Colorado’s Largest Industrial Building Sells for $40.75M
DENVER – Colorado’s largest industrial building located at 18875 East Bromley Lane in Brighton, sold on Oct. 2. for $40,750,000.
Drew McManus, managing director of Cushman & Wakefield’s Denver office represented the seller, Brighton Lease Management, LLC along with Matt Trone and R.C. Myles both of Cushman & Wakefield. Newport Beach, CA-based Starboard Realty Partners LLC purchased the 1.3 million-square-foot building, which is occupied by Sears.
“The offering of this high-quality single tenant facility generated substantial investor interest from a broad range of prospective buyers. Interested parties included domestic and foreign high net worth individuals, private equity and institutional investors. Starboard was selected and completed the acquisition in an efficient manner,” said McManus.
The total site size is approximately 104 acres and improved with a 1,305,000-square-foot regional distribution center, originally built for KMART in 1996. It has excellent accessibility to I-76 and 470. The property is situated on Bromley Lane, the entrance to the city of Brighton, with I-76 providing quick access to I-25, DIA, I-70, E-470 and I-80. The property is also proximate to numerous amenities including restaurants, medical facilities and other retailers.
“With limited construction for larger distribution centers and the lack of infill land sites along I-70, we expect the I-76 corridor will continue to see increased demand,” added Dan Vittone, principal of Starboard Realty Partners. “We are excited about the prospect of repositioning this state-of-the-art project should Sears change their outlook for this regional distribution center.”