LBA Realty bought a newly developed industrial building on the Interstate 70 corridor for $15.73 million, or $148.81 per square foot.
Located off Interstate 70 and Chambers Road at 15100 E. 40th Ave. in Aurora, Confluent Center 70 is fully leased to three tenants. Confluent Development, which completed the building in late 2016, sold the property in an off-market deal.
The building offers “unrivaled access and visibility,” along with Class A features and construction, said Jeremy Ballenger, CBRE senior vice president. Ballenger and CBRE’s Tyler Carner represented Confluent Development in marketing the building.
“Across Denver, we are seeing a flight to quality with both industrial tenants and investors seeking out properties like Confluent Center 70 that offer modern features in conjunction with a strategic location,” he said. “Confluent Development went above and beyond with this project.”
The building has 30-foot ceiling clearance, ESFR sprinklers, 52-by-52-foot column spacing, a 60-foot speed bay, trailer parking, south-facing truck courts and signage that is visible from I-70. It also has a competitive mill levy, which tenants are increasingly considering as Denver’s industrial lease rates climb, reaching a record $7.96 per sf triple net on average in the first quarter, according to CBRE.
Confluent plans a second, 25,440-sf Class A industrial building on the 8.1-acre site.
“This most recent sale of our industrial assets speaks to the high quality for which we continually strive,” said Marshall Burton, Confluent Development president and CEO. “We credit much of the success to our team’s ability to deliver industrial properties that meet core objectives to enhance businesses’ long-term bottom line. It is rewarding to see our efforts on the project come to fruition.”
Tenants at Confluent Center 70 are Reinforced Earth, Units Moving and Portable Storage and Redi Carpet. Kyle McClure of CBRE marketed the property for lease with Carner and Ballenger.
LBA Realty is a California-based real estate investment and management company that owns 26 million sf of industrial space, including four other properties in Denver.
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