DENVER—MIG Real Estate, a Newport Beach, CA-based real estate investment company, has completed the acquisition of Iliff Business Park, a 130,748 square-foot, four-building flex business park in Denver's Southeast submarket.
“Iliff Business Park represents an opportunity to invest in a mature southeast location with improving rents and vacancy rates,” said Greg Merage, CEO of MIG Real Estate. “Denver is becoming one of the preferred lifestyle choices for today's professionals. Individuals and companies are singling out Denver for its desirable blend of urban activity and suburban work-life balance, with excellent access to outdoor activities.”
Iliff Business Park is located at 2369, 2422 and 2452 South Trenton Way and 7800 East Iliff Avenue in Denver's Arapahoe County, adjacent to the city's booming technological center. Situated along the corridor between I-25 and I-225, the project provides convenient access to freeways and restaurant amenities. With direct access to the Denver City Center and desirable nearby residential areas including Cherry Hills and Greenwood Village, the project's location is ideally positioned for tenants and their employees.
Ranked seventh on Forbes' 2015 list of The Best Cities For Jobs, employment in the Denver area has been steadily growing due to several new national retailers and expanding industries, including the energy and technology sectors. Denver's Southeast industrial market experienced vacancy rates at a six-year low, rising lease rates, significant construction activity and record-high sales in 2014.
In addition to its desirable location, Iliff Business Park offers abundant parking and highly visible signage. Units include spacious office build-outs and warehouses with 12- to 13-foot clear height and drive-in loading doors. Iliff Business Park's 7800 East Iliff Avenue building also offers dock doors. Current tenants at Iliff Business Park include Davita; Deby's Gluten Free; Fortune 500 company, Ecolab; and Crossfit Cherry Creek.
Iliff Business Park represents MIG Real Estate's tenth investment in the Metro Denver area following the company's purchases of two hospitality properties, six multifamily communities and a flex product fronting I-225 in the area. MIG Real Estate owns and operates a diverse portfolio of assets under management throughout Utah, Arizona, Nevada, Colorado, Washington, North Carolina, Florida, Wyoming, Edmonton-Alberta, Hawaii and multiple markets in California and Texas.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
