The 50-acre site it is purchasing from Gates includes about 12 buildings with just under 2.2 million sf. The price was not disclosed, but it is the largest land deal in Denver in years and represents the largest contiguous property sale outside of the former Stapleton International Airport or the former Lowry Air Force Base.
The sale is scheduled to close on Dec. 18.
''We are pleased to reach an agreement with a financially strong, national investment firm offering the requisite skills critical to a successful redevelopment of the property while remaining sensitive to the needs of the Denver community,'' says Brian Harris, Gates' chief financial officer.
Cherokee plans a mixed-use project on the site, where three light rail lines will merge.
Gates is a diversified manufacturer of automotive and industrial products and system components. It was founded in Denver in 1911 and expanded over time to include manufacturing operations throughout the world. Gates is a member of the Gates Group of Cos., which is owned by Tomkins PLC, based in London, England. Gates' corporate headquarters will remain in Denver.
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