Invesco Sells Denver Industrial Campus for $74M
Hyde Development and Mortenson Properties have paid $73.5 million for Peoria Business Center, an industrial campus in Denver, financing the purchase with a $44 million loan from Hartford Financial Services Group, public records show.
Invesco sold the three-building asset totaling 592,572 square feet with the assistance of CBRE. The Class A property previously traded in 2004 for $31 million.
Located at 12330 E. 46th Ave., 12360 E. 46th Ave. and 13100 E. Albrook Drive, in Airport submarket, the campus came online between 1998 and 2001. The buildings feature ESFR sprinklers, dock-high and drive-in loading capabilities and LED lighting. There are eight points of ingress and egress within the property.
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At the time of the sale, Peoria Business Center was 98 percent leased to 19 tenants occupying an average suite size of 28,000 square feet.
The industrial property is close to Interstate 70, providing distribution access across the nation; interstates 225 and 270 are also nearby. Downtown Denver is approximately 11 miles away, while Denver International Airport is some 13 miles northeast.
CBRE’s Jeremy Ballenger, Tyler Carner, Jessica Ostermick and Jim Bolt represented the seller in the transaction.
The Denver industrial market saw an investment volume of only $364 million in 2023 through November, according to a recent CommercialEdge report. Properties traded at $130 per square foot, a price equating the national average; however, the value marked a 24 percent drop from the metro’s same period of 2022.
Partnering in Denver
Hyde Development and Mortenson Properties have also partnered on another industrial project in the Denver area. The HighPoint Elevated industrial and logistics park is set to comprise 5.5 million square feet at full build-out. The development site was purchased in 2022.
Earlier this year, the partnership landed a new tenant at the same campus as PrimeSource Building Products signed a 170,300-square-foot lease within Building 1. At the time of the deal, the speculative warehouse was 70 percent leased.
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