Investors In NW Suburban Denver Pursuing An Industrial Property Value-Add Play
Denver-based DPC Cos. and Boston-based Long Wharf Capital acquired 333-335 Centennial Parkway, a 404K SF multi-tenant industrial building in Louisville. It is a value-add play for the new owners. Apartments are not the only kinds of property that can benefit from upgrades; industrial can as well, the buyers believe.
DPC and Long Wharf will undertake a multimillion-dollar renovation of the property, including new tenant entrances, a renovated interior and enhanced loading. The upgrades will include a new name and brand to highlight the property’s connectivity to Boulder, U.S. 36 and Denver.
“We will partner with DPC to reposition and stabilize a well-located asset in a tightly occupied and sought-after market,” Long Wharf Capital Director John Schonborn said.
“This is an opportunity to re-engage in the northwest submarket with an important asset,” DPC President Chris King said.
Alec Rhodes, R.C. Myles, Jim Brady and Campbell Davis with the Cushman & Wakefield Denver office repped W.P. Carey, the seller. Cushman & Wakefield's Chris Ball, Alec Rhodes and Joe Krahn will be handling the leasing of the available 201K SF.
According to Ball, the space is flexible enough to accommodate manufacturing, warehouse, office and R&D uses, with mountain views.
Current tenants at 333-335 Centennial Parkway include Bestop, a supplier of Jeep and truck accessories, and ServTech Inc., a manufacturer of electrical motor controls used in oil field pumping and compression equipment.