DENVER—Boulder-based real estate firm Conscience Bay Company has acquired the Colorado Trade Center at 5151 Bannock Street in Denver, from Bannock Street Center Limited Partnership. This 700,000 square foot industrial property was originally built for the Chicago Burlington and Quincy Railroad in 1922. It was later acquired by Associated Grocers, who added several buildings and converted a portion of the project from warehouse manufacturing space to cold storage for food and produce distribution.
The seller acquired the property in 1985 and completed extensive renovations. The project has been home to notable tenants such as Miller-Coors, Nestle Purina, Owens Corning and Nash Finch. Current tenants include Safeway, FreshPoint, FreshPack, Condit Exhibits and Colorado Doorways. With the purchase of the Colorado Trade Center, Conscience Bay has more than doubled its portfolio and the acquisition marks Conscience Bay's entrance into the Denver real estate market.
Located near the intersection of I-25 and I-70, the Colorado Trade Center was fully-leased at the time of sale with a wide range of industrial tenants on long-term leases.
“There is a lot of exciting growth happening in Denver and much of this growth is moving in the direction of the Trade Center,” said Ben Woolf, Director of Investments at Conscience Bay. “Considering its phenomenal location and great highway access to both I-25 and I-70, we believe that the project offers opportunities for additional development and a wide range of commercial and industrial uses.”
The property was aggressively pursued by a number of qualified local and institutional buyers. Investment sale brokers R.C. Myles and Jim Brady along with industrial advisors Craig Myles and Tyler Smith of DTZ handled the sale transaction. Myles and Smith will continue with the leasing of the project on behalf of the new owners.
“This was an exciting sale to have been a part of,” said R.C. Myles, managing director of DTZ's Capital Markets Group. “The Trade Center is one of those notable properties that most people in Denver know and recognize. The seller has been a long time friend and client of our firm and we are excited to have found a great buyer who has big plans for the future of the asset.”
“At CBC we focus on great pieces of real estate with significant cash flow, good credit tenants and irreplaceable locations,” said Woolf. “CTC has all of these attributes and more. We want to thank the seller for entrusting CBC with such a magnificent property. We are excited to acquire our first Denver asset and look forward to being a part of the North Denver community.”
Conscience Bay Company invests in unique real estate assets that generate dependable income and long-term capital appreciation. CBC equates property ownership with responsibility, and produces profits while practicing good stewardship. DTZ is a global leader in commercial real estate services providing occupiers, tenants and investors around the world with a full spectrum of property solutions.
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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.
