CBRE announced the sale of the Denver Infill Portfolio, a collection of eight industrial buildings totaling over 1.3 million sq. ft. in metro Denver. Stockbridge acquired the portfolio for an undisclosed sum. Jim Bolt, Tyler Carner, Jeremy Ballenger and Jessica Ostermick with CBRE’s Denver office represented the seller. The sale is Colorado’s third-largest industrial disposition on record by sales price and fourth largest by total square feet.
The portfolio includes the following eight properties:
• Table Mountain Commerce Center, located at 16163 W. 45th Dr.
• West 53rd Place, located at 445 W. 53rd Pl.
• Leyden I, located at 4735-4795 Leyden St.
• Leyden II, located at 4725 Leyden St.
• Denver Business Center 5, located at 11175 E. 55th Ave.
• Denver Business Center, located at 11605 E. 55th Ave.
• Moline Distribution Center, located at 4865 Moline St.
• Moncrieff Distribution Center, located at 14303 E. Moncrieff Pl.
The buildings were constructed between 1971 and 2009 with clear heights ranging from 22 ft. to 32 ft. They are located in Denver’s Airport, North Central and West submarkets. The portfolio is fully leased to 25 tenants representing a range of industries, including electrical supplies, warehouse and distribution, manufacturing, construction and building materials, technology, and consumer goods, among others.
“This portfolio attracted investor interest due to the institutional-quality of the buildings, the diverse mix of tenants, and the locations in Denver’s most-desirable industrial areas, flanking Interstate 70,” said Mr. Bolt, vice chairman, CBRE.
Denver’s industrial market is on a historic run, hitting its 48th consecutive quarter of positive net absorption in the first quarter of 2022, according to CBRE research. Strong leasing activity continued with more than 2.6 million sq. ft. transacted in the period January to March 2022.
“Tenants are leasing industrial space at a blistering pace to hold more inventory and mitigate transportation costs that are growing at a much faster pace than lease rates,” added Mr. Bolt.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Stockbridge
Stockbridge is a private equity real estate investment management firm led by veteran industry professionals. The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-added and opportunistic strategies. Stockbridge and its affiliates have approximately $28.0 billion of assets under management (as of December 31, 2021) spanning all major real estate property types and certain specialty property types throughout the United States. For more information, visit www.stockbridge.com.
