Newmark, in collaboration with United Properties, has arranged the $25.5 million sale of Enterprise Business Center Building 7 (“EBC 7”), a premier 157,942-square-foot industrial property located at 9420 E. 40th Avenue in Denver. The buyer is Dream US Industrial Fund, an entity of Dream REIT.
Executive Managing Director Mike Wafer and Executive Vice Chairman Tim Richey, Managing Directors Michael Wafer Jr. and Mike Viehmann, Associate Director Jack Richey and Analyst Sean Fitzgerald represented the seller, United Properties, which started development on Enterprise Business Center in 2015 and constructed Building 7 in 2017. EBC 7 has since served as a cornerstone and the “front door” of the award-winning development, strategically located near the intersection of I-70 and Central Park Boulevard in Denver’s East submarket. Known for its exceptional access, proximity to major highways and robust labor pool, the EBC campus is home to major tenants including FedEx, Coca-Cola, Breakthru Beverage, Tire Rack and Aramark.
“Enterprise Business Center has stood as a testament to thoughtful development and enduring value over the past decade,” said Chris Wold, vice president of asset management for United Properties. “The sale of EBC 7 is a strategic transaction as we look to continue development in the Denver market, including 817,000 sq ft under construction at Aero 70.”
“EBC 7 checks every box for today’s industrial investor, as a Class A building in a core infill location, with the upside of below market rents and a short-term WALT,” added Wafer. “Interest in the property was extremely strong which is a testament to both the quality of the asset and the overall development by United Properties.”
The property features Class A industrial amenities including 24-foot-clear ceilings, ESFR sprinklers, high-end office/showroom buildouts and a large truck court, among other amenities.
According to Newmark Research, the Denver’s east region is the largest and most institutionally-owned industrial submarket, accounting for roughly 42% of the market’s inventory and 62% of its absorption.
United Properties has been creating deep roots in the commercial real estate industry for more than 100 years. The company imagines new possibilities in real estate to help enrich communities and create lasting legacies. United Properties provides market expertise for ground-up development, redevelopment and acquisitions of value-add and stable investments. The company invests in and develops office, industrial, retail, mixed-use and senior living properties. United Properties is owned by the Pohlad Companies and is headquartered in Minneapolis, with offices in Denver and Austin, Texas. For more information, visit uproperties.com, and follow on LinkedIn and Instagram.
