Denver Industrial Portfolio Sells for $51M
DENVER – The Denver Industrial Portfolio of 16600 Table Mountain, 6400 Broadway and Bryant Street Quad (2390 – 2500 West 4th Avenue) has sold to TH Real Estate, an affiliate of Nuveen (the investment arm of TIAA), for $51,000,000 — highlighting investors’ continued appetite for Industrial product.
Totaling 485,984 square feet, the portfolio includes two infill properties with desirable central Denver locations, as well as one of the few large-scale, high-bay industrial properties in west Metro Denver; all properties are 100 percent leased. The portfolio was sold to TH Real Estate.
Newmark Knight Frank Capital Market’s John Jugl, Jr., Paul Donahue and Bret Hardy represented the seller, an institutional owner.
“This transaction exemplifies the continued interest in and appetite for highly functional industrial product that can provide stable income and secure return profiles in a fundamentally strong market such as Denver,” remarked John Jugl, Jr., vice chairman, NKF Western Region Capital Markets. “Our client had acquired the properties as part of a larger portfolio and benefitted from great performance across all three assets over the last several years,” explained Jugl. “The stability of income, historical performance and strong lease term of these three distinct properties were key focal points during the marketing process.”
“The portfolio received significant interest from both institutional and private investors and further exhibited the continued appetite for industrial product throughout the country,” concluded Jugl. “The buyer, TH Real Estate, was able to take advantage of the opportunity to acquire mass in an industrial market with extremely strong fundamentals and high barriers to entry.”
The portfolio’s locational attributes are among the best in Denver. 16600 Table Mountain is one of the few large-scale, high-bay industrial properties in the West submarket with up to 45’ ceiling heights, direct rail access and various loading capabilities that cater specifically to its tenants’ business needs. Further, it is situated within a supply-constrained market with limited construction and is within five minutes of the manufacturing plants that its tenants service, resulting in highly synergistic functions. 6400 Broadway and Bryant Street Quad are centrally located assets offering infill locations, great accessibility and market conforming 14’-24’ ceiling heights with various loading capacities and parking; these attributes provide great accessibility to a large population base for tenants to service.
Image of 16600 Table Mountain, courtesy of NKF.