2:30 PM
Newmark has announced the recent sale of 9950 E. 40th Avenue in Denver. Strategically located along I-70 just 15 miles from the Denver International Airport and 10 miles from downtown, the 107,303-square-foot industrial asset was sold by H-B Tempe, LLC for $21,105,000, or $196.69 per square foot, to Woodspear Properties (Ascendant Capital Partners DNA, LLC).
H-B Tempe, LLC was represented by Newmark on the transaction, with a team that included Mike Wafer, SIOR, Tim D’Angelo, SIOR, Tim Prinsen and Jerry Hopkins. The team also provided transactional assistance to buyer Woodspear Properties on the sale that closed on December 23, 2019.
“9950 E. 40th Avenue is a strategically positioned industrial asset fully leased to an investment grade tenant, Federal Express, as a mission critical facility, making it very attractive to investors,” stated Executive Managing Director Wafer, who led the Denver team representing the owner.
Built in 2014 with concrete-tilt construction, 9950 E. 40th Avenue is an institutional-grade industrial asset offering 7,037 square feet of office space, three dock doors and 16 drive-in doors. Positioned on seven acres and offering an outstanding last mile logistics location located within the NAIOP Award winning Enterprise Business Center, at Stapleton. Originally developed by United Properties, 9950 E. 40th Avenue offers the new ownership excellent real estate fundamentals along with a strong, investment-grade tenant and minimal landlord responsibilities.
“Properties located at Stapleton obtain higher rents and property values due to the superior infill location, multimodal transportation infrastructure, modern construction and numerous amenities,” concluded Senior Managing Director D’Angelo.
H-B Tempe, LLC is a private investor based in Minneapolis.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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