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5/11/23
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EverWest Real Estate Investors has purchased Central Connection in Denver’s popular North Central infill submarket from a joint venture of Comunale Properties and institutional investors advised by J.P. Morgan Asset Management. The property traded for $39.6 mil.
The two-building, 194.7k sf, Class A industrial asset is fully leased to six diverse tenants in an area known for significant demand and high barriers to entry. The property sits at the intersection of I-25, I-76 and I-270, minutes from I-36 and I-70, and less than 30 minutes from Denver International Airport.
Central Connection is located on 14.12 acres at 1550 and 1210 E 73rd Ave in Denver. Building 1 totals 153.3k sf with 32’ clear height. For distribution-centric tenants, Central Connection is 29 minutes from downtown Boulder and 12 minutes from downtown Denver, with 2.1 million people located within a 15-mile radius. It is fully leased to Peloton, Epicurean, Outpost, Alpha and Carlisle. Building 2 totals 41.4k sf with 24’ clear height. It is fully leased to Newcomb Spring Corp.
Bays at Central Connection range from 16.3k sf to 50.6k sf. They are equipped with drive-in and dock-high loading doors and feature ESFR fire protection, gated loading access and a market-leading parking ratio of 2.07/1,000.
“Denver’s North Central industrial market is one of the most desirable and connected in the state, with some of the region’s highest rents and lowest vacancy rates, despite a predominantly older inventory of competitive product,” said Brett Birkeland, EverWest’s Managing Director of Acquisitions, Central U.S. “Within this environment, Central Connection is main-and-main real estate, standing out for its modern construction, clear height and ease of divisibility.”
At the time of its delivery in 2020, Central Connection broke records for the fastest ever lease-up of a speculative industrial project in the Central Denver submarket, securing pre-lease commitments for 76% of its buildings and 100% lease-up within one month of completion.
Comunale Properties and J.P. Morgan were represented by Jeremy Ballenger, Jim Bolt, Tyler Carner and Jessica Ostermick of CBRE.
According to CBRE, only 2% of industrial buildings in Central Denver have a clear height greater than 32’ and only 12% have a clear height greater than 24’. Modern, Class A shallow bay product like that offered at Central Connection also has a local vacancy rate of just 2.3% and accounted for 80% of the market’s executed leases over the last 12 months.
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