Dalfen Industrial bought 77,222 square feet of centrally located industrial space in its first Denver acquisition.
The acquisition included two small-bay buildings on 4.32 acres at 700 and 702 W. 48th Ave., immediately northwest of the interchange of Interstates 25 and 70. Dalfen paid $9.67 million, or $125.16 per sf, for the property.
“It’s perfect for the central market,” said Mark Bowen, Dalfen Industrial senior vice president and head of investments. The product appeals to smaller tenants that are the bread and butter of the Denver market and is a true last mile location in a submarket with consistently low vacancy, he said.
“The location was key. It’s always stayed well-occupied because of where it is and its last-mile characteristics,” said Bowen.
Built in 1984, the property has 11 units in each building and offers both dock-high and drive-in loading. It was 100% occupied at the time the sale. BR Printers, which occupies several units, is the largest tenant.
Dalfen Industrial bought the property from The Rose Properties LLC. Tyler Carner, Jeremy Ballenger and Jim Bolt, all of CBRE Inc., were the listing brokers.
Dalfen plans to paint the structures, complete truck court repairs and upgrade the property’s landscaping. Although all the units are occupied, “We have the ability to charge rents that are less than all the product that’s in the central market today,” Bowen said.
Dalfen Industrial is a real estate investment manager that acquires, develops and manages industrial real estate in key markets in the United States and Canada. It is seeking additional acquisition and development opportunities in Denver, Bowen said.
