The sale increases Chicago-based First Industrial's northeast industrial portfolio to 1.7 million sf, and its total Denver portfolio to 5.1 million sf. The seller was the Rreef Fund, which was represented by Brad Calbert of Colliers, Bennett & Kahnweiler.
"The acquisition of these properties is a portfolio enhancement, allowing First Industrial to strengthen its tenant base in northeast Denver,'' says Greg Downs, managing director for First Industrial in Denver, who represented First Industrial. ''It also lets us offer a full range of bay sizes and loading options to our customers."
The recent slowdown of the economy and world turmoil didn't deter First Industrial's purchase.
"First Industrial remains committed to Denver's industrial market and confident in the ability of Colorado's economy to generate new growth," he says.
Denver Business Center, a two-building complex, features high ceilings, rail service and dock-high loading. Stapleton Industrial Center offers both dock-high and drive-in loading, as well as clear heights from 16 to 22 feet.
Colliers will retain the listing.
"Colliers, Bennett and Kahnweiler has done an excellent job of keeping these properties leased at market rate," Downs says.
First Industrial Realty is the nation's largest provider of diversified industrial real estate, currently owning, operating and managing 84 million sf.
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