Lightstone secures $40M financing for 11 industrial properties in Broomfield, CO
JLL Capital Markets arranged acquisition financing for the Commander Industrial Portfolio totaling 511,581 SF
DENVER – October 24, 2022 – JLL Capital Markets announced today that it has arranged $40 million in acquisition financing for the Commander Industrial Portfolio, an 11-building, multi-tenant industrial portfolio totaling 511,581 square feet in Broomfield, Colorado.
JLL worked on behalf of the borrower, Lightstone, in securing the five-year loan through Wintrust Financial.
“This portfolio is well-positioned for growth, as it is located in one of the most sought-after industrial markets in the country,” said Mitchell Hochberg, President of Lightstone. “We are thrilled to add it to our portfolio and to once again partner with JLL to secure financing. They found the ideal lender for us and made the process seamless.”
“Wintrust is tremendously proud to partner with Lightstone and JLL on the acquisition financing for this well-leased portfolio of stabilized industrial assets in a strong infill market that continues to demonstrate excellent fundamentals,” said Nicholas M. Cannon, Executive Vice President of Commercial Real Estate Finance at Wintrust Financial.
The portfolio is fully occupied by 17 unique tenants across eight industries, including food and beverage, manufacturing, distribution, transportation and more. The buildings offer 16-24’ clear heights and up to 30% office finish.
The portfolio consists of 2100, 2300, 2380, 2400 and 2275 W Midway Blvd.; 2105-2165 Alter St.; and 400, 452, 500, 510 and 520 Burbank St. The properties are located on 30.49 acres in Metro Denver’s Northwest corridor along US-36 providing access to Denver, Boulder, Westminster and more. The area surrounding the portfolio is home to over 950 companies and 800,000 employees. In addition, the University of Colorado Boulder is 10 minutes away with a talent pool of over 45,000 students.
The JLL Capital Markets team representing the borrower was led by Managing Directors Peter Rotchford and Mark Root and Director Lucas Borges.
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Lightstone, founded by David Lichtenstein, is one of the most diversified privately held real estate companies in the United States. Headquartered in New York City, Lightstone is active in 26 states across the country, developing, managing, and investing in all sectors of the real estate market, including residential, hospitality, commercial and retail. With 174 existing properties, Lightstone’s over $7.5 billion portfolio currently includes over 10.4 million square feet of industrial, logistics, life sciences and commercial properties, over 22,700 residential units, and over 4,300 hotel keys. Lightstone’s development portfolio includes over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles and Miami.