Page 20AA —
COLORADO REAL ESTATE JOURNAL
— November 19-December 2, 2014
Industrial
by Jill Jamieson-Nichols
A real estate investment
trust that invests in net-leased
properties paid $10 million, or
$52.85, for a 189,210-square-foot
industrial building in Denver.
Gladstone Commercial Corp.
bought the building occupied by
Premium Pet Health at 1485 E.
61st Ave. Premium Pet Health, a
subsidiary of Smithfield Foods,
has several years remaining on
its lease. JKL Land Holding LLC
was the seller.
The property generated strong
activity from a handful of inves-
tors, accord-
ing to Tyler
Carner, first
vice president
in
CBRE’s
I n d u s t r i -
al
Group.
Carner rep-
resented the
seller with
CBRE Execu-
tive
Vice
President Jim Bolt; Mike Camp,
senior vice president; and Jer-
emy Ballenger, vice president.
“The purchase was a great
opportunity for Gladstone to
acquire a well-located property
in an infill location with a long-
term lease and a strong credit
tenant,” said Carner.
The Premium Pet Health
building occupies 13.81 acres
near the Interstate 25/I-76 and
1-76/I-270 interchanges, with
direct access to I-25 viaWashing-
ton Street and East 58th Avenue.
It has 46,000 sf of freezer space
and 4,000 sf of cooler space, 17-
to 24-foot clear height, rail ser-
vice, heavy power and heavy-
industrial zoning. The building
was built in 1985.
“This marks our third acqui-
sition in Colorado and our
fourth acquisition in the West-
ern United States, which contin-
ues our strategic expansion into
both primary and secondary
markets,” said Andrew White,
Gladstone Commercial man-
aging director. The purchase
brings Gladstone’s real estate
portfolio to 95 properties total-
ing 10.2 million sf in 23 states.
Other News
n
Great Lakes Properties
LLLP
acquired a 20,800-square-
foot industrial building at 7790
S. Wheeling Court in Engle-
wood for $2.29 million.
The buyer will occupy half of
the building.
Newmark Grubb
Knight Frank
brokers
Russell
Gruber
and
Steve Fletcher,
who represented the buyer,
have the remaining 10,400 sf
listed for lease.
Keith Bell
and
Jason Addles-
perger
of Newmark Grubb
Knight Frank represented the
seller,
Second Frontier LLC.
n
Gottsch Family Invest-
ments
recently paid $1.99 mil-
lion for a 30,000-sf industrial
building at 4975 Miller St. in
Wheat Ridge.
Esther Kettering
of
Cas-
sidy Turley
represented the
seller,
PDPP LLC.
Cassidy Tur-
ley’s
Chris Ball
represented the
buyer.
n
International Beauty Sup-
ply
paid $720,000 for 10,512
sf of industrial space at 3250
W. 72nd Ave. in Westminster.
Chris Ball
and
Brandon Ray
of
Cassidy Turley
represented the
seller,
JA3S Investments LLC.
Steve Serenyi
of
Colliers Inter-
national
represented the buyer.
n
Rick
and
Randy Roma-
nin
sold a 10,000-sf industrial
building at 2350 W. Bates Ave
in Englewood to
Hursh Enter-
prises LLC
for $660,000.
Russell Gruber
and
Steve
Fletcher
of
Newmark Grubb
Knight Frank
represented the
sellers.
Tim Shay
of
Colliers
International
represented the
buyer.
s
Gladstone Commercial Corp. bought the Premium Pet Health building at 1485 E. 61st Ave. in Denver.
Tyler Carner
by Jill Jamieson-Nichols
A Florida group is capital-
izing on Colorado’s maturing
marijuana industry with a new
six-building complex targeted
specifically to growers.
Global Consulting LLC
recently purchased 5.52 acres
of industrial ground at 12600
Smith Road with plans to build
six identical grow facilities on a
secured site. JC Properties LLC
sold the land for $450,000 in a
deal handled by listing brokers
Steve Fletcher and Russell Gru-
ber of Newmark Grubb Knight
Frank and Paragon Commer-
cial Group’s Sean Curley, who
represented the buyer.
“Their intent is to put some
grow facilities out there for the
marijuana industry, and it’s
going to be turnkey type of
space,” said Curley. The build-
ings will be offered for lease or
sale, and the owners will offer
financing to creditworthy ten-
ants, he said.
Colorado’s marijuana grow-
ers typically occupy older
industrial buildings that have
been modified to meet their
specific requirements. Some
greenhouse projects are being
built, but the Smith Road prop-
erty appears to be the first of its
kind in that each warehouse-
type building will have rooms
specifically designed for vari-
ous phases of cultivation, from
flowering and cloning to dry-
ing and curing.
“I think it is very unique, at
least right now, because it’s
almost plug-and-play,” said
Curley. The owner expects to
have space available toward
the end of first quarter 2015.
Each of the buildings will be
13,300 square feet and will have
two overhead doors; oversized,
1,500-amp electrical service;
interior loading bays; and an
underground water storage
tank. Buildings also will have
16-foot clear-span walls and be
“ultra-energy efficient,” with
R-30 insulation values on the
ceilings and walls, Curley said.
Interior build-out will be to
the occupant’s requirements.
Curley will be marketing the
buildings for the owner.
s
BMC already has sold 1,000
of the units, primarily the
smaller apartments.
The returns are so big that
some investors have gotten
spoiled, he said.
“Our investors doubled their
money,” said Joblon, who with
his prematurely graying hair
bears a striking resemblance
to movie actor Richard Gere, if
Gere sported a neatly trimmed
beard.
He arrived in Denver after
seven years in Los Angeles,
working for a New York-based
developer.
In 2009, Joblon married Alissa
Alpert, daughter of prominent
Denver land developer Lee
Alpert. Lee and his brother
have developed tens of thou-
sands of acres in the Denver
area.
In 2010, Alissa Alpert was
pregnant.
“I told her there was no way
I wanted to raise a child in L.A.
and we could either move to
Denver, where you are from, or
Boston, where I am from. She
chose Denver,” he said.
The Alperts are not investors
in his real estate deals, he said.
Joblon wasn’t planning a
career in real estate.
He was planning to join his
family business, the Brittany
Dyeing and Printing Corp. in
Bedford, Massachusetts, which,
among other things, makes uni-
forms for men and women in
military service.
“I was passionate about the
business,” Joblon said.
“I did everything there from
being a janitor to being an exec-
utive,” he said.
When he was 12 or 13, he
was a janitor.
“It was a big union shop and
I punched a clock like everyone
else,” he said.
When his fellow janitors
realized he was the boss’ son,
“They left some surprises for
me in the restrooms to clean
up. It was disgusting.”
He complained to his father,
Kenneth, who told him he
understood and if he never
wanted to work there again,
that was his choice.
But he wasn’t going to step in.
“There was no favoritism,”
Joblon recalled.
Working with the blue-collar
workers was a great experience
and he became friends with
those who initially hazed him.
“To this day, I can talk to and
relate to anyone,” Joblon said.
His father told Joblon that he
could join the family business,
but first he had to strike it out
on his own to get some outside
experience.
When he was a senior at Bab-
son College in Wellesley, Mas-
sachusetts, where he received a
degree in entrepreneurship and
real estate finance, he struck up
a conversation with a guy he
met while on vacation on St.
Barts.
He turned out to be a big-
time New York-based devel-
oper and real estate investor.
After college, Joblon headed
out to Los Angeles with a col-
lege buddy, who coincidentally
had attended Cherry Creek
High School.
“I moved out to L.A. with no
job and took the first one I got,”
he said.
He became a financial adviser
for UBA Financial Services in
Beverly Hills, earning his Series
7, 66 and insurance licenses.
“I did it for two years and
hated every single moment of
it,” Joblon said.
However, he had committed
to two years and he is a man of
his word.
“Most importantly, I learned
a ton about that business,
which has been important for
the way I manage my own
finances,” he said.
Joblon didn’t forget about the
guy he met while on vacation.
“I left him messages for a
year,” Joblon said.
Joblon’s persistence paid off
and he got the developer’s
attention.
“He must have seen some-
thing in me, so when he would
come to L.A. from New York,
we would get together,” Joblon
said.
“We made a handshake deal
and he said he would pay me
if we ever did a deal together,”
he said.
Joblon brought him the Gucci
building on Rodeo Drive in
Beverly Hills.
It was a home run and it was
sold soon after they closed on it
for a big profit.
“He kept his word and paid
me,” Joblon said. “He was a
big New York developer and I
was a nobody. He could have
screwed me, but he didn’t.”
Instead he hired him and
Joblon worked on more than
$200 million in deals during his
tenure in California.
“But I wasn’t the guy” who
was calling the shots, he said.
“But I got a tremendous educa-
tion. I learned about zoning,
entitlements and all of the steps
required to get a building out
of the ground.”
That has proved to be invalu-
able at Steele Creek.
He learned about the site
from a cold call from an apart-
ment broker.
When the broker asked him if
he was interested in the prop-
erty, which was in foreclosure,
Joblon initially decided he
would pass.
The broker persisted and the
more he looked at it, the more
