Ascent Commerce Center, a ±33-acre industrial park consisting of approximately 595,000 square feet in three recently constructed Class A buildings in Commerce City has sold for $61 million. Built in 2021, the state-of-the-art, multi-tenant project sits at the intersection of East 84th Avenue and Tower Road. The project is strategically located within Nexus at DIA, a 240-acre industrial park just west of Denver International Airport.
Ascent Commerce Center was acquired by Ambrose Property Group, an Indianapolis-based industrial, logistics, and e-commerce real estate developer and investor.
Ascent Commerce Center consists of three buildings located at 17776, 17956, and 18146 East 84th Avenue, Building I is 154,831 SF and situated on the west side of the park. Current users include La-Z-Boy and PCL Construction. Building II is 313,080 SF and is a cross-docked building in the center of the site. McKesson currently leases 135,053 SF on the north end of the building. Building III is 127,631 SF and is located on the east side of the park. The Lawless Group currently occupies 26,463 SF on the south end of the building.
Cushman & Wakefield’s Will Strong, Molly Hunt, Michael Matchett, and Dean Wiley of the firm’s National Industrial Advisory Group – Mountain West represented the seller in the transaction. Drew McManus, Bryan Fry, and Ryan Searle also provided local advisory.
Additionally, a Cushman & Wakefield Equity, Debt & Structured Finance (“EDSF”) team including Rob Rubano, Brian Share, Max Schafer, Garrett Stasand, Lars Weston, Niki Kretschmann, and Jonathan Groztzinger arranged the acquisition loan.
“Ascent Commerce Center is a modern, best-in-class industrial development boasting a premier location with exceptional freeway and regional access. The property offers the buyer a steady income stream along with a great opportunity to add value by leasing up the remaining space in the high-demand Airport submarket,” said Michael Matchett.
“Strategically constructed to be highly divisible, the project has the advantage of meeting various tenant size requirements,” said Drew McManus. “In the last ±6 months, this sought-after area has seen a flurry of significant occupier activity from global corporations for their manufacturing and distribution needs, and we expect that trend to continue.”
The project offers exceptional access to I-70, E-470 & I-225 and is situated between Denver International Airport and downtown Denver. “Ascent’s favorable connectivity coupled with the excellent surrounding workforce demographics make for a winning combination,” added Bryan Fry.
The buildings stand tall with 32-foot and 36-foot clear heights, dock-high and drive-in loading, ESFR sprinklers, multiple points of ingress and egress, trailer parking, and more. The Denver International Airport is also ±8 minutes away.
According to Cushman & Wakefield’s new Q3 2024 industrial market report, the Denver Airport submarket achieved approximately 1.25 MSF of positive net absorption in Q3 alone, accounting for well over half of the region’s total quarterly occupancy growth (2.1 MSF). Meanwhile, industrial leasing activity in the Airport grew to nearly 2.5 MSF year-to-date, the highest of any submarket and close to one-third of the region’s total leasing activity for the same period (7.1 MSF).
