Graham Avenue Realty has offered Commerce Sq., two gentle industrial buildings totaling 145,242 sq. ft in Aurora, Colo. Midtown Nationwide Group bought the buildings for $21.5 million, financing the acquisition with a $8.8 million mortgage from Nationwide Insurance coverage Co., in line with CommercialEdge knowledge. JLL Capital Markets labored on behalf of the vendor and procured the customer.
On the time of the sale, Commerce Sq. was leased to 12 tenants together with Frontier Enterprise Merchandise, PARTpoint, Grane RX, ExperiGreen, Berendsen Fluid Energy and Colorado Automation and Design, the identical supply exhibits.
Commerce Sq. beforehand traded in 2020, when Graham acquired it for $16 million from First Industrial Realty Belief. A JLL workforce represented the vendor again then as effectively.
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Accomplished in 1985, Commerce Sq. contains two one-story buildings with rear-loading configurations, 18-foot clear heights, 38 docks, 11 drive-in doorways, local weather management and 265 parking areas.
Positioned on some 9 acres at 3250 Quentin St. and 3251 Revere St., the economic buildings are close to the intersection of interstates 70 and 225, which permits easy accessibility throughout the Denver metropolitan space. Downtown Denver is a few 10 miles west.
JLL Managing Administrators Larry Thiel and Ryan Sitov, along with Director Rob Key, led the Capital Markets workforce who represented the vendor. JLL Senior Managing Director Carmon Hicks and Managing Director Jason White spearhead the leasing efforts on the property.
An energetic and fascinating industrial market
Commerce Sq. has acquired main curiosity as a result of its location within the I-70 East submarket, the entrance park rear-load configuration and small bay suite sizes, Key acknowledged in a ready comment.
Over the past decade, Denver has turn out to be one of many nation’s most energetic industrial markets. The metro ranked third for industrial development among the many western markets as of November, in line with latest CommercialEdge analysis. Denver’s energetic pipeline featured 24 initiatives totaling 9.7 million sq. ft, accounting for 3.7 p.c of whole inventory.
