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February 21, 2024
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Hyde Development and Mortenson Properties Purchase 592k sf Denver Industrial Portfolio

1/19/24

Peoria Business Center, a three-building, 592.6k sf industrial portfolio in Denver, was acquired by a partnership of Hyde Development and Mortenson Properties. The properties, located at 12330 E. 46th Ave, 12360 E. 46th Ave and 13100 E. Albrook Dr in Denver’s Airport submarket, were sold by Invesco.

The buildings were built between 1999 and 2001 with clear heights ranging from 24 to 30 ft, ESFR sprinklers, large truck courts, dock-high and drive-in loading, and LED lighting upgrades throughout. The portfolio was 98% leased to 19 diversified tenants at the time of sale with an average suite size of 28k sf.

The portfolio has eight points of ingress and egress with full circulation around all three buildings, putting I-70 within three minutes of the property. It is also a short drive from I-76, I-25, I-225 and I-270, providing centralized access to labor and customers.

Jeremy Ballenger, Tyler Carner, Jessica Ostermick and Jim Bolt with CBRE National Partners in Denver represented the seller in the transaction.

“Historical occupancy at Peoria Business Center proves its appeal. The property has averaged 96% occupancy over the past 15 years, due to its small-bay design with functional features and in-fill location with unrivaled access to Interstate 70,” said Ballenger.

Denver’s Airport submarket is the largest industrial marketplace in the metro area and the leader across all primary performance metrics, according to CBRE research. The Airport submarket recorded over 1 msf of leasing activity in the fourth quarter of 2023, accounting for 73% of the metro area’s total industrial leasing volume.





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