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Adler Pays $37.7M for Denver Warehouses
Adler Real Estate Partners has purchased a 204,981-square-foot light industrial property in Denver. BKM Capital Partners sold the asset for $37.7 million.
JLL Capital Markets arranged $21 million in acquisition financing for the buyer. Voya Financial originated the fixed-rate insurance company loan, according to Commercial Edge.
Valley Business Center encompasses five buildings with an average suite size of 10,249 square feet. The 1984-built facility features suite configurations and various loading capabilities, 16- to 20-foot clear heights, climate control, ESFR and approximately 224 parking spaces.
The industrial park, at 700 W Mississippi Ave., is populated by a half dozen tenants with an average lease term of 13.3 years. At the time of the deal, the property was 100 percent leased and had maintained an average occupancy rate of 98 percent over the past decade.
Senior Managing Director Melissa Rose and Director Rob Bova led JLL Capital Markets’ Debt Advisory team that represented Adler.
- ◦Sale/Acquisition
