Brand-New Industrial Center in Broomfield Sells for $47.8M
Interpark Industrial Center, a two-building, 239,816-square-foot property located at 11325 Main Street and 11380 Reed Way in Broomfield sold for $47.8 million on Feb 6. to Stockbridge Real Estate of San Francisco.
Tyler Carner, Jeremy Ballenger, Jim Bolt, Jessica Ostermick and Frank Kelley with CBRE’s Denver offices along with Jeremy Kroner of CBRE’s Boulder office represented the seller, the Denver office of United Properties and Brue Baukol Capital Partners. CBRE retained the leasing assignment.
“Interpark Industrial Center is a brand-new, state-of-the-art Class A development in a highly sought-after location along the U.S. 36 corridor, allowing for convenient access to Denver and Boulder,” stated Jeremy Ballenger, CBRE. “The buyer was attracted to the high-quality tenant mix with long-term leases and the location, which has both increasingly high barriers to entry and rapid economic growth projections.”
Completed in 2018, the two buildings total 239,816 square feet on 16.13 acres. Building amenities include ESFR sprinklers, 24-ft. clear heights, modern column spacing, dock-high and drive-in loading, and ample parking. Additionally, Interpark Industrial Center features a 220-ft. shared truck court and 60-ft. concrete loading pads. One year after completion, the property is currently 89.7 percent leased to three tenants: Swisslog Healthcare, MKS Instruments and GC Imports.
”We are obviously thrilled with the outcome and are especially grateful to the entire CBRE brokerage team who were involved in all the marketing aspects of this project from initial land acquisition to sale,” added Kevin Kelley, executive vice president at United Properties.
The property is surrounded by a mix of quick service retail, hotels and regional shopping, located just across U.S. 36 from the 1st Bank Center and just north of the Shops at Walnut Creek. It is located in Denver’s northwest industrial submarket, which recorded 579,165 square feet of positive net absorption last year — the highest level of absorption in the submarket since 1988, according to CBRE research.
“There’s an extremely limited amount of land zoned for industrial along Denver’s U.S. 36 corridor. At the same time industrial users are trying to expand and seek a foothold in the booming Northwest submarket. Together this creates a supply and demand imbalance that benefits well-positioned properties like Interpark,” added Tyler Carner, CBRE.
Photo courtesy of CBRE