SCHAUMBURG, IL (February 24, 2022)--Industrial Outdoor Ventures (IOV) has acquired a 14.04 acre low coverage industrial service facility (ISF) in suburban Denver (Commerce City), CO. Simultaneous with its acquisition of the property, IOV named CBRE as the exclusive leasing agent for the property. Financial terms of the transaction were not disclosed.
The Seller of the property was TSL Terminals which had previously occupied the property and utilized it as a stacking yard. The company is consolidating its operations to another Commerce City location.
"With this acquisition we continue to strategically build our portfolio in Colorado,” said Eric Johnson, Senior Vice President of Development & Acquisitions, Industrial Outdoor Ventures. “Our seventh acquisition in the Denver area aligns with our value-add investment strategy and our ability to make improvements and re-tenant the property.”
The ISF is located at 9180 Boston Street, less than three miles from I-70, an east-west interstate highway from Utah to Maryland, and one mile from Highway 4. The 14.04 acre asset consists of a fully-fenced surface yard area. It also features extensive lighting and is fully landscaped.
Additional features of the property include parking for up to 423 trailers, rail service adjacent to the site and a tremendous in-fill location. These features make it ideally suited for truck parking, a laydown yard, material storage or an equipment sales and rental operation.
IOV’s second acquisition in 2022 helps set the stage what the company expects will be an active year for acquisitions across the country. The company is poised to make up to $400 million in acquisitions, building on momentum it established in 2021. Last year IOV made 21 acquisitions totaling 278 acres of yard area and 1.1M square feet of buildings with an aggregated value in excess of $350 million. One of the highlights of 2021 was a 14 property portfolio IOV acquired from Ahern Rentals.
Mike Camp, Senior Vice President, CBRE who represented the Seller in the transaction, has been named as the exclusive leasing agent for the Commerce City asset.