A Chicago-based real estate investment adviser secured a southeast suburban industrial building in a $10 million transaction.
Lincoln Advisory Group, through Columbia Industrial Acquisition Company LLC, purchased the 63,550-square foot property at 8644 S. Peoria St. in Englewood. The seller was Gordon Development LLC, which is affiliated with the building’s anchor tenant, Gordon Plastics LLC. Gordon leased back its space in the building, where Ninja Nation also is a tenant.
Lincoln owns an industrial building in nearby Highfield Business Park and was looking to add to its southeast suburban industrial portfolio, according to Mark Dwyer of Lincoln Property Co. in Denver.
In addition, “The buyer was attracted to the property because of the Class A features, high-quality tenants with long-term leases and the southeast location that allows for convenient access to I-25 and the booming south metro area,” said Jeremy Ballenger of CBRE’s Denver office.
The average weighted lease term at the building is just under eight years, he said.
CBRE was preparing to take the property to market when Lincoln made a preemptive offer, said Dwyer, who represented the buyer with Lincoln Property’s Scott Caldwell.
Ballenger represented the seller with CBRE’s Tyler Carner and Jim Bolt.
“The southeast submarket, with over 20.5 million square feet of industrial inventory and another 864,000 square feet under construction, is maturing into a regional distribution hub with a growing base of major tenants serving the south metro area,” said Carner.
The Class A building was built in 2017 and is located within Concord Business Center. It was 100% leased to Gordon Plastics, a manufacturer, and Ninja Nation, which has an obstacle course arena in the building.