First Industrial, one of the nation's largest industrial REITs, is the new owner of the 144,464-sf Commerce Square in Aurora and 90,219-sf Parkway Point at the opposite end of the metro area in Lone Tree, along the southeast corridor. Both projects had been built in 1984 and are 100% leased. Richey says the buys are riding at replacement cost or just below.

"Commerce Square is located in a master-planned business park in northeast Denver, the city's largest and most active industrial market," says Mike Winn, who handled the transaction with fellow Cushman & Wakefield of Colorado Inc. broker Tim Richey. "This is one of the most attractive industrial locations in the submarket."

Commerce Square includes ample parking, two-bay and four-bay loading dock doors, and a flexible design, he says. Tenants include Unipac Service Corp., Pacific Network Supply and Fason Office Products.

First Industrial has acquired the projects from Real Estate Separate Account, managed by Principal Capital of Des Moines, IA. Don Stoffle of Chicago-based First Investment Services, has represented First Industrial.

Parkway Point's major tenants include 3-D Geophysical, Hathaway Corp., Computer Media & Services and ICX International. "Parkway Point is a well-designed service center complex that can accommodate a wide range of office and industrial tenant uses," Richey says. "It addresses a unique niche in the fast-growing Park Meadows area. This infill retail-oriented location insulates the property from future competition making this a truly outstanding opportunity."

First Industrial owns, operates and manages 84 million sf of industrial facilities, including developments in progress. Principal Capital Management LLC is an institutional asset manager and a member company of the Principal Financial Group. Principal Capital has expertise in equities, fixed income and commercial real estate.

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