Boulder-area industrial facility financed for $31.85M

DENVER, September 15, 2020 – JLL Capital Markets announced today that it has arranged $31.85 million in acquisition financing for a two-building, multi-tenant, fully triple-net leased industrial complex totaling 411,485 square feet in the Boulder-area community of Louisville, Colorado.

JLL worked on behalf of the borrower, Berkeley Partners, to place the seven-year, fixed-rate, non-recourse loan with Nuveen Real Estate.

The property is at 333-335 Centennial Pkwy. in Louisville, which is between Boulder and Denver, and has direct access to Highway 36. This infill location is at the last exit prior to downtown Boulder and is along the Northwest corridor, which is supply constrained due to the lack of available land for development, restrictive growth policies and shrinking industrial inventory, as properties continue to be converted to creative office space or demolished. At the time of sale, there were not any land sites zoned for industrial use available for sale on the corridor.

The tenant mix comprises light manufacturing, distribution and R&D users that heavily invested in their space. Completed in 1995, the facility was renovated in 2019 with new façade and entryway, improved docks and drive-in loading, landscaping, signage, skylights, modern finishes, parking improvements, a steel-framed canopy and aluminum storefronts. Additional features include seven dock-high doors, one drive-in door, 28-foot clear height and trailer parking.

The JLL Capital Markets debt placement team representing the borrower was led by Executive Managing Director Kevin MacKenzie, Managing Director Jeff Sause, Senior Director Leon McBroom and Director Spencer Richley.

“Industrial continues to be an especially sought-after product type for all capital sources, and we had numerous lenders interested in the deal,” McBroom said. “The lack of supply around good-quality industrial for lenders to finance created an extremely deep and competitive field, allowing us to compress pricing and push on proceeds. In this COVID environment, we were very pleased with the market’s response to this financing request.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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