Consolidated Funding Group has secured a five-year, fixed-rate be aware amounting to $17.5 million for 2 Class A industrial property in Aurora, Colo., totaling 235,987 sq. toes. JLL organized the mortgage.
Dubbed Constructing 5 and 6, the properties are inside Consolidated’s Eastpark 70, a six-building industrial campus encompassing 1.1 million sq. toes. The 2 services have been the park’s newest addition, having made their debut in 2022, whereas the opposite 4 constructions opened between 2016 and 2019. A seventh 116,550-square-foot build-to-suit facility is within the planning levels.
Constructing 5 and 6 function 32-foot clear heights, dock-high and drive-in doorways, in addition to 120 parking areas mixed. The previous’s truck court docket reaches a depth between 130 and 185 toes.
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Efficiency Contracting’s deal to occupy all the 77,140-square-foot Constructing 6 and Empire At this time’s lease for 60,350 sq. toes inside Constructing 5 introduced Eastpark 70 to full occupancy. The offers closed final yr.
Carrying the addresses 19722 & 19922 E. twenty second Ave., the 2 services are lower than 3 miles from Interstate 70 about 16 miles east of downtown Denver. The Colorado Air and House Port, in addition to The Denver Worldwide Airport, are inside roughly 15 miles.
JLL Administrators Rob Bova and William Haass represented Consolidated Funding Group within the financing proceedings.
Denver Worldwide Airport attracts traders
Industrial funding skyrocketed all through Larger Denver, with offers amounting to north of $1.1 billion through the first 10 months of the yr, in line with a CommercialEdge report. By comparability, in 2023 funding quantity solely reached $485 million. Different Western markets fared considerably higher this yr, such because the Bay Space ($3.0 billion) and Los Angeles ($2.4 billion).
The markets’ heightened investor curiosity is carefully linked to the Denver Worldwide Airport, which performs a key position within the area’s logistics and distribution operations. Investcorp’s 1.3 million-square-foot portfolio acquisition is one such instance. The gathering traded for $200 million, and its 31 property are positioned inside Denver and South Florida.
Larger Denver’s industrial emptiness fee stood at 9.6 % in October, above the nationwide common of seven.2 % and better than all different Western Markets, the identical supply exhibits. The metro’s industrial pipeline reached 6.8 million sq. toes in October, a determine outshined solely by Phoenix (28.1 million) and the Inland Empire (10.2 million).
