A JLL team secured $40 million in acquisition financing.
Lightstone has completed its $72 million purchase of the Commander Industrial Portfolio, an 11-building, 512,000-square-foot multi-tenant industrial park in Broomfield, Colo. The seller was Westcore Properties, according to CommercialEdge data. A JLL Capital Markets team represented the buyer in obtaining $40 million in acquisition financing, provided by Wintrust Financial.
The purchase represents Lightstone’s foray in the metro Denver industrial market. The firm’s portfolio currently totals more than 7.5 million square feet across 16 U.S. markets.
The JLL team that secured the financing was led by Managing Directors Peter Rotchford and Mark Root.
An industrial campus near Denver
Formerly known as Atlas Industrial Park, the asset previously traded in 2020, when Westcore bought it for $48 million from Commander Leasing LLC. Located at 400 Burbank St. and 2300-2400 W. Midway Blvd., the campus came online in 1971 on 35 acres, CommercialEdge shows. Extensively renovated during the last two years, the property was fully leased at the time of sale to 17 tenants including The Oasis, MacPac and Encore.
The industrial campus is just northwest of the junction of the Denver/Boulder Turnpike and U.S. Highway 287. Downtown Denver is some 17 miles southeast, while Boulder is 13 miles northwest.
Denver’s industrial durability
Denver’s industrial market remains a solid construction and investment opportunity. The area has seen substantial investment and development activity from numerous brands and corporations such as Pepsi, Whole Foods and Dollar General, according to a third quarter 2022 report from JLL.
CommercialEdge data shows that the metro has experienced more than $1.3 billion in sales year-to-date as of October, in addition to having 12.8 million square feet of space in its pipeline. Notable recent industrial headlines include Lovett Industrial’s groundbreaking on a 613,758-square-foot facility in Brighton, Colo., as well as Target’s leasing of a 140,000-square-foot Prologis facility.