Colorado Real Estate Journal - November 19, 2014
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 investors, according to Tyler Carner, first vice president in CBRE’s I n d u s t r i al Group. Carner represented the seller with CBRE Executive Vice President Jim Bolt; Mike Camp, senior vice president; and Jeremy Ballenger, vice president. “The purchase was a great opportunity for Gladstone to acquire a well-located property in an infill location with a longterm 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 via Washington 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 service, heavy power and heavyindustrial zoning. The building was built in 1985. “This marks our third acquisition in Colorado and our fourth acquisition in the Western United States, which continues our strategic expansion into both primary and secondary markets,” said Andrew White, Gladstone Commercial managing director. The purchase brings Gladstone’s real estate portfolio to 95 properties totaling 10.2 million sf in 23 states. Other News Great Lakes Properties LLLP acquired a 20,800-squarefoot industrial building at 7790 S. Wheeling Court in Englewood 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 Addlesperger of Newmark Grubb Knight Frank represented the seller, Second Frontier LLC. Gottsch Family Investments recently paid $1.99 million for a 30,000-sf industrial building at 4975 Miller St. in Wheat Ridge. Esther Kettering of Cassidy Turley represented the seller, PDPP LLC. Cassidy Turley’s Chris Ball represented the buyer. International Beauty Supply 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 International represented the buyer. Rick and Randy Romanin sold a 10,000-sf industrial building at 2350 W. Bates Ave in Englewood to Hursh Enterprises 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.