An international relief organization has a permanent home in the Denver area thanks to its $11.39 million purchase of the final building at Concord Business Center in Douglas County.
Samaritan’s Purse, a nondenominational Christian organization, bought a 63,550-square-foot industrial building at 8648 S. Peoria St. that developer IBC Holdings just completed. The building finalized build-out of the approximately 100-acre Concord Business Center.
Samaritan’s Purse, which operates numerous international programs – from Christmas gift-giving to crisis relief to water and sanitation efforts, and more – has operated in the Denver area for many years, always in temporary space, according to Executive Vice President Jim Bolt of CBRE Capital Markets, Industrial & Logistics. Finding temporary space in the market of the magnitude needed has become challenging, and the southeast suburban location provided good access to many of the organization’s supporters, he said.
The nonprofit closed on the acquisition immediately upon completion of construction, said Newmark Knight Frank Executive Managing Director David Lee, who represented IBC with NKF’s Jason Addlesperger.
The sales price equates to $179.16 per sf for the building, which has about 15 percent office build-out. IBC started the building on a speculative basis, and Samaritan’s Purse negotiated terms of its acquisition shortly into construction.
The deal is a good indication of continued demand in the market, both from owner-users and from tenants, Lee said.
Building features include 24-foot ceiling height, ESFR fire sprinklers, 20 dock-high doors, two drive-in doors, insulated walls, skylights, a white roof deck and LED parking lot fixtures.
