Denver-based Matrix Group Inc. purchased Huron Business Center for $11 million with immediate plans for upgrades to the property.
Huron Business Center, located at 405-475 W. 115th Ave. in Northglenn, is a four-building, 78,187-square-foot property with 25 industrial/flex units. It was fully leased at the time of sale.
“Huron Business Center is a great purchase for Matrix Group because it has a strong tenancy in a great location with visibility from I-25,” said John Webb, Matrix Group co-founder and president. “There are also many opportunities for improvement with the property, and we are excited to begin working on those areas right away.”
Matrix Group, which is handling property management and leasing, plans to spend more than $300,000 renovating the property. Improvements will include exterior painting, parking lot resurfacing, landscaping, roofing and signage.
Cedarbridge Apartments LLC sold Huron Business Center for $140.69 per sf.
Jake Cook of Unique Properties Inc.-TCN Worldwide, who represented Matrix Group with Unique Properties’ Tom Myers, said small-bay, multitenant industrial/flex space is difficult to obtain in the Denver market, and Huron Business Center “made a great addition to our client’s portfolio.”
“There was tremendous competition for this asset, with several offers from highly qualified buyers. I believe this was simply due to the significant lack of inventory of this nature,” added Matt Lewallen of Pinnacle Real Estate Advisors LLC. “The buying group has a great reputation in Denver and will make steps to further improve the asset,” said Lewallen, who represented the seller with fellow Pinnacle Real Estate Principal Kevin Calame.
Huron Business Center’s tenants include RAM Transmissions, SpeedPro Imaging, Unique Heating and Air and others. The property sold at a cap rate of 6.2%.
Matrix Group Inc. is a full-service privately owned commercial real estate company involved in acquisitions, property management and maintenance, asset management, leasing and construction management. Its 1 million-sf portfolio consists of industrial, retail and office properties along the Front Range.
The company used proceeds from the recent sale of Union Walk Retail Center in Lakewood to acquire Huron Business Center in a 1031 tax deferred exchange.