LBA Realty purchased a portfolio of five freestanding, Class A industrial buildings for $26.4 million, or $126.67 per square foot.
The buildings comprise 208,418 sf at Mountain West Business Park, which fronts Interstate 70 at the I-225 interchange. Mountain West Industrial Properties developed and sold the portfolio, which it completed in 2008.
“They are Class A buildings that were built as individual buildings, which is sort of unusual,” said Jim Bolt, executive vice president in CBRE’s industrial and logistics brokerage group. “Users are drawn to the buildings because of the individual nature of the buildings, and visibility and Class A features.”
Located at 4210-4250 Carson St. in Denver’s main warehouse/ distribution submarket, the buildings were fully occupied at the time of the sale. The list of regional and national tenants includes Ford AV, the Stone Collection, Interstate Restoration, J. Schneider Power Supplies Inc., Kaman Industrial Technologies and HW Home. The average remaining lease term is more than five years.
Mountain West Business Park offers high-image, state-of-the art construction, including building heights that range from 18 to 30 feet. There are additional buildings that were not part of the sale.
“It was really a unique offering to the market,” said Bolt, who handled the sale. “We saw interest from all kinds of buyers, from private buyers to institutional buyers. It was another example of huge demand for quality industrial product in Denver.”
The transaction was among three recent industrial portfolio sales in the Airport/Montbello submarket. Lum Yip Kee Ltd. paid $46.2 million for five buildings sold by a TA Realty affiliate, and Airport Business Center sold for $36.43 million.
