A site near Watkins that houses a large CBD manufacturing firm sold for $12 million.
The deal included 101.39 acres with 368,147 square feet of industrial and office space at 34501 E. Quincy Ave. in Arapahoe County. The buyer was APPoGee Kazmira LLC. Kazmira LLC is an industrial-scale manufacturer of THC-free CBD oil and isolate that has occupied space on site over the last year.
East Quincy Holding LLC sold the property, which comprises the fenced and developed portion of East Quincy Energy Park. There are 16 buildings.
Kazmira, owned and managed by Pulak Sharma and Dr. Priyanka Sharma, occupies 40,260 of in two of the buildings, or about 11 percent of the improvements. There are multiple other tenants on the property, which is 89 percent occupied.
George Moseley of Sheldon-Gold Realty Inc., who represented the seller in the transaction, said the deal gives Kazmira an option to expand if it chooses to do so in the future. Also, APPoGee Kazmira wants to be part of boosting the area’s economy, said Dr. Asha Oroskar. She and her husband, Anil Oroskar, own APPoGee and Illinois-based Orochem Technologies Inc.
“This location is a good fit for Kazmira because the building Kazmira occupies for manufacturing is a Class 1, Division 1-rated facility. This was a perfect fit for the high-level manufacturing processes Kazmira utilizes to produce nutraceutical products,” Oroskar said.
“The energy park is also surrounded by hundreds of acres of land which Kazmira plans to utilize for hemp farming. In the past year, we have made connections with farmers whose families are deep-rooted in the agricultural industries in Eastern Colorado. We plan to use their expertise and contract the land for farming of industrial hemp.
“They’re doing quite well and they wanted to ramp up production,” said Moseley. “It’s a good fit for Kazmira, and what made it such a great fit is the zoning and the existing facility out there,” he said.
CBD, or cannabidiol, oil is used for pain relief, epilepsy, anxiety and other conditions.
“This represents a very bold move in the realm of CBD oil production,” Moseley commented.
East Quincy Energy Park is a redevelopment of the former OEA campus, which once had 2,000 employees who developed and produced propellants and explosive-activated devices like ejection seats for military jets. The property later became was an airbag manufacturing facility, which closed in 2003.
The property sat vacant until East Quincy Holding LLC, led by Don Egan, Ken Ash and Jim Welsh, bought and improved it several years ago. The group still owns 339 acres of adjacent Industrial 2-zoned land and 313 acres of agricultural property.
Kazmira employs 30 engineers, scientists and operators, according to its website.
Oroskar said she and her husband want to be part of the growth of manufacturing industries in Eastern Colorado.
“In the past year, we have seen expansion of refining and petrochemical businesses, as well as hydraulic fracturing companies lease buildings and land at the energy park. We are excited to be a part of the growth and development of this area,” she said.
The acquisition included water rights, according to Moseley, who noted the sale represented “a very good price for the buyer.”