CBRE announced today the $9.9 million sale of Moncrieff Business Center, a 101,406-square-foot industrial building located at 14603 East Moncrieff Place in Aurora, Colo. Tyler Carner, Jeremy Ballenger, Jim Bolt and Jessica Ostermick with CBRE's Denver office represented the seller, Berkeley Partners of San Francisco. An investor advised by Zurich Alternative Asset Management, LLC (ZAAM) of New York purchased the fully leased multi-tenant distribution warehouse in a sale that closed Nov. 15.
The property is located in Denver's Airport submarket, which has recorded 17 consecutive years of positive net absorption and is the area's largest and most-institutionally owned industrial submarket. The building includes 22-ft. clear heights, an ESFR fire protection system, dock-high and oversized drive-in loading, rail doors serviced by Union Pacific and rare fenced outside storage.
"Moncrieff Business Center has an ideal location for warehouse distribution users with easy access to the area's main highways and Denver's growing population. The building also offers small-bay industrial space, which is in-demand by tenants but can be hard to find as rising construction costs have limited new light industrial development in Denver," said Tyler Carner, Senior Vice President, CBRE.
Berkeley Partners originally acquired Moncrieff Business Center as part of its purchase of the Colorado Industrial Portfolio in January of this year. Partially vacant at the time of Berkeley Partners' acquisition, CBRE leased up the space to full occupancy, and the business center is now fully occupied by two tenants: PEPMOVE Precision Equipment Placement and GE Johnson Construction Co.
"We are excited to add Moncrieff Business Center to our national portfolio. This multi-tenant industrial asset is ideally located with excellent access and proximity to both I-70 and I-225," said Tom Buffa, Executive Director with ZAAM.
"We invest in core and core-plus assets in 20 US markets, and while most assets we acquire are valued between $15m and $100m, we have a few pockets that can execute at or below the small end of that range to build diversification for certain smaller portfolios and give sellers of smaller assets a solid institutional execution. Moncrieff is a nice example of that," added Sean Bannon, Managing Director and Head of U.S. Real Estate for Zurich Alternative Asset Management.
Constructed in 1982, Moncrieff Business Center sits on 4.23 acres just north of East Smith Road between I-225 and Chambers Road and a half-mile south of I-70.
"We are very pleased with the outcome of this sale and the execution by the CBRE team. While we are happy to have executed our business plan, we believe in the positive long-term market fundamentals in Denver and look forward to continued investment in the region," said Matt Novak, Partner at Berkeley Partners. Berkeley Partners is an investment firm focused exclusively on light industrial real estate with a portfolio of over 6 million sq. ft. located in some of the U.S.' fastest-growing cities and submarkets.