Light industrial building in Aurora, Colorado trades for $16M
JLL Capital Markets led the sale and financing efforts for Commerce Square, which is positioned in the booming I-70 East submarket of Denver
DENVER, December 7, 2020 – JLL Capital Markets announced today that it has completed the $16 million sale and $8.8 million financing of Commerce Square, a 144,464-square-foot light industrial building in Aurora, Colorado.
JLL represented the seller and procured the buyer, San Francisco-based investment firm Graham Street Realty. Additionally, JLL worked on behalf of the buyer to secure the seven-year, fixed-rate loan through Nationwide.
Commerce Square consists of two single-story, light industrial buildings that feature clear heights of 18’, 10’ overhead doors, 37 docks and 11 drive-in bays. The property is currently 96.4% leased to 13 diverse tenants within suites ranging from 4,000 to 14,000 square feet.
Commerce Square sits on an 8.9-acre site at 3250 Quentin Street in the heart of the I-70 East submarket, which accounts for more than 40% of the Metro Denver industrial inventory. This submarket is preferred by many industrial tenants due to its proximity to the entire Front Range. Additionally, the property is serviced by the region’s major highways, including I-225, E-470 and I-70, and is a short drive from RTD Peoria Station, Denver International Airport and Downtown Denver.
The JLL Capital Markets team representing the seller was led by Managing Director Larry Thiel and Executive Vice President Carmon Hicks.
Financing efforts were led by JLL Capital Markets’ Senior Directors Leon McBroom and Brock Yaffe.
“Underscoring its market strength, the I-70 East submarket has recorded 19 years of positive annual net absorption over the last 22 years,” said Thiel. “Year-to-date 2020 annual absorption currently totals 780,000 square feet, outpacing the same time period in 2019 by 241.8%.”
“Commerce Square is well located with good access to the Interstates, such as I-70 East,” Hicks said. “It has and will continue to present smaller tenants with an opportunity to occupy space in a submarket typically known for bulk distribution.”
“Industrial is currently one of the favored asset classes for the lending community and as a result we’ve seen very competitive pricing in deals we’ve brought to the market,” McBroom added.
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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Graham Street Realty (GSR)
GSR first started acquiring properties in 2007 and since that time has purchased over $275 million in office assets. As of third quarter 2020, GSR currently owns and operates 14 properties in three states. For more information, visit grahamstreetrealty.com.