A portfolio of three Class A, newly constructed warehouse/distribution buildings that total 547,478 square feet within the Eastpark 70 development in Aurora, have been refinanced for $31.2 million.
JLL worked on behalf of the borrower, Consolidated Investment Group (CIG), to place the 11-year, 3.18 percent, fixed-rate loan with an insurance company.
Developed by CIG, Eastpark 70 was delivered in phases through 2016 to 2019. The portfolio comprises buildings II (19700 East 23rd Avenue), III (19900 East 23rd Avenue) and IV (19522 East 22nd Avenue), which have a combined occupancy of 86.14 percent leased to seven tenants. The buildings feature 164 dock-high doors, clear heights ranging from 32 to 26 feet and low office buildout. Two buildings are cross dock with one – building IV – having a rear load configuration.
The portfolio’s infill location is approximately 10 miles southwest of Denver International Airport, and the portfolio has direct access to Interstates 70 and 225 and E-470, which provide connectivity to the region and beyond.
The JLL Capital Markets Debt Placement team representing the borrower was led by Managing Director Josh Simon, who also led the refinancing of the 357,555-square-foot Eastpark 70 Building 1 that was also developed by CIG, in 2017.
Photo courtesy of JLL
