User pays $112 per square foot for warehouse building in Denver

4751-4755 E. 46th Ave.
The buyer will occupy half of the building at 4751-4755 E. 46th Ave. in Denver.

An industrial user that was looking for additional space found it in a building centrally located building off of Interstate 70 in Denver.

JPE Properties LLC, comprised of the owners of FMH Material Handling Solutions Inc., purchased a 56,376-square-foot warehouse at 4751-4755 E. 46th Ave. It paid $6.3 million, or $112 per sf, for the building and will occupy half the space. The other half is leased to Bath & Granite, which is affiliated with the group that sold the property, Warehouse 1 LLC.

FMH provides new, used and rental forklifts, loading dock equipment, shelving, racks and other material handling equipment.

The property offered the company “a great location,” with good highway visibility, said Tom Myers of Unique Properties Inc.-TCN Worldwide, who represented the buyer with Jake Cook, also of Unique Properties.

“There was a huge amount of interest in purchasing the building,” said Doug Viseur of CBRE Inc., who represented the seller with CBRE’s Todd Witty.

“It was a little bit different because the tenant that was in the building … needed to stay in half of it, so we had to find a user that was willing to buy a bigger building than what they actually needed,” he said. “There were several investors interested as well, but we ended up selling it to a user who was a very good group to work with.”

The industrial building was built in 1962 and renovated in 2016. Its features include 18-foot ceilings, and dock-high and drive-in loading. The space is fully sprinklered.

Featured in CREJ’s Aug. 15-Sept 4, 2018, issue

Jill Jamieson-Nichols has been an Editor with the Colorado Real Estate Journal for more than 15 years, providing coverage of office, industrial, hospitality and mixed-use development news in the Denver metro area, plus all property types in Northern Colorado, Boulder County and along the Highway 36 corridor. Prior to joining CREJ, Jill was Editor of…