EverWest, Invesco acquire 25 North spec industrial project
Denver-based EverWest Real Estate Investors purchased 25 North, a speculative industrial project designed to meet North Denver’s need for move-in-ready, Class A space.
EverWest purchased the two-building, 219,200-square-foot property as well as additional acreage for future development in a joint venture with Invesco.
The property, located along North Washington Street in Thornton and fronting Interstate 25, includes an adjacent, pad ready site where EverWest, serving as project developer, will begin development this month on a third, 121,000-sf Class A, LEED certified industrial building.
The park, whose first two buildings were completed in July, sold for a reported $43.4 million, according to public records.
“This is the third off-market U.S. industrial acquisition that EverWest has completed in as many months, and is the only investment offering a new development opportunity,” said EverWest Director of Acquisitions Phil Larger. “With this acquisition we are positioned to answer North Denver’s need for move-in-ready, Class A space in a market with limited immediate supply and where we foresee steady industrial demand for years to come.”
“This is an ‘A’ location on many levels,” said EverWest Executive Vice President of Development and Asset Services Larry Lance. “The deal gives us immediate industrial inventory and a shorter-than-normal development timeframe for the third building’s delivery in a very high demand market.”
Matt Trone, Steve Hager and Joey Trinkle of Cushman & Wakefield are leasing the 25 North project, including the two newly finished buildings, which are seeing strong leasing interest.
The project has direct access from Washington and Grant streets, is minutes from E-470 and Highway 7 and is surrounded by a host of quick-serve restaurants. The completed buildings feature dock-high and drive-in loading, 28-foot-clear ceiling height, ESFR fire suppression, truck courts and a 2:1,000 parking ratio.
On the additional 46.4 acres of land included in the sale, EverWest has the option to build second and third phases comprising an additional 590,000 sf of Class A, LEED certified industrial product. Construction on those phases will be both spec and build-to-suit opportunities depending on market demand.
EverWest is an investor and lender across the United States, including regional activity in the Western and Southwestern U.S., spanning industrial, office and multifamily product.
The property was sold by RE II Industrial II LLC.
Featured in the August 5-18, 2020, issue of CREJ