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10/24/24
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Ambrose Property Group has purchased Ascent Commerce Center, 595k sf industrial park in the Denver area, in a $61 mil ($102/sf) transaction. The 33-acre industrial park is located at the intersection of 84th Ave and Telluride St in Commerce City.
Ascent Commerce Center is comprised of three state-of-the-art, modern industrial buildings, all of which are partially occupied with space still available to lease.
Building I is 154.8k sf and located on the west side of the park. Current users include La-Z-Boy and PCL Construction. There is 43.4k sf available to lease within the building. Building II is a 313k sf, cross-docked building in the center of the site. McKesson currently leases 135k sf in the north end of the building; 178k sf is available for lease. Building III is 127.6k sf and is located on the east side of the park. Lawless Group currently occupies 26.5k sf on the south end of the building, leaving 101.1k sf on the north end, including a 2.6k sf finished office space, available to lease for immediate occupancy.
Strategically situated just 6.6 miles west of Denver International Airport, construction of Ascent Commerce Center was completed in 2021. The park offers easy access to Pena Blvd and E470.
Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller in brokering the sale of the property. Additionally, a Cushman & Wakefield Equity, Debt & Structured Finance (“EDSF”) team provided debt placement services to Ambrose. The Cushman & Wakefield Denver office will continue to represent the park as leasing agent and will also provide property management services. Ambrose also partnered with First Merchants Bank on a construction loan for the acquisition.
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