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October 23, 2018
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Newly Completed Industrial Campus in Denver Sells for $74 Mil

5/23/18

Hub 25, a recently completed Class A multi-tenant industrial campus in Denver, was acquired by institutional investors advised by J.P. Morgan Asset Management in a recent $74 mil transaction. Located at 601 East 64th Ave, the property was sold by Westfield Company.

The site is the former home of Mapleton High School, which sat vacant for 20 years before Westfield purchased the land in 2016 to develop it into a four-building, 421.5k sf ($175/sf) industrial park. In just over two years, the project advanced from demolition to development to lease-up and now disposition.

Hub 25 includes four buildings ranging from approximately 43.5k sf to 145k sf in size. The buildings offer a mix of distribution, office and showroom space with clear heights between 24 and 28 feet, ESFR sprinklers, front park/rear load functionality, 135-foot truck courts, trailer parking and storage space. In 2017, the project won a national Tilt-Up Achievement Award for its innovative and efficient construction.

The campus is located on 23.76 acres between I-70 and I-76 in unincorporated Adams County. It is within an Enterprise Zone with no metro district overlays, which translates to a 25 to 35 percent potential tax benefit to tenants. Hub 25 is accessible via the first exit north of the I-70 and I-25 interchange, with 1,800 linear feet of frontage along North I-25 and visibility to more than 214,000 vehicles per day.

Westfield launched Hub 25 speculatively in the spring of 2016, retaining CBRE to market the space for lease after CBREs Tyler Carner and Jeremy Ballenger represented Mapleton School District in the sale of land to Westfield. CBRE secured six tenant leases prior to construction completion, making the project 70% pre-leased upon delivery in mid-2017. Currently Hub 25 is 95% leased to eight tenants, including BSI Designs, Mountain High Appliance and Rep Fitness.

According to a recent CBRE survey of commercial real estate investors across the Americas, Denver now ranks the seventh most-attractive metro in the Americas for property investments. In the same survey, respondents ranked industrial as the No. 1 preferred property type for investment.







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