Denver Industrial Investment Property Sells for $21.1M
A 107,303-square-foot industrial asset located at 9950 E. 40th Avenue in Denver, has sold for $21,105,000. H-B Tempe, LLC, a private investor based in Minneapolis, sold the property to Woodspear Properties (Ascendant Capital Partners DNA, LLC).
H-B Tempe, LLC was represented by Newmark Knight Frank (NKF) on the transaction, with a team that included Mike Wafer, SIOR, Tim D’Angelo, SIOR, Tim Prinsen and Jerry Hopkins. The team also provided transactional assistance to buyer Woodspear Properties on the sale that closed on December 23, 2019.
“9950 E. 40th Avenue is a strategically positioned industrial asset fully leased to an investment grade tenant, Federal Express, as a mission critical facility, making it very attractive to investors,” stated Executive Managing Director Wafer, who led the Denver team representing the owner.
Built in 2014 with concrete-tilt construction, the institutional-grade industrial asset offers 7,037 square feet of office space, three dock doors and 16 drive-in doors. Positioned on seven acres and offering an outstanding last mile logistics location located within the NAIOP Award winning Enterprise Business Center, at Stapleton. Originally developed by United Properties, 9950 E. 40th Avenue offers the new ownership excellent real estate fundamentals along with a strong, investment-grade tenant and minimal landlord responsibilities.
“Properties located at Stapleton obtain higher rents and property values due to the superior infill location, multimodal transportation infrastructure, modern construction and numerous amenities,” concluded Senior Managing Director D’Angelo.
Photo courtesy of NKF