Light Industrial Building in Aurora Trades for $16M
According to JLL, San Francisco-based investment firm Graham Street Realty has purchased Commerce Square, a 144,464-square-foot light industrial building in Aurora, for $16 million.
Commerce Square sits on an 8.9-acre site at 3250 Quentin Street in the heart of the I-70 East submarket, which accounts for more than 40 percent of the Metro Denver industrial inventory. The property consists of two single-story, light industrial buildings that feature clear heights of 18’, 10’ overhead doors, 37 docks and 11 drive-in bays. The property is currently 96.4 percent leased to 13 diverse tenants within suites ranging from 4,000 to 14,000 square feet.
JLL represented the seller and procured the buyer, Graham Street Realty. Additionally, JLL worked on behalf of the buyer to secure a $8.8 million seven-year, fixed-rate loan through Nationwide.
The JLL Capital Markets team representing the seller was led by Managing Director Larry Thiel and Executive Vice President Carmon Hicks. Financing efforts were led by JLL Capital Markets’ Senior Directors Leon McBroom and Brock Yaffe.
“Underscoring its market strength, the I-70 East submarket has recorded 19 years of positive annual net absorption over the last 22 years,” said Thiel. “Year-to-date 2020 annual absorption currently totals 780,000 square feet, outpacing the same time period in 2019 by 241.8%.”
“Commerce Square is well located with good access to the Interstates, such as I-70 East,” Hicks said. “It has and will continue to present smaller tenants with an opportunity to occupy space in a submarket typically known for bulk distribution.”
“Industrial is currently one of the favored asset classes for the lending community and as a result we’ve seen very competitive pricing in deals we’ve brought to the market,” McBroom added.