Industrial Rehab Earning Reputation as Industry Sweet Spot

Denver, CO —Newmark Grubb Knight Frank (NGKF) announced 4653 Table Mountain Drive was fully leased to NFT, the Golden-based provider servicing nuclear, aerospace, automation and industrial customers, for its Corporate Headquarters and Colorado manufacturing operations. Albrook Partners, LLC acquired the 53,656-square-foot industrial asset last spring, then completed significant building upgrades and repaired deferred maintenance items before leasing to NFT. Executive Managing Director Mike Wafer, SIOR and Director Bruce Mawhinney of NGKF represented Albrook Partners, LLC in the lease transaction.

“Albrook Partners’ specialty is finding unique opportunities with value add potential,” commented Wafer, who has represented Albrook since 2011 along with Mawhinney. “Finding the right quality asset, offered at the right price and knowing how to rehabilitate the asset to maximize its value are critical components of their strategy and a sweet spot in our current industrial market climate.”

Located within the Coors Technology Center in Golden, a 375-acre convent controlled business park, 4653 Table Mountain Drive was vacant for seven years before Albrook Partners purchased the property. A high-quality flex/industrial facility with upgraded HVAC systems throughout, very heavy power, lab space, and backup generator, the building needed significant cosmetic improvements and a creative marketing strategy to position it appropriately within the market.

Wafer and Mawhinney pursued both the tenant and owner/user market and pinpointed NFT, which was recently recognized as one of the Colorado Companies to Watch, as an ideal tenant, advising the company of the long-term value of the relocation. After almost 25 years in its previous location, NFT will be able to relocate its corporate headquarters and Colorado manufacturing facility in a beautiful free-standing 54,000-square-foot facility located on six acres, nearly doubling their manufacturing and office space while maintaining excellent access for customers, suppliers and employees. Meanwhile, Albrook Partners adds a fully-leased, first-class asset to its portfolio.  Bruce Mawhinney added, “The NFT lease at 4653 Table Mountain Drive is a prime example of creatively structuring a transaction to the benefit of both landlord and tenant.”

“Our entrepreneurial approach to acquisition and development allows us to take risks that other investors would avoid. 4653 Table Mountain Drive is just the most recent example of this strategy,” noted Stuart Bombel, owner and lead partner at Albrook Partners, LLC. Rehabilitation of distressed assets is a special focus of Albrook Partners – including activating neighbor pockets with long-vacant assets, identifying improvements that will meet market demands, accepting the potential risk, and ultimately turning the properties around.

NGKF has represented Albrook since 2011, including the acquisition of two assets in Commerce City – a 50,000-square-foot former greyhound race track event center building and a 60,000-square-foot industrial building, each with very large sites. Both properties required significant capital investment to position them appropriately. The event center sold to a school/church and the industrial asset leased to a national roofing supply company. Albrook Partners also acquired a 27,500-square-foot industrial asset in Denver, leasing it after refurbishment to a tenant who later exercised its option to purchase the property. NGKF has also assisted Albrook with the acquisition of a 47,000-square-foot warehouse along Highway 93 in Golden and an 11,000 square-foot office building in Parker.

“What each transaction has in common is the niche nature of the product – the opportunity to add value given the assets’ locations, building improvements, required investment and market dynamics,” supplied Wafer. “In each instance, we were successful in turning around assets that had long been vacant, while also energizing their respective neighborhoods.”

Image courtesy of NGKF

Previous post

Pueblo, CO Has Highest Contact Center Concentration Market per new JLL Report

Next post

Construction Underway for Hickory & Ash, a Kevin Taylor Creation

No Comment

Leave a reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>