A Colorado-based commercial real estate investment firm acquired an industrial warehouse off Gar- den of the Gods Road for $1.8 million. Ervosquare purchased the property, situated on 2 acres at 5055 List Drive, from DC LLC. The 8,800-sf property with out- door storage is fully occupied by utility contractor Paonia Inc. Ervosquare was attracted to the property due to the supply constrained nature of industrial properties with outdoor storage in the Garden of the Gods sub- market, according to Ervosquare principal Michael Ervolina. Michael DeSantis, Brett Mac- Dougall and Hudson Cramer of Unique Properties represented Ervosquare, and. Kristjan Danis of Pinnacle Real Estate Advi- sors LLC represented the seller. Ervosquare focuses on acquir- ing value-add commercial prop- erties, particularly small-bay industrial and industrial with outdoor storage, Ervolina said. s ACD Continued from Page 10 Thomas Parsons Adam Schlosser