Westcore Sells Denver-Area Industrial Asset

Dove Valley Business Center is a small-bay property that came online in 2018. Image courtesy of CBRE

Haleakala Ranch Co. has acquired Dove Valley Business Center, a 149,776-square-foot industrial property in Englewood, Colo., according to Arapahoe County records. Westcore Properties sold the asset for $29.8 million, with the assistance of CBRE. MidPacific Asset Advisors represented the buyer.

The property previously traded in 2020, when Westcore purchased the industrial asset for $23 million from Brennan Investment Group, CommercialEdge data shows.

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Completed in 2018 on 10.7 acres, the Class A small-bay facility features 28-foot clear heights, 30 dock-high doors, six drive-in doors, ESFR sprinklers, a large truck court and outdoor storage. Tenant suites range between 23,700 and 26,300 square feet.

Dove Valley Business Center is near Interstate 25 at 14101 E. Otero Ave., about 20 miles southeast of downtown Denver and less than 2 miles from Centennial Airport (KAPA). The surrounding area is home to American Furniture Warehouse, Amazon, Digicomm International Inc. and Beehive Industries, among others.

CBRE Executive Vice President Jeremy Ballenger, Vice Chairman Jim Bolt, SIOR Executive Vice President Tyer Carner and Senior Vice President Jessica Ostermick represented the seller.

Fully leased small-bay property

The distribution center was fully occupied by five tenants at the time of sale. Executive Managing Director Tyler Reed, Executive Vice President Dominic DiOrio and Managing Director Peter Beugg with Stream Realty Partners handled the leasing efforts.

Year-to-date as of June, industrial sales amounted to $137 million in Denver, the per-square-foot price averaging $131, a recent CommercialEdge report shows. The metro had a vacancy rate of 6.8 percent, with an average rent rate that rose 4.1 percent in the last 12 months ending in June.

Since its founding in 2000, Westcore had more than 100 million square feet of assets under management. In one of its more recent purchases, the firm acquired a 519,905-square-foot industrial campus from BentallGreenOak.