Avison Young brokers announce sale of $10.6 Million industrial property in Denver14 Nov 2019
Key West Land, LLC sells fully-leased industrial property in prime location
Denver, CO - Avison Young, the world's fastest-growing commercial real estate services firm, announced that it has negotiated the $10,600,000 sale of a 96,836 square foot, single-story industrial building with yard located in Denver's Central E. I-70/Montbello industrial submarket.
The property, at 5555 Joliet Street in Denver, CO, sold on October 29. Fully leased to Inland Truck Parts & Service on a long term lease, 5555 Joliet Street provides for long-term cash flow in Denver's high-demand industrial market.
Avison Young Principals Dawn McCombs and Rick Egitto, CCIM in the firm's Denver office, represented the seller, Key West Land, LLC. The buyer was Lincoln Property Company.
"This acquisition offers the buyer a chance to gain a foothold in the Denver market, where annual absorption is outpacing the development pipeline, with this well-located and highly attractive industrial asset," said McCombs.
This area in Northeast Denver, along the Interstate 70 corridor, has been a major industrial area for decades, due to its close proximity to Denver International Airport and key distribution corridors such as Interstate 70, Interstate 270, Interstate 225 and Interstate 25, all of which provide easy access to all parts of the state. Just blocks to the northwest, is the intersection of East 56th Avenue and Havana Street, 56th Avenue provides rapid access to Pena Boulevard to the east and E-470, Colorado's toll road with access to the northern and southern parts of the state.
"The Denver industrial market continues to thrive and investor demand is robust," added Egitto. "The property was not on the market for long as we expect demand for well-located assets of this type, leased to solid companies, to remain in demand throughout 2020."