DENVER – Newmark Knight Frank (NKF) announces the sale of 4920 North Washington Street in Denver. The 40,530-square-foot industrial asset located on 4.29 acres was sold by GI Investments, LLC for $7.1 million, or $175.18 per square foot, to a local developer.
Located near the new $1.1 billion National Western Center (NWC) in the Globeville / Elyria Swansea neighborhoods (coined the National Western Neighborhood) with frontage along Washington Street, 4920 North Washington’s sale price achieved the highest price-per-square-foot so far in an area defined by high demand and redevelopment opportunities. NKF’s Russell Gruber represented GI Investments, LLC on the sale transaction.
“The National Western Stock Show redevelopment has triggered the next genre of transformation for the National Western Neighborhood, and the sale of the older, Class C industrial asset 4920 North Washington for record level pricing per square foot indicates the high demand for redevelopment opportunities in the area,” noted NKF Managing Director Russell Gruber.
“Located ideally for value creation, the competition was fierce for 4920 North Washington. Now that much of the vacant land is off the market, the next level of opportunity will focus on older, antiquated industrial real estate – especially ones located on larger land parcels, and with a larger than average footprint.”
The National Western Neighborhood is transforming into a vibrant, world-class community with active development and ongoing competition for opportunity. NKF Research notes the top three largest industrial sales in the past ten years, including the sale of 4920 North Washington Street, have occurred in the past 16 months, and 2017 has seen industrial sales in the area achieving an unprecedented price-per- square-foot, topping out (thus far) with 4920 North Washington at $175.18 per square foot.
“It is notable that this pricing is only two years behind those achieved at River North (RiNo), one of Denver’s most competitive and active redevelopment neighborhoods,” added Gruber. “However, RiNo does not have any industrial buildings for sale that are larger than 30,000 square feet; while the National Western Neighborhood currently offers six industrial buildings for sale that are more than 30,000 square feet. This a significant difference that will further spur activity in the National Western Neighborhood.”
Images courtesy of Newark Knight Frank.