It represents the largest industrial sale to date for the first two months of the year, says Alex Ringsby, who has handled the sale with fellow Cushman & Wakefield of Colorado Inc. brokers David Banzhaf and J. Ryan Martin. Graebel is the parent of Colorado's largest trucking firm.
Peco II designs, manufactures and services products that support the communications industry's infrastructure. It will be moving about 120 people into the new facility.Dick Hinson, vice president of the Aurora Economic Development Council, says the fast-growing Peco II is the perfect owner of the building. "This company is very solid. It's not speculative in any way," Hinson says.
Hinson says the company likes its corporate neighbors, such as Raytheon Corp. and does a lot of business with Denver-based Qwest Communications, the telecommunications giant based in Denver. Chris Gray, who heads economic development for the council, says Peco II also likes the new interchange at Alameda Avenue and Interstate 225, which improves access to the complex.
Dick Field, Peco's regional program manager, confirms what Hinson and Gray has to say about the neighborhood, particularly the proximity to Denver International Airport. He also feels that he bought the building at far below replacement cost. "We think we got a very, very good deal," Field tells GlobeSt.com. He says the company plans to grow into it over the next decade.
According to Ringsby, there's enough room on the site to build a 150,000-sf building. That may be in the cards down the road, says Field, adding that it depends upon company growth.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
