Starpoint Properties, a real estate investment and operating company focused on the acquisition, development and redevelopment of multifamily and commercial properties, has purchased a 7.14-acre industrial land parcel in Denver for $6.7 million.
The parcel, located at 1701-1761 E 68th Avenue, is zoned I-2 with outdoor storage permitted, allowing it to accommodate heavy industrial users seeking outside storage as well as more traditional users seeking warehouse space. Located in Denver’s premier industrial neighborhood, the site offers immediate access to Interstates 25, 70 and 76 as well as proximity to downtown Denver.
Newmark Associate Director Mike Viehmann, Executive Managing Director Mike Wafer, SIOR and Director Michael Wafer, Jr. facilitated the acquisition. The seller was a private party and the sale price equated to a land price of $21.54 per square foot.
“Newmark was thrilled to facilitate this property sale to Starpoint Properties, who saw the value and potential upside in the heavy industrial zoning and central location,” said Viehmann. “Between the permissible zoning that allows for outdoor storage, A+ location in Denver’s premier industrial submarket and functional site configuration, this site is well-suited for an industrial
development down the road.”
“The Newmark team was highly effective and professional in putting the transaction together and ensuring it crossed the finish line. We are excited about the continued growth of our industrial portfolio in Denver—it’s a dynamic market with strong investment indicators,” said Starpoint’s Director of Acquisitions, Sandy Schmid.
According to CBRE, industrial sales volume in Q4 2021 more than doubled from the previous quarter to $1.0 billion, bringing annual 2021 volume to $2.6 billion—up 74.9% year-over-year.
