Last-mile logistics facility in Thornton trades for $57 million
A last-mile logistics facility in Thornton sold for $57 million.
Illinois-based Inland Real Estate Group purchased the Class A, 151,668-square-foot distribution facility on more than 19 acres at 900 E. 128th Ave. in Thornton as a long-term hold.
The Opus Group, a full-service development, design and construction real estate firm headquartered in Minneapolis, sold the building. Its Denver office developed the facility in 2019.
“With an irreplaceable high profile, prestigious location, this was a rare investment opportunity of a best-in-class logistics hub able to provide users with outstanding access to transportation, labor and consumers critical to their business,” said Will Strong.
Strong and Greer Oliver of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction.
Joe Krahn and Harper Davis, also of Cushman & Wakefield, provided leasing advisory services. The buyer was not represented in the acquisition.
The property is 100% leased by a single tenant for an e-commerce last-mile facility. Cushman & Wakefield declined to identify the tenant.
Located in the north Interstate 25 corridor, the building is minutes from I-25, within walking distance to the Eastlake light-rail station and near retail amenities in the immediate area. The facility features 30-foot-clear ceiling heights, 24 dock doors and six drive-in ramped doors. The property also has “unusually heavy parking” with a three-story structured parking garage and surface solution.
“The sale reflects the ongoing strong demand for high-quality, stable industrial product by investors not only in the local Denver metro area but across the Western U.S. and elsewhere, and given that market fundamentals overall remain solid, particularly in the e-commerce sector,” according to Cushman & Wakefield.
Featured in the December 16, 2020-January 5, 2021, issue of CREJ