LBA Realty purchased the Ferguson Enterprises building at 1840 W. Oxford Ave. in Sheridan for $14.82 million.
CBRE’s Jim Bolt, Tyler Carner and Jeremy Ballenger represented the seller, Cadence Capital of Greenwood Village. Cadence Capital initially purchased the building in 2017, following the closure of Red & Jerry’s, a sports betting lounge and family entertainment center that operated at the site for 22 years. Cadence completely renovated the building, transforming it into a distribution facility and showroom space for Ferguson Enterprises, one of North America’s largest wholesale distributors of residential and commercial plumbing supplies, HVAC equipment and industrial products.
“Cadence Capital demonstrated real vision in taking on the renovation of this site. It was a lot of work, but the end result is a Class A industrial facility with a sought-after infill location, excellent visibility and strategic highway access. The building upgrades were highly attractive to Ferguson Enterprises, who has now signed a long-term lease on the property,” said Jim Bolt, executive vice president, CBRE Industrial & Logistics Services.
Catering to the needs of a distribution user, Cadence focused the property’s upgrades on improving functionality, including adding four new dock doors and a new drive-in door, LED lighting, new sprinklers and making upgrades to the parking lot. The property also offers 240-foot bay depth and 24-foot clear heights.
Lucy Dinneen, managing director of Colorado and the Northwest for Cadence, noted, “We were drawn to the real estate because the site featured a unique blend of industrial and retail characteristics that created the opportunity for us to deliver increased value to our tenants. The site created a brand-building opportunity for our clients – even industrial clients – because of the great visibility on a high-trafficked corridor within the metro market. Our clients were able to get the industrial utility and pricing of an industrial space but with added brand-building benefits of retail and our buyers have a fantastic asset with future potential as infill mixed use, industrial or retail as the future dictates.“
LBA Realty is a full service real estate investment and management company with office and industrial properties across the western United States.
