Colorado Real Estate Journal -

Former headquarters building sells in $1.65m user deal

by Jill Jamieson-Nichols

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UQM Technologies Inc. sold its former headquarters in Frederick to a user for $1.65 million, or $58.50 per square foot.

Fort Lupton-based Aqua-Hot will occupy the 28,204-sf building at 7501 Miller Drive. Its parent company, Vehicle Systems Inc., was the buyer.

UQM, which makes electric motors, put the property on the market after acquiring a 129,304-sf building in Longmont in late 2009.

“It had been on the market for quite a while, and within literally days of one another, we had two offers,” said CBRE broker Murray Platt. “We selected Vehicle Systems because they could close in 20 days,” said Platt, adding the deal went from contract to close in that time frame. It was the fifth deal Platt has handled for UQM and the fastest closing he’s had in more than 25 years in commercial real estate.

The building sits on four acres, including two acres of extra ground for outside storage, expansion or additional parking. It has well-distributed, heavy power, said Platt, who represented the seller with CBRE broker Paul Kluck.

Aqua-Hot currently is in four separate buildings. “It wasn’t very efficient for them. They needed a wide-open building for their operations,” said Cassidy Turley Colorado broker Travis Ackerman, who represented the buyer with CT Colorado brokers Aki Palmer and Jim Palmer. Ackerman said Aqua-Hot wanted to stay in the general area and the building offered one of the few options available to them. Built in 1998 and later expanded, it has 8,000 sf of office build-out, 55 parking spaces, fire sprinklers 20- to 22-foot ceilings, and drive-in doors and a dock door with a leveler.

Aqua-Hot makes hydroid heating systems for recreational vehicles and trucks. CT Colorado is marketing its existing facilities, including the 27,340-sf main building on 20 acres at 14459 E. Highway 52, which is priced at $1.95 million.

Other News

An investor paid $1.1 million for a 15,060-square-foot industrial building on 48,000 sf of land at 1921 W. Yale Ave. in Englewood Industrial Park.

Uhrig Holdings LLC purchased the property from BlueFire Investment GP LLC, an entity affiliated with BlueBird International. According to CBRE broker Murray Platt, the property was the last asset owned by BlueBird, a landscape equipment manufacturer that started in Denver in the 1960s and was acquired by Husqvarna a decade ago.

The property includes three spaces. Rocky Mountain Concrete Specialists and KLS Investments are existing tenants, and a lease is being finalized for the third, 3,780-sf space, said Unique Properties LLC-TCN Worldwide broker Brad Gilpin.

Gilpin said the cap rate, with the vacancy, was 6 percent. He and Greg Knott of Unique Properties represented the buyer.

Platt and Daniel Close of CBRE represented the seller.

Dominico Distribution leased 18,524 sf of industrial space at 3999 Holly St. in Denver.

Cassidy Turley Colorado broker Craig Myles represented the tenant. Steve Fletcher of Newmark Grubb Knight Frank represented the landlord, RBF Family Ltd.

Granite & Marble Design LLC signed a long-term lease for 12,000 sf of industrial space at 5676 Pecos St., Unit A, in Denver.

The property was a good fit for the company because of its central location, heavy power and large yard, said Newmark Grubb Knight Frank broker Russell Gruber.

Gruber and Steve Fletcher, also of Newmark Grubb Knight Frank, represented the tenant.

Paul Isenbergh of NAI Shames Makovsky represented the landlord, RWH Spousal Trust.

Genesee BioMedical Inc. is doubling its footprint with a relocation to 11,691 sf of high image office/showroom space at 700 W. Mississippi Ave., Building D, Units 5 and 6, in Valley Business Center in Denver.

The company signed a 10-year lease for the property, which will replace its facility on South Jason Street.

CBRE brokers Murray Platt and Doug Viseur represented the landlord, Invesco Real Estate.

Genesee BioMedical manufactures cardiac surgery instruments and devices.

Sprout Properties, led by John Bachman, purchased two mostly vacant industrial buildings at 5420 Niagara St.

and 5433 Newport St. in Commerce City and leased them to an environmental services firm.

The $550,000 acquisition included an 8,000-sf building and a 4,500-sf building on 1.7 acres of land.

Brian Wilkes and Craig Myles of Cassidy Turley Colorado represented the buyer. The seller was Zions First National Bank, which had foreclosed on the property. Brad Pech of Re/ Max Commercial Alliance represented the bank in the transaction.

Bachman acquired the property with the intent of improving the buildings and offering them for lease. Planned improvements include a new roof and office remodel at the larger building, along with HVAC work and parking lot repairs.

Triton Environmental already has signed a five-year lease for the entire property and will be relocating from a smaller building in Commerce City.