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Phoenix & Southwest  + Southwest  + Industrial  | 
Denver's Peoria Business Park flips for $73M

Denver Business Park Trades for $73.5M

Hyde Development and Mortenson Properties have paid $73.5 million for Peoria Business Center, an industrial campus in Denver. Invesco sold the three building asset totaling nearly 600,000 square feet. The project was purchased with the help of a $44 million loan from Hartford Financial Services Group.

Commercialedge.com reports the Class A property previously traded in 2004 for $31 million.

At the time of the sale, Peoria Business Center was 98 percent leased to 19 tenants occupying an average suite size of 28,000 square feet. A CBRE team led by Jeremy Ballenger represented the seller, “Historical occupancy at Peoria Business Center proves its appeal. The property has averaged 96% occupancy over the past 15 years, due to its small-bay design with functional features and in-fill location with unrivaled access to Interstate 70,” said Ballenger. 

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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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