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8/13/21
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IG Logistics LLC has acquired the Lipan Street Industrial Park in Denver for $21 mil. The unique property consists of a centrally located industrial site totaling approximately 34.4 acres featuring outside storage, trailer parking, administrative offices, fueling station and a truck maintenance facility. The seller was EP Investments LLC.
In addition, the property recently completed multiple long-term leases consisting of land leases with Freeman Expositions, a leading integrated event services provider, totaling 7.25 Acres and System Transport, the largest flatbed trucking company based on the west coast, totaling 4.5 Acres for 10 years. Existing tenant Mesilla Valley Transportation, one of the largest locally-owned truck load carriers in the US, extended its lease for 3.5 acres. All Fleet Services, a Denver-based transport company, also leased the 22,000-square-foot shop and diesel station on the property.
All of the leases were transacted prior to sale but were all contingent upon IG Logistics acquiring the property. Matt Trone, Steve Hager and Joey Trinkle with Cushman & Wakefield negotiated the leases, except for the Mesilla deal, on behalf of IG Logistics and were also retained to handle Project Leasing following its acquisition. IG Logistics is Imperium Capital’s Industrial platform.
Lipan Industrial Street Park is located at 6045 Lipan St, providing easy access to Interstates 25 and 76, Colorado’s main freeways. The property currently has available for lease a 14k sf freestanding office building as well as an additional 11-acre parcel for trailer parking or as a potential industrial build-to-suit. The property is surrounded by corporate neighbors and other amenities and is strategically positioned less than an hour of a population of 3.5 million residents.
“There is high demand for trailer park and outside storage and these sites are becoming increasingly rare as greater infill redevelopment occurs which often displaces these types of tenants across the country that have a critical need for storage trailers, etc for inbound/outbound business,” noted Trone. “Furthermore, these sites are also important to the flourishing e-commerce sector that also relies on this type of facility for additional space. We fully anticipate for demand to continue to outweigh supply, making these properties not only valuable but essential.”
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