JLL negotiates $3.35 million sale of fully leased industrial asset
The deal reflects Denver's ongoing need for Industrial property
JLL has sold a fully leased, 29,100-square-foot industrial building at 12415 Dumont Dr. in Denver’s southwest market. The transaction closed at $3.35 million, $115.12 per square foot, and comes just under three years after the building traded hands to the Rocky Mountain Investment Partners (RMIP), represented by JLL in the sale.
In that time, JLL filled all vacancies within the building and raised rents by 25 percent, resulting in a tremendous value add for the investment group. JLL and RMIP donated $13,400 of the fee to the Children’s Hospital and $13,400 to the Dear Jack Foundation, an organization that works to provide support for adolescents and adults ages 15 to 39 who have been diagnosed with cancer.
Located 16 miles south of downtown the property is located in the Southwest market, one of Denver’s tightest Industrial markets, and is 41 miles from Denver International Airport. The vacancy rate sits at just 1.1 percent, compared with the state average of 3.7 percent. The property is nestled between Santa Fe Drive and Chatfield State Park and is home to companies such as Mobile Clinic Genius and Lifetime Roofing.
Tyler Reed led the JLL investment sales team with Peter Beugg and Dominic DiOrio.
“The Southwest Industrial market has witnessed significant rental rate growth in the last 24 months,” Reed said. “This has resulted in investors placing more focus on the area due to its infill nature and stable tenant base.”
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
About Rocky Mountain Investment Partners
RMIP and its principals are sponsors of commercial real estate investment opportunities and operators of its property portfolio. Visit www.rockymtninvest.com.