CENTENNIAL, CO—MIG Real Estate, a Newport Beach, California-based real estate investment company, has acquired Dry Creek Business Park, a 244,028-square-foot, 15-building flex business park in Centennial.
"The Denver Metro area is one of the strongest markets in the nation due to its diverse economy," said Greg Merage, CEO of MIG Real Estate. "As new development continues to expand south along I-25 we see immediate opportunity with rising lease rates and occupancy levels as well as long term value with this acquisition."
Dry Creek Business Park is located in Denver's premiere southeast submarket at 7300-7348 South Alton Way between Arapahoe Road and Dry Creek Road in the thriving Denver Tech Center. Located just 20 minutes south of Denver's city center and 15 minutes north of Centennial Airport, the property has immediate access to Interstate 25, Centennial's major access point which serves more than 200,000 cars each day. With direct access to nearby public transit, restaurants, shopping and residential areas including Greenwood Village and Cherry Hills, Dry Creek Business Park is ideally positioned for tenants and employees.
Serving industries ranging from aerospace to energy, Denver Metro was ranked first among big cities in economic and job growth by Area Development. The area's industrial market boasts vacancy rates at a 15-year low of 3.8%, and as lease rates in the area continue to climb, Denver Metro is experiencing sustained growth.
In addition to its desirable location, Dry Creek Business Park offers flexible floorplans that are positioned to accommodate a variety of suite sizes and tenant growth. The property benefits from abundant parking, seven separate entrances and highly visible signage from Interstate 25. The project was 92% leased at time of purchase.
Dry Creek Business Park represents MIG Real Estate's eleventh investment in the Metro Denver area following the company's purchase of Iliff Business Park, a four-building flex business park, in June, two hospitality properties, six multifamily communities and a flex product fronting I-225 in the area.
MIG Real Estate represented itself in the transaction. Brad Calbert and T.J. Smith of Colliers International represented the seller.
MIG Real Estate owns and operates a diverse portfolio of assets under management throughout the Western and Southern US and Edmonton-Alberta. The company is currently engaged in an aggressive expansion strategy, seeking "core-plus," "value-add" and "opportunistic" investments in select-service hotels, grocery-anchored shopping centers, office, industrial and multifamily properties. MIG Real Estate has acquired more than 9.5 million square feet of property, totaling more than $1.5 billion of assets since April 2009.
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