First Industrial Realty Trust Inc. added 181,348 square feet to its Denver industrial portfolio with an $11.15 million acquisition in Aurora.
First Industrial bought the Sherwin-Williams Co. distribution facility at 21301 E. 33rd Drive from Coach Real Estate LLC, a Kwal-Howells family partnership. It restructured a lease with Sherwin-Williams that now runs through 2022.
“We’re really bullish on growth in Denver. We’re seeing the population growth and the market improving, so we want to continue to grow in Denver and reposition our existing portfolio,” said John Strabel, First Industrial senior regional director.
Located in Majestic Commercenter, the building was constructed in 1986 as a distribution facility for a national department store chain. It later was converted to a paint facility for Kwal-Howells, which Sherwin-Williams bought a few years ago.
The building has 30-foot ceiling clearance, ESFR fire sprinklers, and dock and drive-in loading. It represents a long-term hold for First Industrial, Strabel said.
JLL’s Mitch Zatz and Carmon Hicks represented First Industrial in the transaction.
The Chicago-based industrial real estate investment trust owns approximately 2.51 million sf of industrial space in Denver.
