JLL Negotiates $3.3M Sale of Fully Leased Industrial Asset
Denver, CO – JLL recently announced the sale of the fully leased 29,100 square foot industrial building at 12415 Dumont Drive in Denver’s Southwest market. The transaction closed at $3.35 million, $115.12 per square foot, and comes just under three years after the building traded hands to the Rocky Mountain Investment Partners (RMIP). In that time, JLL filled all vacancies within the building and raised rents by 25%, resulting in a tremendous value add for the investment group. RMIP’s investment strategy included repositioning the property, thereby increasing the Net Operating Income.
JLL and RMIP donated $13,400 of the fee to the Children’s Hospital and $13,400 to the Dear Jack Foundation, an organization that works to provide support for adolescents and young adults (ages 15-39) diagnosed with cancer.
JLL represented the seller, Rocky Mountain Investment Properties. The Hess Family purchased unrepresented.
Located 16 miles south of downtown the property is located in the Southwest market, one of Denver’s tightest Industrial markets, and is 41 miles from Denver International Airport. The vacancy rate sits at just 1.1%, compared to the state average of 3.7%. The property is nestled between Santa Fe Drive and Chatfield State Park and is home to companies such as Mobile Clinic Genius and Lifetime Roofing.
Tyler Reed led the JLL investment sales team with Peter Beugg and Dominic DiOrio. “The Southwest Industrial market has witnessed significant rental rate growth in the last 24 months,” Reed said. “This has resulted in investors placing more focus on the area due to its infill nature and stable tenant base.”
Image courtesy of JLL