Crosse Partners Buys Denver-Area Distribution Center

Moncrieff Business Center last changed hands in 2019. Image by Virtuance, courtesy of CBRE

Crosse Partners has acquired Moncrieff Business Center, a 101,406-square-foot industrial building in Aurora, Colo., for $10.9 million. CBRE negotiated on behalf of the seller, an affiliate of Zurich Alternative Asset Management. The property last changed hands in 2019, when Berkeley Partners sold it for $9.9 million, according to CommercialEdge.

Moncrieff Business Center is a Class B story distribution center within Denver’s Airport submarket. The property features 22- to 24-foot clear heights, sky lights, ample column spacing, ESFR sprinkler systems, an office build-out component, loading doors, dock levelers and bumpers, a truck court and 90 vehicle parking spots, according to the same source.

The industrial building at 14603 E. Moncrieff Place provides easy access to interstates 70 and 255, as well as to Union Pacific Rail Line. The 4.3 property is 9 miles from Denver International Airport, 13 miles from downtown Denver, 20 miles from Lakewood, Colo. and within 35 miles of Boulder, Colo.

The CBRE team representing the seller included Vice Presidents Jeremy Ballenger and Tyler Carner, Senior Vice President Jessica Ostermick and Vice Chairman Jim Bolt.

Recent industrial acquisitions in Denver

The same CBRE team worked on behalf of Westcore Properties in another industrial sale in Denver. In August, the company sold Dove Valley Business Center, a 149,776-square-foot industrial property in Englewood, Colo., for $29.8 million.

Year-to-date though September, industrial sales in Denver amounted to $288 million, according to a recent CommercialEdge report, at an average price per square foot of $133. In May, Comunale Properties and J.P. Morgan Asset Management sold Central Connection, a two-building industrial campus totaling 194,710 square feet in Denver’s North Central submarket. The property changed hands for $39.6 million.