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Commerce Square, Parkway Point Fetch $16.7 Mil

DENVER-First Industrial Realty Trust has snagged a couple of good buys, paying replacement cost or less for Commerce Square and Parkway Point. The aggregate 234,683 sf brings $16.7 million for the seller.

By John Rebchook | Updated on January 25, 2001

DENVER-Chicago-based First Industrial Realty Trust Inc. has paid about $16.7 million for two industrial projects in the Denver area.

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.”

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