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.
Connect Industrial Midwest 2024 will take place on March 5, 2024, at Joe’s Live in Rosemont, Illinois. Click herefor more information and to register.
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.