Consolidated Investment Group has secured a five-year, fixed-rate note amounting to $17.5 million for two Class A industrial assets in Aurora, Colo., totaling 235,987 square feet. JLL arranged the loan.
Dubbed Building 5 and 6, the properties are within Consolidated’s Eastpark 70, a six-building industrial campus encompassing 1.1 million square feet. The two facilities were the park’s latest addition, having made their debut in 2022, while the other four structures opened between 2016 and 2019. A seventh 116,550-square-foot build-to-suit facility is in the planning stages.
Building 5 and 6 feature 32-foot clear heights, dock-high and drive-in doors, as well as 120 parking spaces combined. The former’s truck court reaches a depth between 130 and 185 feet.
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Performance Contracting’s deal to occupy the entire 77,140-square-foot Building 6 and Empire Today’s lease for 60,350 square feet inside Building 5 brought Eastpark 70 to full occupancy. The deals closed last year.
Carrying the addresses 19722 & 19922 E. 22nd Ave., the two facilities are less than 3 miles from Interstate 70 about 16 miles east of downtown Denver. The Colorado Air and Space Port, as well as The Denver International Airport, are within roughly 15 miles.
JLL Directors Rob Bova and William Haass represented Consolidated Investment Group in the financing proceedings.
Denver International Airport attracts investors
Industrial investment skyrocketed throughout Greater Denver, with deals amounting to north of $1.1 billion during the first 10 months of the year, according to a CommercialEdge report. By comparison, in 2023 investment volume only reached $485 million. Other Western markets fared significantly better this year, such as the Bay Area ($3.0 billion) and Los Angeles ($2.4 billion).
The markets’ heightened investor interest is closely linked to the Denver International Airport, which plays a key role in the region’s logistics and distribution operations. Investcorp’s 1.3 million-square-foot portfolio acquisition is one such example. The collection traded for $200 million, and its 31 assets are located within Denver and South Florida.
Greater Denver’s industrial vacancy rate stood at 9.6 percent in October, above the national average of 7.2 percent and higher than all other Western Markets, the same source shows. The metro’s industrial pipeline reached 6.8 million square feet in October, a figure outshined only by Phoenix (28.1 million) and the Inland Empire (10.2 million).