Centerpark, a three-building, multi-tenant Class A industrial project totaling 431,157 square feet in the heart of Denver has sold to a joint venture of Denver-based Westfield and Reinsurance Group of America (RGA), a leading global life and health reinsurer. The property sold for $73 million and was 100% leased to 10 tenants at the time of sale.
The project is situated on more than ±22 acres and features three highly functional industrial buildings located at 4900, 5000 and 5050 Osage Street. The property resides in Denver’s North Central submarket, at the confluence of I-25 and I-70, two major interstates in Denver and two of the most highly traveled interstates in the State of Colorado.
Cushman & Wakefield’s Will Strong, Jim Carpenter, Kirk Kuller, Michael Matchett, Molly Hunt and Dean Wiley of the firm’s National Industrial Advisory Group brokered the transaction. Cushman & Wakefield’s Alec Rhodes, SIOR, Aaron Valdez, SIOR and Tyler Smith, SIOR, provided leasing advisory and were also retained by Westfield and RGA for Project Leasing services for Centerpark going forward.
“The property is a well-established, infill industrial asset in the heart of Denver that has been institutionally developed, managed, and maintained for many years. The property’s stable tenant roster and staggered expiration schedule allows the buyer great potential to grow net operating income upon rollover based on proven demand in this sought-after submarket,” said Director Michael Matchett.
“Centerpark has proven itself over the years as one of the most successful, highly functional industrial assets in Denver’s central submarket, with consistently low or no vacancy, and very little turnover in its tenancy. The proximity to a diversified workforce, incredible last-mile demographics, and immediate access to I-25 and I-70 can’t be beat,” added Executive Director Alec Rhodes.
According to Cushman & Wakefield, the North Central submarket is consistently among the best-performing submarkets in the Denver Metro given its central location and access to major transportation networks. Submarket vacancy at year-end 2023 was just 3.8% combined with approximately 1.7 MSF of annual leasing activity and 500,000 SF of annual occupancy growth in 2023 — each statistical category ranking among the top three best of any industrial submarket in Denver.
Some of Centerpark’s key logistical features include its multiple points of ingress/egress, highly suitable tenant size flexibility with various storefronts, excellent loading (Buildings C and D are spine crossdock), functional column spacing, ample parking, concrete truck aprons, substantial power, and ESFR sprinklers. The property is also in a Denver Enterprise Zone adding to its economic desirability.
