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February 24, 2024
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Colorado Distribution Facility Bought for Just Under $30 Mil by Private Investor


Dove Valley Business Center, a 149.8k sf, warehouse distribution center in Englewood, CO, was traded to an undisclosed private investor in a $29.75 mil ($199/sf) transaction. The property was sold by Westcore.

Built in 2018, Dove Valley Business Center is a Class A industrial facility located in southeast metro Denver at 14101 E. Otero Ave. The property is a few minutes from both E-470 and I-25, providing connectivity across Colorado’s Front Range cities.

The building is fully leased to five tenants with amenities catering to logistics needs, including 28-ft clear heights, ESFR sprinklers, dock-high and drive-in loading, a large truck court and outdoor storage. Tenant suites within the building range between 23.7k sf and 26.3k sf, classified as “small bay” space.

Jeremy Ballenger, Jim Bolt, Tyler Carner and Jessica Ostermick with CBRE represented Westcore in the deal. The buyer was repped by MidPacific Asset Advisors LLC. Tyler Reed, Dominic DiOrio and Peter Beugg of Stream Realty Partners handled the leasing of the property.

“Dove Valley Business Center attracted investor interest because of its best-in-class logistics features, attractive rent roll and small-bay tenant spaces, which are becoming increasingly rare in the Denver market,” commented Carner.

Denver’s industrial fundamentals are strongest in the small-bay segment, defined as suite sizes less than 75k sf. In 2022, over 40% of all leases signed in metro Denver were for small-bay space, per CBRE research. Yet the cost to build small bay has rapidly inflated in recent years, prompting many developers to focus on larger footprint projects.

Industrial property sales volume totaled $98 mil in metro Denver in the second quarter of 2023, per CBRE research. This is low compared to historical levels as rising interest rates and inflation have dampened investor activity this year, but metro Denver’s industrial market fundamentals remain strong. Sales are anticipated to recover in correlation with the improvement of the macro-economic environment.

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