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COLORADO REAL ESTATE JOURNAL
— March 16-April 5, 2016
Industrial
by Jill Jamieson-Nichols
A Denver industrial user found
a needle in a haystack in Denver’s
Montbello Industrial Park.
Stone International bought a
56,897-square-foot Class B indus-
trial building with an approxi-
mately 1-acre lot at 11411 E. 51st
Ave. for $4.3 million, or $75.58 per
sf. It plans to occupy about 35,000
sf and grow into the remaining
space over time.
“Quite frankly, it was one of
the very few buildings they could
buy,” said JLLʼs JasonWhite. There
have been few industrial user sales
recently, and there are very few
buildings available for sale, espe-
cially in that size range, he said.
Buildings with yard also are few
and far between. “That was really
attractivenot only for their parking
but also to be able to store product
out there,” saidWhite.
The deal was the largest indus-
trial owner-user sale in the Denver
market so far this year, according
to JLL.
Stone International is a direct
importer of cabinets and granite
countertops. It currently leases
about 33,000 sf off of Interstate 70
and Peoria Street, and that lease is
expiring.
“This was a great deal to be a
part of as it was one of the only
vacant industrial deals of consid-
erable size in the I-70 corridor,”
said BrandonKramer ofMarcus &
Millichap.
Montbello is home to a number
of marijuana grow facilities, and
that added to the level of interest in
the property, Kramer said.
“The extremely tight market,
combined with the possibility of
marijuana cultivation, drew tre-
mendous interest from multiple
buyers. We ultimately came to an
agreement with one of the first
groups to approach us, an owner-
user that was nearing the end of
their lease at another property,”
he said.
Built in 1987 and expanded 10
years later, the building features a
two-story office area. It was vacant
at the time of the sale. Fire-sup-
pression company Cintas used to
be in the building but couldn’t
come to an agreement with the
landlord when its lease expired
and decided to leave the property,
according to Kramer.
Kramer represented the seller,
11411 Limited LLLP. White and
Mitch Zatz of JLL represented the
buyer.
s
The sale of 11411 E. 51st Ave. in Denver was the largest owner-user
industrial sale in Denver so far this year, according to JLL.
by Jill Jamieson-Nichols
A 23,187-square-foot industrial
building in Englewood sold to a
tenant for $1.65 million, or $71.16
per sf.
Tejon Warehouse LLC bought
the building at 2860 S. Tejon
St. from Delaware Investments
Limited Partnership RLLLP. The
buyer is affiliatedwith Snacks for
a Purpose, a vending machine
supplier that has occupied the
property for many years.
The building was listed for
sale and drew significant inter-
est, according to Matthew
McClintock of Newmark Grubb
Knight Frank.
“We did take it to market.
We had multiple offers,” said
McClintock, noting the buyer
had first right of refusal on the
property. “The buyer, due to the
tightness of the (industrial) mar-
ket, didn’t have any other options
to buy anything else. This was
their only option,” he said.
McClintock
and
Jeffrey
McClintock, also of Newmark
Grubb Knight Frank, represented
the seller in the transaction. Jack-
ie Yost of Your Castle Real Estate
represented the buyer.
s
