Prologis Sells Denver Industrial Park
A joint venture between Westfield and Reinsurance Group of America has purchased Centerpark, a 431,157-square-foot industrial park in Denver. Prologis sold the multi-tenant Class A industrial asset, according to CommercialEdge data. Cushman & Wakefield brokered the transaction.
At the time of the sale, Centerpark was 100 percent leased to a total of 10 tenants, including Outdoor Edge, Mittera, Controlled Products Systems Group, Canyon Materials, Kush Supply and TriMark Foodcarft, among others.
The industrial park last traded in 2007 when Lowe sold it in a $38.4 million portfolio transaction to DCT Industrial, CommercialEdge data shows. In 2018, Prologis completed its all-stock acquisition of DCT Industrial Trust Inc. for $8.5 billion, including the assumption of debt. The company assumed the ownership of all existing DCT Industrial assets across the United States, including Centerpark.
READ ALSO: Staying Busy When Industrial Momentum Hits the Brakes
The industrial park comprises three buildings spread on some 22 acres:
a 174,132-square-foot building with 2,668 square feet of retail space at 4900 Osage St.
a 176,800-square-foot building at 5000 Osage St.
a 78,000-square-foot building 5050 Osage St.
The single-story buildings feature multiple points of ingress/egress, highly suitable tenant size flexibility with various storefronts, spine crossdocks, functional column spacing, concrete truck aprons, substantial power, sky lights, ESFR fire sprinklers, insulated ceilings, climate control and parking spaces.
Cushman & Wakefield Executive Vice Chair Will Strong, Vice Chair Jim Carpenter, Senior Director Kirk Kuller, Director Michael Matchett, Senior Associates Molly Hunt and Dean Wiley worked on the deal. Additionally, the company’s Executive Directors Alec Rhodes, Aaron Valdez and Tyler Smith provided leasing advisory services and were also retained by the new ownership to handle leasing at the park.
Second-largest volume of sales in the region
Centerpark is within the I-25 Corridor in Denver’s North Central submarket, near the intersections of interstates 25, 76, 70 and 270, and Route 36. The asset is also close to Denver’s Central Business District and in the proximity of Denver International Airport and Denver Tech Center.
Due to its strategic location and access to major transportation networks, Denver’s North Central submarket is considered to be of the best-performing areas in the metro. As of December 2023, the submarket’s vacancy rate was just 3.8 percent, according to Cushman & Wakefield. In 2023, the area registered 1.7 million square feet of leasing activity and 500,000 square feet of annual occupancy growth.
Among western markets, Denver recorded the second-largest volume of sales volume in the region in 2023, with investors closing on $210 million in sales, according to a recent CommercialEdge report.
The post Prologis Sells Denver Industrial Park appeared first on Commercial Property Executive.
