DENVER-CB Richard Ellis Realty Trust has acquired a 406,959-square-foot class A multi-tenant warehouse/distribution center in Denver. Although they could not disclose the purchase price to GlobeSt.com at this time, an SEC filing says it was approximately $24.5 million.
The property serves as the US western regional sales and marketing headquarters of an international manufacturer of transportation-related products and as the corporate headquarters for a leading provider of integrated outsourcing solutions. The facility is fully leased through 2021.
CBRE could also not disclose anything further including lease rates at this time. Aurora Commerce Center Building C, a bulk warehouse/distribution center, is located in the East I-70/Montbello submarket of Denver within the master-planned Aurora Commerce Center. It is the first building delivered in the industrial park, which will be a nine-building master-planned park totaling approximately 1.6 million square feet upon completion.
Aurora Commerce Center Building C marks the first acquisition by CB Richard Ellis Realty Trust in the Denver market. “The location is ideal in Denver’s largest industrial submarket,” says Jack A. Cuneo, chairman and CEO of CB Richard Ellis Realty Trust. “We are excited about our first investment in this market and look forward to expanding our relationship with these tenants as we continue to assemble and diversify our portfolio of high-quality real estate assets that we believe is well-positioned in today’s economic environment.”
To acquire this property, the CB Richard Ellis Realty Trust team worked with acquisition director Scott Morse and the acquisitions team from CBRE Global Investors.
According to a local Q3 industrial market report from brokerage firm Grubb & Ellis, in 2012, there will be a spike in class A rents and class B/C rents will stay low in an attempt to keep and attract new tenants. The report also notes that there is a short supply of large blocks of premium space, creating competition in the marketplace.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
