Stockbridge Makes Another Denver Play
It’s been a busy week for San Francisco-based Stockbridge Real Estate in Denver.
It purchased an industrial property in Broomfield for $47.8M. Called Interpark Industrial Center, it was sold by Denver-based Brue Baukol Capital Partners.
A property it purchased in 2015 as part of a partnership, Triad at Orchard Station, sold this week for a reported $54M, the Denver Business Journal reports. It purchased the three-building office park in Greenwood Village back in 2015 with SteelWave Inc.
The 239,800 SF Interpark Industrial Center was completed in 2018 and is currently 89.7% leased by Swisslog Healthcare, MKS Instruments and GC Imports.
Located at 11325 Main St. and 11380 Reed Way in Broomfield, its tenant mix and location along U.S. 36 attracted the buyer, CBRE’s Jeremy Ballenger said. The location has increasingly high barriers to entry and rapid economic growth projections, he added.
Broomfield is located in Denver’s northwest industrial submarket. Per CBRE data, this submarket recorded 579K SF of positive net absorption last year. This is the highest level of absorption in the submarket since 1988.
This isn’t Stockbridge Real Estate’s first Broomfield purchase. In 2018, it acquired 224 and 226 Commerce St. in Broomfield for $12.2M.