A 15-acre industrial property located at 18000 E 22nd Avenue in Aurora has sold to Chicago-based Industrial Outdoor Ventures (IOV), the first national real estate investor focused exclusively on outdoor storage facilities.
The property includes 45,600 sq. ft. of buildings with a fenced yard on 15.4 acres. The site has approximately 15,000 sq. ft. of Class A maintenance space with cranes, floor drains, drive-thru bays, 30-ft. clear heights and other maintenance upgrades. The property is near the intersection of Tower Road and Smith Road, just south of I-70 and 15 minutes from Denver International Airport.
“There are very few properties available with maintenance space and outside yard storage in Aurora right now,” said Mike Camp, senior vice president, CBRE. “Investor and user appetites are strong for industrial properties near major population centers, like Aurora and Denver, especially in the wake of a pandemic-fueled increase in industrial activity.”
IOV’s portfolio includes 40 properties in 12 markets totaling more than 660 improved acres and over 1 million sq. ft., including six other properties in the Denver area. The firm is seeking to acquire $250 million in assets over the next 12 months – with a three-year plan to amass more than $1 billion in properties.
“This investment is representative of our continued focus on the infill marketplace,” said Eric Johnson, IOV’s senior vice president of development and acquisitions. “The site’s large yard component and low coverage configuration afford us a ton of flexibility to cater to a wide array of users. We’re excited to work with Mike Camp and the CBRE team on leasing this asset.”
CBRE’s Camp and Bolt will be marketing the property for lease on behalf of IOV. IOV has initiated “make ready” work on the existing buildings in preparation for new tenants.
Demand is high for industrial space in metro Denver, especially near the airport, according to CBRE research. Year-to-date industrial net absorption reached nearly 4.5 million sq. ft. at the end of the third quarter of 2021, up 67 percent year-over-year. The Airport submarket is home to more than half of all the industrial space absorbed in Metro Denver this year.
Photo courtesy of CBRE