EverWest Real Estate Investors has acquired Tower Business Center, a new, two-building industrial portfolio in Aurora, for $66.45 million. The portfolio totals 422,961 square feet and is fully occupied by Tempur Sealy and Sprouts Farmers Market under full-building, long-term leases.
“This was a rare opportunity to capture Class A product located in the largest and most dynamic industrial corridor in the city, and with more than 12 years of stable, contractual cash flow,” said EverWest Director of Acquisitions Phil Larger.
Delivered in 2019 by United Properties, Tower Business Center is located at 18701 and 18901 E. 38th Ave. Its buildings total 289,113 square feet and 133,848 square feet, respectively. They feature 32’ clear height, a combined 73 dock-high and five drive-in doors, 130’ truck courts with secured yards, LED lighting and ESFR sprinkler systems. Collectively the buildings can park 417 cars and 73 trailers.
The 18701 cross-dock building is fully leased to Tempur Sealy, the world’s largest bedding provider. The 18901 building is fully leased to Sprouts Farmers Market, with cooler, dry storage and ripening capabilities.
Jim Bolt, Jeremy Ballenger, Tyler Carner and Jessica Ostermick of CBRE represented the seller, a joint venture between United Properties and Artis REIT.
Tower Business Center is the latest in EverWest’s active industrial acquisition strategy. The firm is seeking additional attractive real estate opportunities.