Colorado Real Estate Journal -
Taylor Farms’ facility sold in one of the, if not the, largest industrial investment transactions to close in Colorado Springs in 2012. Los Angeles-based Pacific View Investments paid $15.2 million for the 83,616-squarefoot industrial building at 890 N. Newport Road in the Aerotech Commerce Center. “Pacific View Investments likes strong, long-term, netleased, great quality buildings, which it found in the Taylor Farms building,” said Marty Cohan of the West Los Angeles office of Marcus & Millichap, who represented Pacific View in its first acquisition in Colorado Springs. “It truly is a very special building. There are very few assets like this in the U.S.,” added Andy Oyler of Quantum Commercial Group Inc. Oyler, along with Quantum’s Dale Stamp and Barry Higgins and Brian Baczewski of Marcus & Millichap’s Denver office, represented seller TF Development Inc.Construction on the building started in 2005 and Taylor Farms, an American-based producer of fresh-cut fruits and vegetables, has occupied it since 2006 and will continue to do so on a long-term basis. Pacific View, which owns several Denver properties, purchased the Taylor Farms building as part of completing a 1031 exchange out of an L.A. property. “There were a number of interested parties in the property. But it’s not surprising the national attention the asset garnered. It truly is a Class A, specialized building,” added Oyler. The building includes a small, second-story office space as well as a significant number of drive-in doors. “It is encouraging to see players like Pacific View coming into our market,” said Oyler. “Overall it’s good for Colorado Springs and, hopefully, points to positive signs in the investment market.”