February 27, 2023 10:30 AM
Newmark announces it has completed the $21 million sale of 8780 East 93rd Place, a 52,500-square-foot industrial building on 11.88 acres in Commerce City, Colorado. Newmark Executive Managing Director Mike Wafer and Managing Directors Mike Viehmann and Mike Wafer, Jr. represented Chicago-based seller Industrial Outdoor Ventures (IOV). The buyer was Umdasch Real Estate USA, Ltd.
“Newmark is thrilled to complete this successful sale on behalf of IOV,” said Viehmann. “This offering generated a significant amount of interest from both tenants and buyers, and we were able to identify the perfect owner-user for the property.”
Situated on 11.88 acres total and zoned heavy industrial, the property caters to industrial users with large outdoor storage needs. Building features include ±9 acres of usable yard space, 36 total oversized drive-in doors, 20’ clearance heights, floor drains, sprinklers, two interior wash bays and 2,070 square feet of spec office space.
“This project was pioneering and unique to the market, as developers have been reluctant to build spec IOS (industrial outdoor storage) product,” added Viehmann. “Newmark and IOV felt there was substantial demand for new construction IOS space, and we were able to execute on that thesis.”
Located within the established Marty Farms Industrial Park, 8780 E 93rd Place is accessible to I-76 and Highway 2 and just 15 minutes from downtown Denver and Denver International Airport. Neighboring companies include FedEx, United Rentals, BNSF Railway, Airgas and Xcel Energy.
“We acquired this property with a long-term investment thesis that included the new ground-up development and the ongoing management and operation of the asset. Yet the interest in the property, following the completion of the new construction, created the opportunity to achieve our investment objectives on an accelerated basis,” said Eric Johnson, Senior Vice President of Development and Acquisitions of IOV, in a statement.
“While there is reluctance in many communities to allow for the creation of new outdoor storage and service facilities, we are committed to finding creative solutions, as we have in Commerce City and are doing in other markets across the U.S.,” added Johnson.
About Industrial Outdoor Ventures
Industrial Outdoor Ventures (IOV) is the leading national owner of low coverage industrial property, providing supply chain infrastructure solutions to essential industries such as transportation, bulk material distribution, last-mile logistics, heavy equipment, and the utility industry. Founded in 2016, IOV was a first mover in this emerging asset class and makes investments in high barrier to entry markets throughout the United States. The company is focused on the long-term ownership of these mission-critical Industrial properties and currently owns and manages over $800 Million in assets with a goal of reaching $1 billion in the next 12 months. For more information, visit www.industrialoutdoor.com.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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Newmark Arranges $21 Million Sale of Spec Industrial Outdoor Storage Building in Commerce City, Colorado
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