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2/07/24
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In a recent industrial buy out of Colorado, MCA Realty Inc paid $9.2 mil for Commerce Center I, a three-building 70.3k sf ($131/sf) industrial business park in Aurora. The property, located at 15200 East 33rd Place, 15250 East 33rd Place and 15201 East Moncrieff Place, was acquired through MCA’s Realty Industrial Growth Fund.
MCA Realty plans to spend approximately $1.2 mil on interior and exterior renovations which will include exterior paint, renovations to the parking lot, exterior lighting upgrades, HVAC repair and replacement, upgraded signage and landscaping, new loading doors, a remote monitored security system, as well as renovations to interior storefronts and warehouse space.
“Our business plan is to renovate the asset, consistent with improvements that tenants expect for their businesses, and to create a durable asset once the capital investment is made,” says Tyler Mattox, Principal at MCA Realty. “In the current investment environment, we are focused on acquiring properties where we are able to add value to the underlying real estate by addressing operational, aesthetic, and functional inefficiencies.”
Built in 1985, Commerce Center I is located in Denver’s largest industrial submarket, the Airport or Northeast submarket, with high visibility on the main arterial Chambers Road, and benefiting from the convergence of I-70 and I-225 for distribution and connectivity across greater Denver. The property was 100% leased at the time of the sale.
T.J. Smith, Nick Rice, Matt Keyerleber of Colliers represented MCA Realty and the seller in the transaction.
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