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NW Denver Business Park Flips for $73M
A northwest Denver industrial property near the I-70 and I-25 intersections has been acquired by real estate investors for $73 million. The Denver Business Journal reports Westfield and Reinsurance Group of America acquired the 431,157-square-foot Centerpark project.
The property’s three buildings were built between 2005 and 2007 on just over 22 acres and have 10 leasing tenants.
Cushman & Wakefields’s Michael Matchett added, “The property’s stable tenant roster and staggered expiration schedule allows the buyer great potential to grow net operating income upon rollover based on proven demand in this sought-after submarket.”
Its sale price tag makes it the second-largest industrial property sale in the area this year. A 17-building portfolio of industrial buildings scattered on blocks of northeast Denver sold for $86.5 million in January.
The vacancy rate for industrial sites near the interstates in Denver hit 3.8% at the end of 2023, Cushman & Wakefield market research says.
- ◦Sale/Acquisition
