Hyde Development and Mortenson Properties purchased a three-building, 592K SF industrial portfolio in Denver known as the Peoria Business Center for $74M.
The property is at 12330 and 12360 E. 46th Ave. and 13100 E. Albrook Drive in Denver’s airport submarket. It has averaged 98% occupancy over the last 15 years and is close to multiple highways.
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CBRE’s Jeremy Ballenger, Tyler Carner, Jessica Ostermick and Jim Bolt represented the seller, Invesco.
“Folding the Peoria Business Center into our portfolio with 76 Commerce Center and HighPoint gives us a stronger presence of Class A industrial assets in Denver’s leading industrial submarket,” Hyde CEO Paul Hyde said in a press release.
PEOPLE
Bryon Stevenson joined CBRE’s Denver office as a senior vice president this week. Stevenson specializes in urban and suburban land sales for multifamily and mixed-use development. He has completed more than 50 transactions with a cumulative value of more than $100M.
SALES
Confluent Development and Denver-based private equity firm Ascentris formed a joint venture to acquire the five-story, 161K SF office building known as ParkRidgeSix in Lone Tree. The building is 100% leased, according to a news release.
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An 11-unit multifamily property at 3738 Eliot St. in Denver’s Highlands district sold for $2.4M, or roughly $213K per unit, according to property records.
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A 9,300 SF retail building at 1538 Wazee St. in downtown Denver sold to a Florida-based LLC for $2.6M, property records show.
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Lokal Homes purchased four parcels near Sloan’s Lake for $10.4M with plans to build a 67-unit condo complex consisting of three buildings, the Denver Business Journal reported.
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Commons Park West, a 339-unit apartment complex at 1550 and 1620 Platte St. in Denver, sold for $145.5M, the Denver Business Journal reported.
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Laramar Group, a real estate investment group with offices in Denver and Chicago, purchased the Royal Palace Motel at the corner of Colfax Avenue and Colorado Boulevard for $7.4M, property records show. The hotel has been abandoned since 2013.
LEASES
RingCentral extended its lease of more than 100K SF of offices at 8005 S. Chester St. in Centennial. Newmark’s Jonathan Cannon and Jamie Gard represented the tenant. The landlord was represented by Lincoln Property Co.
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Relentless Volleyball Club inked a new lease for nearly 40K SF of industrial space at 3533 Timber Mill Parkway in Castle Rock. Newmark’s Mike Wafer Jr. represented the tenant.
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Empire Roofing and Sheet Metal Inc. extended its lease of nearly 19K SF of industrial space at 14101 E. 33rd Place in Aurora. Newmark’s Mike Wafer Jr. represented the tenant.
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