Potomac Park I and II, two Class-A industrial buildings in Englewood, have been acquired for $48.2 million by companions Mortenson Properties and Hyde Growth.
Data filed with Arapahoe County stated one constructing offered for $26.8 million and the opposite for $21.4 million. The vendor, Westcore, an industrial actual property funding agency, acquired the Potomac Park property in 2020 for $39.3 million.
“We’re extremely excited to affix forces with Mortenson Properties on this acquisition,” stated Paul Hyde, CEO of Hyde Growth.
“One of many causes these buildings have been engaging to us is the tenant combine within the buildings. Potomac Park I and II have tenants centered on engineering and the aerospace business, which is completely different from the warehouse distribution tenants we’ve in our different buildings.”
The 2 companions additionally not too long ago introduced the acquisition of the Raceway Commerce Heart in West Valley Metropolis, Utah. These two industrial properties are a part of the Nationwide Core Industrial Portfolio, a multistate industrial portfolio spanning 2.4 million sq. ft throughout eight belongings in six states.
Cushman & Wakefield’s government vice chairmen, Jeff Chiate and Will Robust; administrators Michael Matchett and John Schreck; senior director Phillip Eilers; and CBRE’s government vice presidents, Joe Cesta, Tyler Carner and Jeremy Ballenger, represented the vendor and procured the customer.
“The economic actual property markets in Denver and Salt Lake Metropolis are flourishing, fueled by sturdy investor demand for premium, strategically situated industrial properties throughout the Mountain West. With prime logistics hubs, restricted land availability and dynamic financial development, these cities are magnets for capital funding,” Cesta stated in a information launch in regards to the acquisitions.
Potomac Park I and II, totaling greater than 265,000 sq. ft at 7901 and 7955 S. Potomac St., is 80% leased. The buildings present house for a variety of makes use of similar to industrial, e-commerce, aerospace, manufacturing and meals service.
Constructing 1 is 118,270 sq. ft with a 28-foot clear top, 26 dock-high doorways, six drive-in doorways and 225 parking stalls.
Constructing 2 is 147,252 sq. ft with a 30-foot clear top, 30 dock-high doorways, six drive-in doorways and 271 parking stalls.
With entry to Interstate 25 and E-470, the buildings reside throughout the Dove Valley Enterprise Heart.
“We’re proud to deepen our funding in each Salt Lake Metropolis and Denver, two markets the place we see great long-term potential,” stated Ryan Bartley, head of investments at Mortenson Properties.
“This portfolio acquisition highlights our dedication to investing in dynamic, high-growth areas the place we see alternatives for innovation and long-term worth creation. The energy of those submarkets, the constructing high quality and the rising tenant demand that underscores the area’s momentum have been key drivers in our determination to pursue this chance. We look ahead to contributing to the continuing vitality of Salt Lake Metropolis and Denver’s industrial sectors.”
That is the companions’ third acquisition up to now 15 months. Mortenson and Hyde beforehand partnered on tasks in Fridley, Eagan and Inver Grove Heights, Minn.
Mortenson is a U.S.-based, prime 25 developer, builder and engineering providers supplier serving the business, institutional and power sectors.
Hyde Growth was based in Minneapolis by Mac and Paul Hyde. Hyde is a privately owned developer, operator and supervisor of business actual property.
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