January 24, 2022 10:30 AM
Newmark announces it has completed the $6.7 million sale of 1701-1761 E 68th Avenue, a 7.14-acre industrial land parcel located in central Denver, Colorado. Newmark Associate Director Mike Viehmann, Executive Managing Director Mike Wafer, SIOR and Director Michael Wafer, Jr. facilitated the acquisition. The seller was a private party, and the buyer was Starpoint Properties, a real estate investment and operating company focused on the acquisition, development and redevelopment of multifamily and commercial properties. The sale price equated to a land price of $21.54 per square foot.
“Newmark was thrilled to facilitate this property sale to Starpoint Properties, who saw the value and potential upside in the heavy industrial zoning and central location,” said Viehmann. “Between the permissible zoning that allows for outdoor storage, A+ location in Denver’s premier industrial submarket and functional site configuration, this site is well-suited for an industrial development down the road.
“The Newmark team was highly effective and professional in putting the transaction together and ensuring it crossed the finish line. We are excited about the continued growth of our industrial portfolio in Denver—it’s a dynamic market with strong investment indicators,” said Starpoint’s Director of Acquisitions, Sandy Schmid
The parcel is zoned I-2 with outdoor storage permitted, allowing it to accommodate heavy industrial users seeking outside storage as well as more traditional users seeking warehouse space. Located in Denver’s premier industrial neighborhood, the site offers immediate access to Interstates 25, 70 and 76 as well as proximity to downtown Denver.
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 in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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