ByGeorge Ryan|Jan 5, 2021|Industry News, Local Real Estate, News
By James Rodriguez
Reporter, Denver Business Journal
California-based Westcore recently purchased an 11-building, 509,164-square-foot industrial campus in Broomfield for $48 million, according to property records.
The 35-acre property is located at the intersection of West Midway Boulevard and Burbank Street.
Tyler Carner, Jeremy Ballenger, Jim Bolt, Jessica Ostermick of CBRE represented the seller, Commander Leasing LLC. Westcore represented itself.
“This portfolio provides Westcore the rare opportunity to purchase 35 acres of land with 11 highly functional and 100% leased assets in Denver’s Northwest Corridor, which is one of Denver’s leading infill industrial markets in high demand,” said Mike Metzger, Westcore’s director of acquisitions, in a statement. “We are encouraged by the strong market dynamics, including significant supply constraints and multiple demand drivers that will allow us to add significant value to the portfolio over time.”
Westcore is planning extensive renovations and a branding update that will include a new paint scheme, parking lot upgrades and other improvements.
The purchase marks Westcore’s second Denver-area acquisition this year. In February, the company paid $23 million for Dove Valley Business Center, a nearly 150,000-square-foot warehouse in Englewood.
Prior to that deal, it had been four years since Westcore last made an investment in the Denver metro. But the company said the area is a target market after closing on a $1.25 billion investment platform, its third.
Since its founding in 2000, Westcore has acquired, managed and sold more than $9 billion worth of industrial and office assets.
The Denver-area industrial sector has performed well this year, despite the coronavirus, according to CBRE research. Investment sales through the first three quarters totaled $945 million, up 20.8% year over year.
As of the end of the quarter, 7.1 million square feet of industrial buildings was under construction, the highest total in more than 20 years. And more than 966,000 square feet of positive net absorption was recorded in the third quarter, a 69% year-over-year jump.
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