BlueScope Properties Group has sold its new, 136,915-square-foot logistics center in a last-mile location at 14353 E. Otero Ave. in Englewood. Terms of the off-market sale were not released.
Managing Directors Larry Thiel and Sean Devaney with JLL Capital Markets and Managing Director Carmon Hicks with the JLL Industrial Leasing team represented BlueScope Properties Group. Vacant at the time of sale, the buyer hired a JLL team to lease the property.
Completed in 2021, the building features 32-foot clear heights, 37 exterior dock doors, three drive-in bays, ESFR fire protection, office to suit and ample parking. The state-of-the-art, single-tenant building also has a rear-loading configuration.
The building is situated on 12 acres at 14353 E. Otero Ave. in Englewood, an affluent, growing suburban community seven miles south of downtown Denver. This infill location proximate to Interstate 25 provides easy access to the surrounding population that includes more than 201,000 residents within a five-mile radius in addition to the entire Denver MSA. Additionally, a tenant will be able to reach population centers in both Boulder and Fort Collins in under 90 minutes.
“The Denver market continues to draw significant investor interest in newly developed and well-located industrial product,” Hicks said. “We don’t see this demand slowing over the next several quarters.”
“Given the increase in delivery time, coupled with the cost increases for new construction, building shell acquisitions continue to be an active market across the U.S.,” Devaney added. “With the robust user demand, investors are very comfortable taking the leasing risk and generating stabilized yields that fit their investor profile, while getting access to new opportunities earlier in the cycle.”
