By Gail Kalinoski
A 42,380-square-foot flex property in the High Pointe Business Center in Littleton, Colo., a Denver submarket, has been sold to an undisclosed buyer. The sales price for the space, which has office and warehouse/storage uses, was not released.
Transwestern’s Brad Cohen, Larry Thiel, Cori Helms and Lauren Quiram represented the seller, GCCFC 2005-GG5 South Revere Industrial LLC in the disposition.
The property in the High Pointe Business Center was built in 2001 and is fully occupied with a diverse mix of stable, industry-leading tenants including Eaton Corp., AimLock and Beabout Brock Easley. It is located within the Hilltop Business Centre at Southpark, a micro-market currently experiencing limited availability in flex and industrial product. The property was sold in the Ten-X auction process and involved several bidders, according to Transwestern.
“As the name suggests, the property sits elevated overlooking Highway 85, offering incredible views of the Front Range. The asset attracted more than 10 competitive bidders through the marketing process, resulting in a sales price that exceeded expectations,” Thiel said in a prepared statement.
Denver industrial stats
The site is located in the Southwest submarket of the Denver metro area. In the third quarter of 2017, the submarket had 6.3 percent total vacancy in the flex/R&D product and total vacancy of 1.9 percent in the overall industrial sector, according to JLL’s Q32017 Industrial Insight report for the Denver region. As of the third quarter, the year-to-date total absorption for the Southwest submarket was 2.0 percent in the flex/R&D category and – 0.9 percent for the total industrial sector. At that time, there was no flex or industrial construction in the submarket and rents were averaging $8.25 per square foot for the overall sector and $10.14 for the flex/R&D category. JLL stated in the report that it did not expect absorption to be nearly as high in the last quarter of 2017, because no large-build-to-suits were scheduled for delivery in the Denver region. However, the firm added, “We still expect the buzz about the region to stay top of mind for those wanting to stay ahead of the changing economy and population…We do not forecast a serious slowdown in the next 12 months.”
Last week, Transwestern was part of another industrial transaction, this one at 1353 Wacker Drive in Hartford, Wis. The firm handled the sale of a 130,300-square-foot, high-tech manufacturing facility in Hartford on behalf of the buyer, Rytec Corp.
Image courtesy of Transwestern