TA Realty Buys Denver Industrial Portfolio
The two-building asset collection traded for $33 million.
TA Realty has acquired The Airport Central Portfolio, a 340,960-square-foot industrial portfolio in Denver. The two-building property collection traded for $33 million, according to Denver County public records. CBRE negotiated the deal on behalf of the seller, a group of institutional investors advised by J.P. Morgan.
CBRE’s Executive Vice Presidents Jeremy Ballenger and Tyler Carner, Vice Chairman Jim Bolt and Director Jessica Ostermick worked on behalf of J.P. Morgan.
Situated in Denver’s Airport submarket, The Airport Central Portfolio is an attractive investment due to its infill location and upside potential of reaching full occupancy and higher rents, Carner said in prepared statements.
Located at 11777 E. 55th Ave. and 11475 E. 53rd Ave., the two one-story, concrete buildings feature ESFR sprinklers, climate control systems, rail served doors, as well as dock high and drive-in loading. The first building, completed in 1986, has 112 parking spots, while the second facility, completed in 1985, includes 143 parking spots, according to CommercialEdge.
Situated across from each other on nearly 15 acres, the industrial buildings are close to Interstates 70 and 225, about 7 miles from Aurora, Colo., 12 miles from downtown Denver and 17 miles from Denver International Airport. The portfolio is 93 percent leased to seven tenants including PSA, Manufacturers Warehousing and Silvercote, the same data provider shows.
Strong Western industrial markets
In September, TA Realty purchased another industrial asset in the Western U.S. The company paid $90.5 million for Green Valley Corporate Park, a 415,107-square-foot industrial asset in Fairfield, Calif. Recent CommercialEdge data shows that six of the most expensive industrial markets are situated in the Western U.S. Nationally, $71.9 billion in industrial sales closed in the first 10 month of 2022. Among 29 major markets, Denver ranked around the middle, with $1.6 billion in total sales volume, followed by Tampa, Fla., and Seattle.