Denver-Area Industrial Asset Changes Hands

JLL represented the seller and procured the buyer.

Graham Street Realty has sold Commerce Square, two light industrial buildings totaling 145,242 square feet in Aurora, Colo. Midtown National Group purchased the buildings for $21.5 million, financing the acquisition with a $8.8 million loan from Nationwide Insurance Co., according to CommercialEdge data. JLL Capital Markets worked on behalf of the seller and procured the buyer.

At the time of the sale, Commerce Square was leased to 12 tenants including Frontier Business Products, PARTpoint, Grane RX, ExperiGreen, Berendsen Fluid Power and Colorado Automation and Design, the same source shows.

Commerce Square previously traded in 2020, when Graham acquired it for $16 million from First Industrial Realty Trust. A JLL team represented the seller back then as well.

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Completed in 1985, Commerce Square comprises two one-story buildings with rear-loading configurations, 18-foot clear heights, 38 docks, 11 drive-in doors, climate control and 265 parking spaces.

Located on some 9 acres at 3250 Quentin St. and 3251 Revere St., the industrial buildings are near the intersection of interstates 70 and 225, which allows easy access across the Denver metropolitan area. Downtown Denver is some 10 miles west.

JLL Managing Directors Larry Thiel and Ryan Sitov, together with Director Rob Key, led the Capital Markets team who represented the seller. JLL Senior Managing Director Carmon Hicks and Managing Director Jason White spearhead the leasing efforts at the property.

An active and desirable industrial market

Commerce Square has received major interest due to its location in the I-70 East submarket, the front park rear-load configuration and small bay suite sizes, Key stated in a prepared remark.

Over the last decade, Denver has become one of the nation’s most active industrial markets. The metro ranked third for industrial construction among the western markets as of November, according to recent CommercialEdge research. Denver’s active pipeline featured 24 projects totaling 9.7 million square feet, accounting for 3.7 percent of total stock.

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