Newmark Capital Markets announces the sale of the Denver Industrial Portfolio of 16600 Table Mountain, 6400 Broadway and Bryant Street Quad (2390 - 2500 West 4th Avenue). Totaling 485,984 square feet, this portfolio included two infill properties with desirable central Denver locations, as well as one of the few large-scale, high-bay industrial properties in west Metro Denver; all properties are 100% leased. The portfolio was sold to TH Real Estate, an affiliate of Nuveen (the investment arm of TIAA), for $51,000,000. Newmark Capital Market’s John Jugl, Jr., Paul Donahue and Bret Hardy represented the seller, an institutional owner.
“This transaction exemplifies the continued interest in and appetite for highly functional industrial product that can provide stable income and secure return profiles in a fundamentally strong market such as Denver,” remarked John Jugl, Jr., vice chairman, Newmark Western Region Capital Markets.
“Our client had acquired the properties as part of a larger portfolio and benefitted from great performance across all three assets over the last several years,” explained Jugl. “The stability of income, historical performance and strong lease term of these three distinct properties were key focal points during the marketing process.”
“The portfolio received significant interest from both institutional and private investors and further exhibited the continued appetite for industrial product throughout the country,” concluded Jugl. “The buyer, TH Real Estate, was able to take advantage of the opportunity to acquire mass in an industrial market with extremely strong fundamentals and high barriers to entry.”
The portfolio’s locational attributes are among the best in Denver. 16600 Table Mountain is one of the few large-scale, high-bay industrial properties in the West submarket with up to 45’ ceiling heights, direct rail access and various loading capabilities that cater specifically to its tenants’ business needs. Further, it is situated within a supply-constrained market with limited construction and is within five minutes of the manufacturing plants that its tenants service, resulting in highly synergistic functions.
6400 Broadway and Bryant Street Quad are centrally located assets offering infill locations, great accessibility and market conforming 14’-24’ ceiling heights with various loading capacities and parking; these attributes provide great accessibility to a large population base for tenants to service.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing, corporate advisory services, consulting, project and development management, property and corporate facilities management services, valuation and advisory services, and capital markets services provided through its Newmark Capital Markets brand. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.