CBRE has completed the $16.65 million sale of two industrial parks totaling approximately 98,600 sq. ft. across four buildings in Longmont, Colorado, to CentrePoint Properties, a Denver-based commercial real estate investment firm.
Jeremy Ballenger, Tyler Carner, Jessica Ostermick and Jim Bolt of CBRE represented the seller, Berkeley Partners, a national real estate investment firm.
The properties are located at 1501-1551 S. Sunset St. and 2120-2150 Miller Dr. The parks offer small bay industrial space, catering to tenants who need between 3,500 and 27,000 sq. ft. The property was 93% leased to nine diverse tenants at the time of sale.
“Small-bay industrial space is seeing strong tenant demand in today’s market. Small-bay properties boasted the lowest vacancy rates (2.3%) and accounted for 80% of all leases signed in metro Denver in 2022. Properties in the Longmont area are especially unique due to their flexibility in space configuration, ample car parking, hefty power and HVAC systems, and ability to offer distribution options between drive in and dock high. These features allow for a wider variety of uses and appeal to a large assortment of tenants, including technology, manufacturing and life sciences companies,” said CBRE’s Ostermick.
She added, “On top of that, Boulder and its surrounding submarkets have a highly educated and skilled workforce, making the area a desirable place for companies to grow their businesses.”
Fundamentals remain relatively strong in the metro Denver industrial market as of the third quarter of 2023, with overall sales volume nearly tripling to $280.8 million from last quarter’s $98 million, according to CBRE research. Twenty-five industrial properties traded hands in the third quarter.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Berkeley Partners
Berkeley Partners, along with its affiliated entities, is a fully integrated principal investment firm focused exclusively on industrial real estate. Since 2005, its affiliates have sponsored a series of value-add and core-plus investment vehicles dedicated to the light industrial sector. The Firm’s vertically integrated platform includes competencies in asset management, property management, leasing management and construction management. As of June 30, 2023, Berkeley Partners owns and operates approximately 11.3 million square feet of light industrial real estate with $2.2 billion of assets under management (including unfunded commitments and recallable distributions) across targeted growth and gateway markets within the United States.
