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Newmark represented GI Investments, LLC in the acquisition of 16.92 acres in Commerce City. The industrial site, zoned I-3 and located in the Adams County Enterprise Zone at 4150 E. 60th Avenue, offers immediate access to major interstates, highway visibility, BNSF Rail access and significant power service, and includes a 25,220-square-foot building. Hampton Yard, LLC sold the site for $4.4 million. Newmark Managing Director Russell Gruber represented GI Investments, LLC in the acquisition.
“Ideally suited for manufacturing, production or maintenance use, 4150 E. 60th Avenue delivers 11 net usable acres with rare I-3 zoning, outdoor user-storage opportunities with exceptional highway signage visibility, and immediate access to I-270, I-76 and US 85,” commented Gruber. “It is a great investment opportunity for GI Investments.”
Located in Commerce City, right on the border between the Northeast and East submarkets, 4150 E. 60th Avenue sits squarely in a high demand area. Newmark Research notes Denver’s Northeast industrial market had the second-highest quarterly absorption in first quarter 2017, with 155,510 square feet of absorption. The East industrial submarket has been the powerhouse submarket for growth for the past three years, and posted the largest quarterly absorption, at 195,532 square feet, in first quarter this year.
“The East submarket has seen the largest number of new deliveries from the current construction boom,” added Gruber. “As of first quarter, the East submarket had 3.1 million square feet under construction, 65.5% of the total market. I am confident that the acquisition of 4150 E. 60th Avenue will provide value for GI Investments.”
Five of the top industrial sales in the first quarter of 2017, including the three largest, were located in the East submarket.
About Newmark
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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; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
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