Chicago Industrial Buyer Makes An Englewood Play
An industrial property in Denver's Southeast submarket has sold for $10M to a Chicago buyer.
Columbia Industrial Acquisition Co. purchased the 63.5K SF property at 8644 South Peoria from locally based Gordon Development. Built in 2017, it is 100% leased.
CBRE represented the seller in the transaction. Executive Vice President Jeremy Ballenger said the property’s Class-A features, tenants with long-term leases and location were attractive to Columbia Industrial Acquisition Co.
CBRE Executive Vice President Tyler Carner said that the Southeast submarket has over 20.5M SF of industrial inventory and 864K SF under construction. It is “maturing into a regional distribution hub,” he said.
According to CBRE’s Denver Industrial MarketView Q4 2019, in the Southeast submarket the average asking lease rate is slightly over the metro Denver average; $9.88 per SF versus the average of $8.24 per SF.
In mid-March, Bisnow hosted a Denver Industrial Boom event. Despite the beginning of the coronavirus in the United States and the upcoming presidential election, some on the panel felt the uncertainty wouldn’t cripple the industrial real estate economy, though it could normalize it, after 11 years of expansion.