Fully-leased Denver multi-use logistics asset refinanced
JLL Capital Markets secured the $5.39M financing for the 83,028-square-foot industrial building
DENVER, Mar. 29, 2021 – JLL Capital Markets announced today it has arranged a $5.39 million refinancing for 4250 Broadway, an 83,028-square-foot, multi-tenant industrial building located in an infill location in Denver, Colorado.
JLL worked on behalf of the borrower, Trailbreak Partners, to secure the fixed-rate, non-recourse loan through an insurance company lender. Trailbreak Partners will use refinancing proceeds to pay off its existing bank loan.
4250 Broadway was originally built in 1956 and comprises four total suites averaging 20,757 square feet that feature a total of three dock-high and 12 drive-in doors. Parking allows for up to 18 trailer spaces, and there is additional outdoor storage space available. The borrower originally acquired the property in October 2019 and has since leased up vacant suites, with occupancy now at 100 percent, and enhanced the physical property with upgrades, including LED lighting, exterior painting, ceiling repairs and door and window replacements.
The property is located at 4250 Broadway St. in RiNo/ Globeville, one of Denver’s most vibrant, life-work-play neighborhoods, in the Lower North Central Industrial submarket of Denver. Adjacent to both Interstates 70 and 25, the property is strategically situated in an easily-accessible shipping and receiving logistics location.
This submarket has an average occupancy rate of 95 percent among 9.4 million square feet of total industrial space. Additionally, the property benefits from being just a couple miles from Downtown Denver’s urban core, with a labor force of over 1.7 million.
The JLL Capital Markets team representing the borrower was Director Rob Bova.
“Trailbreak has successfully executed its business plan of leasing up vacant space at the property and subsequently refinancing with a non-recourse insurance company loan to fix in low rates in today’s environment,” says Bova.
In its new Multi-Use Logistics Report, JLL Research anticipates a nationwide 4.6 percent rent growth for triple-net-leased multi-use logistics between 2021 and 2024, compared to 3.8 percent for all U.S. multi-tenant industrial and 3.7 percent for the entire property sector.
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 sales 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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.