JLL arranges $4.1M financing for Denver industrial acquisition
The property’s last-mile distribution location provides access to the entire Denver MSA
DENVER, October 21, 2019 – JLL announced today that it has secured $4.1 million in acquisition financing for an 82,983-square-foot, small-bay, light industrial building in a last-mile distribution location in Denver, Colorado.
JLL worked on behalf of the borrower, Trailbreak Partners, to secure the five-year, fixed-rate acquisition loan.
Located at 4250 Broadway in Denver’s Globeville/RiNo neighborhood, the property is in the Lower North Central Industrial submarket, which features an average occupancy of 97% across 9.7 million square feet of total industrial space, all within three miles of downtown Denver. This last-mile distribution location places the property adjacent to both Interstates 70 and 25, which provides tenants with accessibility to the entire Denver metropolitan area. The one-story building is home to five tenants and features clear heights ranging from 14 to 20 feet, 12 drive-in doors, four dock wells and 47 parking spaces.
“By purchasing this property at a significant discount to replacement cost, 4250 Broadway supports our industrial value-add strategy of creating value in older and neglected assets through investment in strategic upgrades and hands-on management,” said Trailbreak Partners Principal Doug Elenowitz.
The JLL Capital Markets team representing the borrower included Managing Director Josh Simon.
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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
Trailbreak Partners is a Denver-based private equity firm focused on real estate and middle market operating companies in Colorado. Trailbreak Partners has completed and is currently working on nearly $300 million worth of real estate development and investment volume. Their investment and syndication platform harbor a wide array of capital sources that span high-net-worth individual investors to family office and institutional capital sources.