"First Industrial did exactly what they said they would," in beating out about 25 other bidders for the property, says Brad Calbert, who represented TA Associates with fellow Colliers Bennett & Kahnweiler brokers Tom Stahl and Geoff Kruesser.
Calbert says First Industrial structured the deal so it was advantageous to the buyer and the seller. The property sold for a cap rate of about 8%, he tells GlobeSt.com. The property is about 15 minutes from Downtown Denver and the Denver Tech Center. It is 100% leased. Little available land is a major barrier to entry, he says.
Graham Riley, regional director of First Industrial's Denver office, says that submarket is the tightest in the metro area, with only about a 4% vacancy rate. The Dartmouth Industrial Park represents the lion's share of that submarket, Calbert adds.
"The purchase of this portfolio has solidified First Industrial's presence in the southwest market," Riley says. With this deal, First Industrial now has more than 5.1 million sf in 97 buildings in the Denver area.
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