Central Denver Office Warehouse Sells for First Time in 50 Years
A 44,986-square-foot office, light industrial and warehouse facility located at 2506-2596 West Barberry Place in Denver that has been privately held since the late 1960s, has been sold to a Canada-based fund for $7,965,000. Prior to the closing, the facility had been privately held since the late 1960s. The property was fully leased to ten tenants at the time of sale.
RC Myles, managing broker at Thrive Commercial Group, a boutique firm focused on Colorado commercial real estate, along with Ben Vestal and Cole Carosella of Argus Real Estate, represented the seller’s entity, Barberry Place, LLC. TJ Smith of Colliers represented the buyer, Nicola West Barberry LP.
The property is situated on 1.78 acres on the west side of Interstate 25 at 8th Avenue, providing immediate access to Interstate 25, 6th Avenue, and Interstate 70. The building is located in the high-demand Central Denver submarket where the industrial vacancy rate hovers around 5.3%.
The property’s I-1 zoning allows for a variety of light industrial and warehousing uses with small units generally divisible to approximately 3,500 square feet or 7,000 square feet. Small unit sizes are scarce in the Central market and typically lease at a premium. Additionally, each of the property’s spaces provide drive-in, dock-high or half-dock loading which is not common for units of this size. Other property features include ample parking and 14-foot warehouse clear height.
“Central industrial continues to attract substantial investor interest,” said RC Myles. “The Barberry property’s diverse existing tenant base, highway exposure and smaller unit sizes offered a unique opportunity in the Central market. This sale demonstrates that investors are still hungry for quality, well-located industrial assets.”