IBC Buys Nobel/Sysco Buildings

The sale price was not disclosed, but public records show that IBC paid just under $13 million for the property near the junction of I-70 and I-25. Timothy J. D'Angelo, R.C. Myles and Jeff Roemer of Fuller and Co. represented both the buyer and seller in the transaction for the buildings located at 1101 W. 48th St. and 5055 Kalamath St.

The transaction totals 480,000 sf. It includes 281,000 sf of high-specification warehouse & showroom, 80,000 sf of multi-tenant light industrial warehouse, 85,000 sf of freezer and 34,000 sf of cooler space.

The facilities will be leased back to Nobel/Sysco Food Services during the development of its new facility on 50 acres north of I-70 near the former Stapleton Airport. Nobel/Sysco Food Services Co. is a wholly owned subsidiary of Sysco Corp.

IBC Holdings Principal Brian C. Mott says that the location of the buildings at the corner of I-25 and fronting on I-70 is especially significant. "There is a tremendous amount of interest in this location because it offers a number of options for businesses looking to stay close to their customer base in central Denver," he says.

"We expect there to be more than one million sf of new or newly remodeled space at this intersection, which is highly unusual in a fully built out submarket. Following Nobel Sysco's relocation to their new facility, we plan to execute a comprehensive renovation program which will ultimately produce a variety of space types including bulk warehouse/distribution, freeway-oriented showroom, multi-tenant light industrial and a state-of-the-art minus-10-degree Fahrenheit freezer."

Mott says that he expects the marketing of the site will begin in earnest in about a year. At that time, Lowe, which already has two buildings under construction, and the industrial market likely will be stronger, he says.