A single-tenant industrial building with 3 acres of yard – a property type that’s difficult to find in the Denver market these days – sold for $10.6 million, or $109.46 per square foot.
Lincoln Advisory Group bought the property at 5555 Joliet St. in Denver on behalf of the state of Oregon’s pension fund. Key West Land LLC was the seller.
The 96,836-sf building is fully leased to Inland Truck Parts & Service. The company signed a new 10-year lease at the time of the sale.
The acquisition offered the buyer a chance to own a “well located and highly attractive industrial asset” in the Denver market, where annual absorption of industrial space is outpacing new supply, said Avison Young’s Dawn McCombs. McCombs and Rick Egitto, principals in Avison Young’s Denver office, represented the seller.
McCombs said there were several investors interested in purchasing the property, which is located in the heart of the Interstate 70/ airport industrial submarket. “It’s just difficult to find this type of investment opportunity in Denver,” she commented.
“The Denver industrial market continues to thrive, and investor demand is robust,” said
Egitto. “The property was not on the market for long. We expect demand for well-located assets of this type, leased to solid companies, to remain in demand throughout 2020.”
Mark Dwyer, vice president of industrial brokerage in Lincoln Property Co.’s Denver office, said 5555 Joliet provided the buyer a stabilized asset with a quality tenant and features, along with functional space and attractive long-term cash flow. He and Lincoln Senior Vice President Scott Caldwell represented the buyer in the transaction.