in an off-market transaction, a partnership between Biynah Industrial Partners (BIP) and Platform Ventures (Platform) has acquired a 12.2-acre trailer/storage yard property in central Denver for approximately $9.56 million, from Prime, Inc. The property is strategically located immediately off I-76 with high freeway visibility.
The acquisition is part of a national low coverage and industrial outdoor strategy BIP and Platform are pursuing with a goal of acquiring at least $150 million in assets over the next 24 months.
Steve Hager, Matt Trone, SIOR, and Joey Trinkle with Cushman & Wakefield’s Denver office represented the buyer in the sale and are also now leading marketing efforts to lease the property. The team is focused on attracting tenants needing a location for trailer parking and/or outside storage.
The property provides a premium central Denver location with access to I-76, I-25, I-70, US 36 and I-270, and is also proximate to the BNSF Intermodal Facility and UP Intermodal Facility.
The new owner plans to expand the existing trailer parking to approximately 300 total stalls, add new fencing, lighting and expand the paved lot area. The property also features a security gate and a 1,364-square-foot office trailer.
“This asset will be well-positioned in the market to serve the transportation industry by providing an outstanding, sought-after location for trailer parking. Due to an aggressive push over the last 3-4 years to develop infill locations, we are seeing high demand with tenants being displaced and needing this type of asset for their operations. This site could also serve as outside storage for tenants in the immediate submarket,” said Matt Trone, managing director.