According to JLL, San Francisco-based investment firm Graham Street Realty bought Commerce Square, a 144,464-square-foot industrial building in Aurora, for $ 16 million.
Commerce Square is located on 8.9 acres on 3250 Quentin Street in the heart of the I-70 East submarket, which accounts for more than 40 percent of Metro Denver’s industrial inventory. The property consists of two single-story, light industrial buildings with clear heights of 18 ‘, 10’ overhead doors, 37 docks and 11 drive-in bays. 96.4 percent of the property is currently let to 13 different tenants in suites of 4,000 to 14,000 square meters.
JLL represented the seller and procured the buyer Graham Street Realty. In addition, JLL worked on behalf of the buyer to obtain a $ 8.8 million seven year fixed rate loan through Nationwide.
The JLL Capital Markets team representing the seller was led by General Manager Larry Thiel and Executive Vice President Carmon Hicks. The funding effort was led by Senior Directors Leon McBroom and Brock Yaffe of JLL Capital Markets.
“The I-70 East submarket underlines its market strength and has recorded positive annual net absorption of 19 years over the past 22 years,” said Thiel. “Annual absorption since the beginning of 2020 is currently 780,000 square feet, up 241.8% over the same period in 2019.”
“Commerce Square is well located and has good access to interstates such as I-70 East,” said Hicks. “It has and will offer smaller tenants the opportunity to occupy space in a submarket that is normally known for mass distribution.”
“Industrial is one of the asset classes of choice for the credit industry right now. As a result, we have seen very competitive prices on the deals being launched,” added McBroom.