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Jessica Ostermick
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DENVER, CO – Leading real
estate investment advisor EverWest
Real Estate Investors (“EverWest”) has purchased Central
Connection for $39.6 million in Denver’s popular North Central infill submarket
from a joint venture of Comunale Properties and institutional investors advised
by J.P. Morgan Asset Management.
The two-building, 194,710-square-foot Class A industrial
asset is fully leased to six diverse tenants in an area known for significant
demand and high barriers to entry.
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Central Connection is a two-building,
194,710-square-foot, Class A industrial
asset at 1550 and 1210 East. 73rd Avenue
in Denver. CO |
The property sits at the intersection of I-25, I-76 and I-270,
minutes from I-36 and I-70, and less than 30 minutes from Denver International
Airport.
“Denver’s North Central industrial market is one of the most
desirable and connected in the state, with some of the region’s highest rents
and lowest vacancy rates, despite a predominantly older inventory of
competitive product,” said Brett Birkeland, EverWest’s Managing Director
of Acquisitions, Central U.S.
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Brett Birkeland
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“Within this environment, Central Connection is
main-and-main real estate, standing out for its modern construction, clear
height and ease of divisibility.”
"Central Connection represents our first joint venture with
J.P. Morgan,” said Comunale Properties President John Comunale.
“Its extensive entitlement and development process honored
both the area's agricultural past and this submarket's future as a major
economic driver.
"We couldn't ask for a better buyer than EverWest and
look forward to their continued stewardship of this asset."
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| John Comunale |
At the time of its delivery in 2020, Central Connection broke records
for the fastest ever lease-up of a speculative industrial project in the
Central Denver submarket, securing pre-lease commitments for 76% of its
buildings and 100% lease-up within one month of completion.
Central Connection is located on 14.12 acres at 1550 and 1210 E.
73rd Ave. in Denver. Building 1 totals 153,264 square feet with
32’ clear height. It is fully leased to Peloton, Epicurean, Outpost, Alpha and
Carlisle.
Building 2 totals 41,446 square feet with 24’ clear height.
It is fully leased to Newcomb Spring Corp.
Bays at Central Connection range from 16,334 square feet to 50,649
square feet. They are equipped with drive-in and dock-high loading doors and
feature ESFR fire protection, gated loading access and a market-leading parking
ratio of 2.07/1,000.
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| Jeremy Ballenger |
Comunale Properties and J.P. Morgan were represented by Jeremy
Ballenger, Jim Bolt, Tyler Carner and Jessica Ostermick of CBRE.
According to CBRE, only 2% of industrial buildings in Central
Denver have a clear height greater than 32’ and only 12% have a clear height
greater than 24’.
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| Jim Bolt |
Modern, Class A shallow bay product like that offered at
Central Connection also has a local vacancy rate of just 2.3% and accounted for
80% of the market’s executed leases over the last 12 months.
“This is a versatile project that checks all of the boxes,” said
Birkeland. “It can adapt with an evolving market and offers advantages as an
infill play benefiting from Central Denver’s high barriers to entry.”
For distribution-centric tenants, Central Connection is 29 minutes
from downtown Boulder and 12 minutes from downtown Denver, with 2.1 million
people located within a 15-mile radius.
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| Tyler Carner |
EverWest currently has $5.2 billion in assets under management,
invested through separately managed accounts and commingled funds.
It provides
investment management services including acquisitions, asset management,
development and property management for assets throughout the U.S.
CONTACTS:
Stacey
Hershauer
focusAZ
