Colorado-Real-Estate-Journal_437197

Page 10 - January 1-14, 2025 www.crej.com Industrial by Avalon Jacka DENVER – A 695,899-square- foot logistics center in the Northfield submarket sold in October for the first time since completion. FC Stapleton Industrial LLC sold the two-building Central Park Logistics Center, located at 9300 and 9400 E. 46th Place, to Third Avenue Invest LLC for $100.1 million, according to SKLD Information Services. The seller entity is affiliated with project developer Brook- field Properties. The buyer entity’s address is associated with Property Reserve, the real estate investment arm of the reserve funds for the Church of Jesus Christ of Latter-day Saints. Brookfield delivered the LEED certified Central Park Logistics Center in 2021. The buildings feature 32- and 36-foot clear height, TPO “cool roofs,” clerestory windows, ESFR sprinklers, and modern truck courts with ample car and trailer parking. The “last mile” property provides immediate access to Interstate 70 and connectivity to E-470, and Interstates 225 and 270. The asset is visible from the highway and offers proximity to numerous ame- nities, diverse housing oppor- tunities, public transporta- tion and a strong workforce, according to a project brochure. Central Park Logistics Center is leased to a diverse rent roll, including Metrie Inc., Discount Tire, Marcone Supply Inc. and CED, according to a market- ing brochure. The park is fully leased with long-term leases in place. Mike Wafer and Mike Wafer Jr. of Newmark man- aged leasing efforts for the logistics center on behalf of Brookfield. A Brookfield Properties representative could not be reached for comment. Head- quartered in New York City, Brookfield Properties develops and owns properties in mul- tiple asset classes, including office, retail, logistics, multi- family and hospitality. Based in Salt Lake City, Prop- erty Reserve invests in office, warehouse, apartments, lodg- ing, land, mixed-use, single- family rentals and parking asset types. The Church of Latter-day Saints has actively invested in real estate for over a century, according to Prop- erty Reserve’s website. s Brookfield sells Central Park Logistics Center for $100.1M by Avalon Jacka COMMERCE CITY – A private- ly held Minneapolis-based waste and recycling collection company expanded to the Denver market with a new facility. Aspen Waste Systems opened its new office at 7475 E. 84th Ave. in December. The company leased the industrial space, built in 2000, from landlord Oso Verde LLC. “Denver is a thriving metro area,” said Aspen Waste President Alexa Kircher Fang. “There's been so much sig- nificant growth over the last several years, and we love that. We also under- stand that it's a community that really appreciates and supports independent, family owned busi- nesses. We've seen a lot of consoli- dation and acquisition activity in the recent years by the big national players and private equity, and the market is dominated by the biggest three national players. So, we think there's an appetite for a company like us, an independent, family owned operator focused on exceptional service.” Aspen Waste does not own dump sites, focusing instead on the customer service side of pick- ing up trash from customers. The company uses disposal sites owned by other compa- nies. The new office is near to several independent transfer stations, as well as dump sites owned by larger national com- panies. The area is also home to several single-sort recycling facilities. Kircher Fang high- lighted the various disposal options available, noting the company likes to provide the most environmentally sustain- able and cost-effective solu- tions to cus- tomers. “Commerce City is a big industrial area, and histori- cally, it’s been the hub of our Aspen Waste Systems expands into Colorado market by Avalon Jacka BOULDER – A newly estab- lished drug discovery compa- ny took over a former Pfizer research and development facility in eastern Boulder in December. Ambrosia Biosciences moved into the facility at 1885 33rd St. in Boulder. The company subleased all of the 20,000-square-foot Building 1 of the four-building campus. The facility is comprised pri- marily of lab space with some office space and includes 22 chemical fume hoods, a dedi- cated nuclear magnetic reso- nance facility and supporting biology labs to enable research. “The reason that [this build- ing is] so intriguing to us, and why we made such an effort to make this our building of choice is because it is very well outfitted for the type of medicinal chemistry and biol- ogy work that we wanted to do here,” Ambrosia Bioscienc- es CEO Nick Traggis said. “It has 22 chemical fume hoods already installed in the build- ing, as well as dedicated labo- ratory space for some of the other equipment we need. That's a unique thing here in Boulder. It is the most chemis- try-ready facility in town, and that's why we made the effort to lease it from Pfizer, because of that infrastructure that was already in place.” Ambrosia Biosciences was represented in the sublease by Jorge Espinoza of The Colo- rado Group, and Pfizer was represented by Todd Wheeler of Cushman & Wakefield. The campus is owned by Invesco. “We’re appreciative that Pfiz- er was willing to work with us on this sublease,” Traggis said. “We’re a small company, and this is a small deal by Pfizer standards, so we appreciate that they were willing to offer the resources to make that hap- pen, because they clearly didn't have to.” Ambrosia Biosciences is focused on the research of small molecule-based, orally available therapies for obesity and other metabolic condi- tions, according to Traggis. The company is currently develop- ing a simplified pill form of a glucagon-like peptide-1 ago- nist drug, similar to Ozempic. Ambrosia Biosciences closed its second round of Series A financing, totaling $25 million, in December. Local biotech fund Boulder Ventures Biotech Fund, San Francisco-based hedge fund BVF Partners and global pharmaceutical com- pany Merck backed the most recent round of funding. The company also closed a found- ers’ seed round in March and its first Series A funding round in July. The new facility is Ambrosia Bioscience’s first official loca- tion; the company used the offices of local investors since the company’s founding until it was able to move into the space, Traggis said. The facil- ity was previously home to Array Biopharma, which was acquired by Pfizer in 2019. Pfizer shut down the facility and released the staff in April 2024. Traggis said the nexus for forming Ambrosia Biosciences was the ability to recruit the former Array team and apply the small molecule develop- ment expertise of Array to the company’s new obesity targets. “When Pfizer shut down the Array site, that’s a team that is near and dear to us,” Traggis said. “Many of us came from Array or have worked with teams from Array before. One of our lead investors, Boulder Ventures, was actually one of the founding investors of Array BioPharma as well. [The facility gave us the] ability to take that team and give them a place to kind of re-land on their feet and do something new in a facility that they’re experienced with, with the same equipment that they were using before. “I think is really cool story as a way to kind of turn a fair- ly negative event, which is a major layoff here in town, and add a positive light to it, that we’re able to take the core of that team and start a new com- pany with it,” Traggis added. Traggis said Ambrosia Bio- sciences is “very passionate” about building infrastructure in the U.S. and Colorado and not outsourcing overseas, which is the predominant model in the industry. The facility’s build-out will include outfitting labs for the company’s specific equipment, minor updates to conference rooms and other minor tenant improvements, Traggis said. Ambrosia Biosciences pur- chased the equipment from the lab at auction and hired the former facilities manager from Pfizer as the company’s direc- tor of facilities due to his his- tory and familiarity with the building and campus. Ambrosia Biosciences plans to eventually expand within the additional buildings on campus, which Pfizer is look- ing to sublease, Traggis said. “We’ll see how our growth plans line up with that avail- ability,” Traggis said. s R&D startup subleases 1st facility from Pfizer in Boulder Newmark The two-building Central Park Logistics Center, located at 9300 and 9400 E. 46th Place, sold for $100.1 million in October. Please see Aspen, Page 11 Aspen Waste Systems’ new office at 7475 E. 84th Ave. will serve the greater Denver metro area with waste collection services. Alexa Kircher Fang Thor Nelson