Cushman & Wakefield’s National Industrial Advisory Group, as exclusive advisor, is pleased to offer the rare opportunity to acquire the 100% leased fee interest in Centerpark (“the Property”). This property features three (3) highly functional industrial buildings totaling 431,157 SF. Positioned in the heart of Denver, the Property includes state-of-the-art features that fit the submarket’s tenant demand exceptionally well, including multiple points of ingress/egress, incredible tenant size flexibility with various storefronts, excellent loading (Building C and D are spine crossdock), functional column spacing, ample parking, concrete truck aprons, substantial power, and ESFR sprinklers.
Centerpark is located in Denver’s North Central submarket, at the confluence of Denver’s two major interstates, I-25 and I-70. This project offers unprecedented access and connectivity to the entire Denver metro area, providing one of the best “last mile” locations, while also allowing tenants to tap into a workforce and customer base of more than 2.4 million people within a 30-minute drive.
Projects like Centerpark almost never come available for sale. Collectively, the three multi-tenant buildings are 90.4% leased to 10 tenants with 4.6 years of weighted average lease term (WALT) and in-place rents that are 28.5% below market rents. This provides an unusual chance to acquire a well-established, infill asset with a stable tenant roster and a staggered expiration schedule which consistently grows net operating income through annual rent escalations and rolling in-place rents to higher market rents.