Westcore Acquires Aurora, Colorado Industrial Property for $33 Million
Westcore, a leading industrial real estate acquisition, development and asset management firm, today announced that it has acquired “Park 225,” an approximately 143,000-square-foot industrial facility in Aurora, Colorado, for $33 million. The property was developed and sold by a joint venture between Karis Capital and AEW, both leading national, full-service development and investment real estate firms.
Part of the greater Denver area’s Northeast submarket, Park 225 is a Class A, state-of-the-art facility located at 13575 E. 27th Avenue. Its position at the I-70 and I-225 interchange provides the property excellent signage opportunity and superior regional access via an integrated network of highways and interstates. Building features include 32-foot clear height ceilings, excellent cross-dock loading with concrete truck aprons, an ESFR sprinkler system, 60-foot speed bay depths and outdoor storage yards.
“The design of this infill, low coverage cross-dock facility was thoughtful and well-executed, as the site layout provides unique versatility to meet current tenant demands with the ability to provide outdoor storage yard areas in addition to modern building features,” said Westcore Director of Acquisitions Mike Metzger.
The property is currently 57% leased to two tenants. Westcore will immediately begin construction of a 2,500 to3,000-square-foot, speculative office suite in the existing vacancy to prepare the space for tenancy.
Westcore represented itself in the acquisition, while Will Strong, executive managing director of Cushman & Wakefield, represented the seller in the sale. According to the most recent Industrial Marketbeat report from Cushman & Wakefield, the recent uptick in both direct and overall asking rents is largely driven by an increase in asking rates in the Northeast submarket, which accounts for nearly 44% of the Denver market’s industrial inventory.
“Park 225 is strategically situated in the highly desirable Northeast industrial sub-market where tenant demand and institutional ownership has been historically strong,” said Strong.
Westcore is a fully integrated commercial real estate investment company with institutional scale and capabilities that operates with speed, agility and adaptability. Since its founding in 2000, Westcore and its affiliates have acquired and managed more than $6 billion in industrial and office assets, comprised of more than 1200 buildings and totaling over 60 million square feet. In addition to its U.S. headquarters in San Diego, Westcore has regional offices in Los Angeles; Oakland; and Sacramento, as well as satellite offices in London, England; Berlin, Germany; and Vienna, Austria.