Chicago-based InterPark is pulling into the airport actual property market with a virtually $19 million land deal.
The corporate, which describes itself as the biggest operator of parking actual property in the US, purchased a 25-acre lot on the southeast nook of sixtieth Avenue and Jackson Hole Road late final month for $18.8 million, or about $750,000 an acre or $18 a sq. foot, in response to public information.
InterPark didn’t reply to a request for remark. Plans submitted to Aurora point out the corporate desires to assemble a 2,500-space car parking zone for its PreFlight Airport Parking model.
The land is a 10-minute drive to the airport and borders one other car parking zone to the east. It’s a part of the broader Porteos grasp growth space, spanning 2 sq. miles from 68th Avenue to 56th Avenue.
“We’ve bought most of it, so we solely have a few hundred acres left,” stated Invoice Wichterman, managing agent for Porteos.
Wichterman, who declined to speak concerning the InterPark transaction, stated the rest of the event will probably be devoted largely to hospitality and retail makes use of that help the massive industrial customers within the space, which incorporates Costco, FedEx and Kroger.
“That is actually the expansion engine and the epicenter of commercial, distribution, manufacturing for this space. I believe you’re going to see this type of growth proceed all the best way out to Entrance Vary Airport,” Wichterman stated, utilizing the previous title for the Colorado Air and Area Port, which lies about 7 miles to the east of InterPark’s web site.
The event group that owns the remaining Porteos properties bought the land in 2006 and is now below contract to promote its holdings to a brand new funding partnership, Wichterman stated.
The land has turn into extra precious over time. The unique buyers picked up the property for $20,000 per acre. Now, costs are calculated by the sq. foot and land close to DIA gained’t go for lower than $15 a sq. foot, which averages to $650,000 an acre, Wichterman stated.
“It’s been a terrific funding, however it didn’t really feel that approach till 2019,” Wichterman stated, when 4 gross sales closed.
“That’s after I now not awoke in the midst of the night time considering I’d misplaced all my household’s cash.”
Not a single transaction occurred within the first six years of possession, by 2012. In 2016, Walmart purchased a big block that has but to be developed, and three offers closed in 2018. Up to now 12 months, Amazon has bought 86 acres there for future initiatives.
Get extra enterprise information by signing up for our Economic system Now e-newsletter.
Initially Printed: