EverWest Buys Two-Building Industrial Spec Project in Thornton
Denver-based EverWest Real Estate Investors has purchased a two-building, 219,000-square-foot speculative industrial project fronting Interstate 25 in Thornton. The property includes an adjacent, pad-ready site where EverWest will soon begin development on a third, 121,000-square-foot Class A industrial building, and acreage for additional phases to be developed by EverWest based on market demand.
EverWest purchased the I-25 project in a joint venture with Invesco and will serve as project developer. The property seller was RE II Industrial II LLC.
“This is the third off-market U.S. industrial acquisition that EverWest has completed in as many months, and is the only investment offering a new development opportunity,” said EverWest Director of Acquisitions Phil Larger. “With this acquisition we are positioned to answer North Denver’s need for move-in-ready, Class A space in a market with limited immediate supply and where we foresee steady industrial demand for years to come.”
Located at 14901 N. Washington Street, the project fronts I-25 with direct access from Washington and Grant streets. It is minutes from E-470 and Highway 7, surrounded by a host of quick-serve restaurants and within a submarket where the population of skilled workers exceeds local jobs.
“This is an ‘A’ location on many levels,” said EverWest Executive Vice President of Development and Asset Services, Larry Lance. “The deal gives us immediate industrial inventory and a shorter-than-normal development timeframe for the third building’s delivery in a very high-demand market.”
Building three is being developed by EverWest as LEED Certified. The I-25 acquisition also includes 46.4 acres of undeveloped land, on which EverWest has the option to build a Phase II and III totaling an additional 590,000 square feet of new Class A, LEED Certified industrial development over time.
EverWest is an active investor and lender across the United States, including regional activity in the Western and Southwestern U.S. spanning industrial, office and multi-family product.
Image courtesy of EverWest