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| Crossroads Distribution Center, Central East I-70/Montbello submarket of Denver, CO |
DENVER, CO – BKM
Capital Partners, an institutional fund manager with a niche focus
on value-add, light industrial multi-tenant investments, has acquired Crossroads
Distribution Center, a 14-unit industrial asset consisting of three
single-story distribution warehouse buildings totaling 150,245 square feet in
the Central East I-70/Montbello submarket of Denver, Colorado.
BKM acquired the
property from KEW Realty, a private local seller, in an off-market transaction
for $14.75 million.
“This was a rare
opportunity to acquire a well-occupied industrial business park, strategically
located in the most desirable and one of the fastest-growing industrial
submarkets of Denver,” says BKM Capital Partners Managing Director of
Acquisitions, Brett Turner.
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| Brett Turner |
“Vacancy in the Central East I-70/Montbello
submarket is 2.4%, with no new deliveries scheduled that will compete in unit
size to Crossroads Distribution Center, making this area and property ideal for
our portfolio.”
Crossroads
Distribution Center is strategically located off I-70, 25 minutes from Denver’s
Downtown business district, offering easy access to the Denver airport, I-70,
I-25, Downtown Denver, and Denver Tech Center.
Originally
constructed in 1973, Crossroads Distribution Center is 90% leased to 12 tenants
and features a mix of grade level, full-dock, and half-dock loading.
The firm plans to rebrand the asset as Havana
37 Business Center and will invest approximately $1.2 million in capital
improvements to upgrade the roof, HVAC system, and parking lot, notes Turner.
Crossroads
Distribution Center is located at 3700 Havana Street in Denver, Colorado.
BKM represented
itself in the off-market acquisition. The seller, KEW Realty, also represented
itself.
Contacts:
Alex Caswell and Lexi Astfalk
Brower Group
(949) 438-6262
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