{"id":1004662135,"date":"2023-05-11T03:57:29","date_gmt":"2023-05-11T11:57:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004662135"},"modified":"2023-05-11T03:57:54","modified_gmt":"2023-05-11T11:57:54","slug":"everwest-pays-40m-for-denver-industrial-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/everwest-pays-40m-for-denver-industrial-asset\/","title":{"rendered":"EverWest Pays $40M for Denver Industrial Asset"},"content":{"rendered":"
\"Central<\/a>

Central Connection. Image courtesy of EverWest Real Estate Investors<\/em><\/p><\/div>\n

EverWest Real Estate Investors<\/strong> has acquired Central Connection, a two-building, 194,710-square-foot industrial property in Denver’s North Central submarket. Comunale Properties<\/strong> and J. P. Morgan Asset Management<\/strong> sold the asset for $39.6 million, according to Adams County public records, with the assistance of CBRE<\/strong>.<\/p>\n

Comunale broke ground on Central Connection in December 2019 and completed it in 2020. The following year, the property became subject to a $24.5 million loan originated by FirstBank, CommercialEdge data shows.<\/p>\n

\n

READ ALSO<\/strong>: How Much Will Investors, Lenders Reduce Activity?<\/a><\/p>\n

\n

Located at 1550 and 1210 E. 73rd Ave., Central Connection encompasses two industrial buildings of 153,264 and 41,446 square feet, respectively. The campus features 32- and 24-foot clear heights, ESFR sprinkler systems, an office build-out component, a 130-foot truck court and 411 parking spots.<\/p>\n

The 14-acre property is close to interstates 25, 270, 76 and 70. The campus is 7 miles from downtown Denver and 18 miles from Denver International Airport.<\/p>\n

A fully leased industrial campus<\/h2>\n

The property was fully leased at the time of sale. Back in 2020, at the time of its completion, the industrial asset beat the record for the quickest lease-up of a speculative development in Central Denver. Peloton, Outpost, Alpha, Carlisle, Epicurean and Newcomb Spring Corp. are currently occupying the campus.<\/p>\n

Denver’s North Central industrial market is known for having one of the highest rents in the region, along with low vacancy rates, noted EverWest Managing Director of Acquisitions Brett Birkeland, in prepared statements. He also added that Central Connection stands out due to its modern design, in an area with older industrial products.<\/p>\n

CBRE<\/strong> Executive Vice Presidents Jeremy Ballenger and Tyler Carner, Vice Chairman Jim Bolt and Senior Vice President Jessica Ostermick negotiated on behalf of the seller.<\/span><\/p>\n

EverWest currently has $5.2 billion in assets under management, invested through separately managed accounts and commingled funds. The firm’s Denver portfolio also includes a 936,775-square-foot industrial complex<\/a> in Thornton, Colo., that recently landed a full-building lease<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Comunale Properties\u00a0and J. P. Morgan Asset Management sold the fully leased campus.<\/p>\n","protected":false},"author":2991,"featured_media":1004662187,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1587,21748,21783,21742,15],"tags":[32789,40101,33223],"class_list":["post-1004662135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-denver","category-industrial","category-investment","category-latest","category-west","tag-cbre","tag-everwest-real-estate-investors","tag-j-p-morgan-asset-management"],"acf":[],"yoast_head":"\nEverWest Pays $40M for Denver Industrial Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"EverWest Real Estate Investors acquired Central Connection, a two-building industrial campus in Denver, for $39.6 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/everwest-pays-40m-for-denver-industrial-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EverWest Pays $40M for Denver Industrial Asset\" \/>\n<meta property=\"og:description\" content=\"EverWest Real Estate Investors acquired Central Connection, a two-building industrial campus in Denver, for $39.6 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/everwest-pays-40m-for-denver-industrial-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-11T11:57:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-11T11:57:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/CentralConnectionII_hi-res-04-e1683801546845.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1795\" \/>\n\t<meta property=\"og:image:height\" content=\"1350\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Simona Tudose\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/everwest-pays-40m-for-denver-industrial-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/everwest-pays-40m-for-denver-industrial-asset\/\",\"name\":\"EverWest Pays $40M for Denver Industrial Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/everwest-pays-40m-for-denver-industrial-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/everwest-pays-40m-for-denver-industrial-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/CentralConnectionII_hi-res-04-e1683801546845.jpg\",\"datePublished\":\"2023-05-11T11:57:29+00:00\",\"dateModified\":\"2023-05-11T11:57:54+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/4659e2337f06b61cefc6b0b897d183a4\"},\"description\":\"EverWest Real Estate Investors acquired Central Connection, a two-building industrial campus in Denver, for $39.6 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/everwest-pays-40m-for-denver-industrial-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/everwest-pays-40m-for-denver-industrial-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/everwest-pays-40m-for-denver-industrial-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/CentralConnectionII_hi-res-04-e1683801546845.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/CentralConnectionII_hi-res-04-e1683801546845.jpg\",\"width\":1795,\"height\":1350,\"caption\":\"Central Connectio. 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