Black Creek Group buys in Montbello
A Denver-based real estate investment management firm grew its local holdings with its purchase of a second-generation industrial building in the Montbello Industrial Park.
Black Creek Group paid $12.25 million, according to public records, for the 151,929-square-foot building on 6.21 acres at 5000 Lima St. in Denver.
“Black Creek has been a big fan of Denver for a long time,” said Mace McClatchy, senior vice president and market officer at Black Creek Group, noting the Lima property was an attractive addition to its portfolio for myriad reasons. “The location just east of downtown, off I-70 in the Montbello business park, it’s right in our fairway.”
The Class B building is 100% leased to Express Messenger Systems, doing business as OnTrac. The tenant, a regional distribution company with operations in eight states, has roughly four years remaining on the lease.
Constructed in 1973, the building, improved in 2010, includes 21- to 22-foot-clear ceiling height, 15 loading doors and an ESFR fire-suppression system – a rarity in this vintage of property.
Exdo Properties sold the building, which it acquired in 2015 for $6.9 million.
“All parties were pleased to complete this transaction amid the current uncertainties within the market and underlying second-generation nature of the asset,” said Drew McManus of Cushman & Wakefield, who declined further comment on the transaction.
McManus alongside Cushman & Wakefield’s Bryan Fry, Ryan Searle and Alec Rhodes represented the seller.
“It’s a solid Class B property,” said McClatchy, who doesn’t anticipate any major construction at 5000 Lima.
“Black Creek loves Denver and remains committed to investment here,” added McClatchy, who noted the firm is looking to further acquisitions in the market.
In its more-than-25-year history, Black Creek Group has bought or built more than $20 billion worth of investments. The firm manages diverse investment offerings across the spectrum of commercial real estate – including office, industrial, retail and multifamily – providing a range of investment solutions for both institutional and wealth management channels. Black Creek Group has seven offices across the United States.
Featured in CREJ’s May 6-19, 2020, issue