Stockbridge Buys Broomfield Industrial Property
San Francisco-based Stockbridge has purchased a 121K SF industrial property in Broomfield.
The property, at 224 and 226 Commerce St., includes two buildings on 7.6 acres. The 224 Commerce St. building is 46,280 SF, and 226 Commerce St. is 74,853 SF. A portion of the square footage in both buildings is dedicated to office space.
The business park is fully leased to six tenants, including PUREGAS, Stone Lighting and Spaceman USA. Two upcoming lease expirations present an opportunity for new tenants in the market.
“224 and 226 Commerce St. are unique not just because of their Boulder-driven location but also because the buildings offer true small-bay space, which is increasingly difficult to find in metro Denver,” said CBRE Senior Vice President Jeremy Ballenger, who, with Tyler Carner and Jim Bolt, represented seller Flagstaff Holdings-224 LLC of Boulder. “Tenants also appreciate the functional design and features like ample clear heights, sprinklers, dock-high and drive-in loading.”
Stockbridge has launched a capital improvement campaign, including the rebranding of the property to Northwest Commerce Park and a repainting of the assets. The site is just north of U.S. 26 at Wadsworth Parkway in Denver’s northwest corridor.
“As Boulder’s rents have continued to climb, and we’ve seen no new industrial construction in the market since 2014, many industrial tenants are relocating to the northwest corridor and seeking out properties like 224 and 226 Commerce St.,” said CBRE Vice President Jeremy Kroner, who is taking over the leasing at the business park along with Ballenger and Carner. “There’s also organic growth within the greater northwest area, and the property allows companies to secure more competitive rents while maintaining access to the area’s outstanding labor pool.”