Watson, who heads Northstar Commercial Partners, and Webb, of the Matrix Group, bought a 248,000-sf warehouse in Colorado City, which is south of Pueblo along Interstate 25. The state-of-the-art building with 40-foot clear ceilings, was built for Columbia House Record Co. and is now 100% occupied by a division of the Kroger Co.
They didn't release the price, but it was far less than the $7.2 million asking price. And the replacement value, Watson says, is at least $10 million.
If the building were in the Denver area, people would have been lining up to buy it, Cushman & Wakefield broker Paul Kahn tells GlobeSt.com. Kahn, with Alex Ringsby of Ringsby Real Estate, leased the building to Kroger and then sold it to Watson and Webb.
"I'd give anything to have three of these along the I-70 corridor," in northeast Denver, "despite the soft market conditions," Kahn tells GlobeSt.com. "It's a building that is ideally suited for distribution."
Webb says the building is ideally located for distribution from Texas to Wyoming.
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