A Denver-based real estate investment trust landed 423,412 square feet of Class A industrial product in a $36.43 million transaction.
Industrial Property Trust acquired Buildings 1 and 3 at Airways Business Center, a multiple building industrial park at Airport Boulevard and East Smith Road in Aurora. Built in 2003 and 2004, the high image buildings were 100 percent leased.
Jim Bolt
“It was a highly sought-after transaction. We had tremendous interest in it,” said CBRE Executive Vice President Jim Bolt, who handled the sale. “These were Class A buildings, and Class A buildings in particular are scarce and not often sold,” he said.
Building 3 is a 332,075-sf, cross-dock facility at 2470 Airport Blvd., 264,400 sf of is leased to Conn’s HomePlus. Chep USA leases the remaining space. Building 1 is a 91,337-sf front-park, rear-load warehouse at 2450 Airport Blvd. It houses Eaton Corp., American Concession Supply and Griffin Greenhouse Supplies.
Pacifica Real Estate Group sold the buildings, which have 24- to 30-foot ceiling clearance, ESFR fire sprinklers, multiple dock doors, and easy access to Interstates 70 and 225. The price was $86.03 per sf.
Industrial Property Trust acquires, develops and manages high-quality distribution warehouses leased to corporate customers throughout the United States. Between January 2014 and December 2016, it had acquired, either directly or through a 20 percent ownership interest in a joint-venture partnership, 247 industrial buildings totaling 39.8 million sf in 27 markets for an aggregate purchase price of $2.9 billion.
