Amazon distribution center trades hands

The newly developed Centerra Industrial Building IV at McWhinney’s Centerra master-planned development sold to a California-based buyer.

A California-based buyer acquired an Amazon distribution center in Loveland for $32.63 million.

Mark IV Capital purchased Centerra Industrial Building IV, the Class A, 122,806-square-foot industrial facility at 4541-4555 Viking Way, along with an adjacent parking lot, from seller and developer McWhinney. The property sold for nearly $266 per sf.

A JLL Capital Markets team represented the seller. The team was led by Managing Directors Larry Thiel and Britton Burdette, Senior Managing Directors Bo Mills and Eric Tupler, Senior Director Brock Yaffe and Associate Rachel Vogel. The buyer was unrepresented.

According to public records, Amazon took occupancy of the entire facility in November, using it as a distribution hub for Front Range communities, including Denver, Fort Collins and Colorado Springs.

Listed last spring, Thiel said the property saw significant interest from a wide variety of investors but was ultimately purchased by a buyer familiar with Colorado who owns office and industrial assets across the state in Broomfield, Denver and Englewood.

“The marketing of Centerra Industrial Building IV saw several new-to-the-sector investors looking for an opportunity to place capital in an e-commerce facility,” Thiel said. “Our team was honored to advise Colorado based McWhinney on this Class A asset in the prized Centerra master-plan development.”

Situated on 20.64 acres at McWhinney’s 3,000-acre Centerra community, the building is part of a master-planned community featuring both single- and multifamily residences. In addition to housing, the Northern Colorado development boasts 275 acres of outdoor space for hiking and enjoying nature and over 150 businesses, stores and eateries employing nearly 8,000 employees within its boundaries. Of those businesses, 50 house offices for professional services companies, including banks, and law and technology firms.

Built in 2019, the industrial facility features tilt-up concrete construction, 24- to 30-foot clear ceiling heights, 12 truck doors, 50 dock doors and ESFR fire suppression. The property also offers direct access to Interstate 25 and easy access to Interstates 270 and 76, allowing for regional transportation access and convenient distribution across Colorado, according to JLL.

The buyer adds this property to an extensive portfolio of commercial assets across the U.S., including in California, Texas and Arizona.

Published in the Sept. 2-15, 2020, issue of CREJ.

Jenna Walters recently joined the Colorado Real Estate Journal as a reporter. Jenna covers metro Denver retail and office news, and all property types in Boulder, Larimer and Weld counties. She also covers the finance market. Before joining CREJ, Jenna worked for other publications, including the Northglenn-Thornton Sentinel and Denver Life Magazine. She was born…