A JLL group secured $40 million in acquisition financing.
Lightstone has accomplished its $72 million buy of the Commander Industrial Portfolio, an 11-building, 512,000-square-foot multi-tenant industrial park in Broomfield, Colo. The vendor was Westcore Properties, in line with CommercialEdge knowledge. A JLL Capital Markets group represented the client in acquiring $40 million in acquisition financing, supplied by Wintrust Monetary.
The acquisition represents Lightstone’s foray within the metro Denver industrial market. The agency’s portfolio at the moment totals greater than 7.5 million sq. ft throughout 16 U.S. markets.
The JLL group that secured the financing was led by Managing Administrators Peter Rotchford and Mark Root.
An industrial campus close to Denver
Previously often known as Atlas Industrial Park, the asset beforehand traded in 2020, when Westcore purchased it for $48 million from Commander Leasing LLC. Positioned at 400 Burbank St. and 2300-2400 W. Halfway Blvd., the campus got here on-line in 1971 on 35 acres, CommercialEdge reveals. Extensively renovated over the last two years, the property was totally leased on the time of sale to 17 tenants together with The Oasis, MacPac and Encore.
The economic campus is simply northwest of the junction of the Denver/Boulder Turnpike and U.S. Freeway 287. Downtown Denver is a few 17 miles southeast, whereas Boulder is 13 miles northwest.
Denver’s industrial sturdiness
Denver’s industrial market stays a strong development and funding alternative. The realm has seen substantial funding and growth exercise from quite a few manufacturers and firms reminiscent of Pepsi, Complete Meals and Greenback Basic, in line with a 3rd quarter 2022 report from JLL.
CommercialEdge knowledge reveals that the metro has skilled greater than $1.3 billion in gross sales year-to-date as of October, along with having 12.8 million sq. ft of house in its pipeline. Notable latest industrial headlines embody Lovett Industrial’s groundbreaking on a 613,758-square-foot facility in Brighton, Colo., in addition to Goal’s leasing of a 140,000-square-foot Prologis facility.
