San Diego-based Westcore, a leading West Coast industrial real estate acquisition, development and asset management firm, has purchased a brand new 142,760-square-foot Class A industrial building in Aurora for $33 million.
Known as Park 225, the newly constructed, state-of-the-art multi-tenant building was sold and developed by a joint venture between Karis Capital and AEW, both leading national full-service, development, and investment real estate firms. It was 57 percent leased to two tenants at the time of sale.
Executive Managing Director Will Strong, Senior Director Kirk Kuller, Associate Greer Oliver, and Analyst Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group in Phoenix represented the seller in the transaction. Cushman & Wakefield’s Matt Tone, SIOR, Steve Hager, Joey Trinkle, Drew McManus, SIOR, Ryan Searle, and Bryan Fry provided leasing advisory.
“Park 225 is a best-in-class institutional industrial development located in the prestigious Northeast industrial submarket of Metro Denver and located at the I-70 and I-225 interchange which offers direct access to Denver International Airport. The area has achieved significant rental rates due to its access to local, regional, and national markets via an integrated network of highways and interstates,” said Will Strong.
Built in 2020, Park 225 is located at 13575 E 37th Avenue and features a 32’ clear height, excellent cross-dock loading with concrete truck court aprons, an ESFR sprinkler system, interstate visibility, heavy trailer parking, and available yard. “This dock-high property has been constructed and designed to meet the demand for tenants needing excess van or trailer parking and/or outside storage yards,” added Strong.
Matt Trone said, “Karis and AEW had great vision and creativity and it filled a big need for the demand for distribution space with outside storage. As a result, I think we’ll continue to see similar product being added to Denver’s development pipeline soon.”