United Properties Sells Industrial Property in Denver for $85.7M
DENVER — United Properties has sold Enterprise Business Center Building Six, a 647,483-square-foot industrial building in Denver’s Northfield neighborhood. An undisclosed investor advised by Zurich Alternative Asset Management LLC (ZAAM) acquired the asset for $85.7 million.
Denver-based Beverage Distributors Co. LLC fully leases the property. The tenant’s parent company, Breakthru Beverage Group, distributes wine, spirit and beer brands and has distribution centers in 12 states, Washington, D.C. and Canada.
The property is situated at 3980 Central Park Blvd., eight miles east of downtown Denver. Building Six is part of the 38-acre, 2 million-square-foot Enterprise Business Center, which comprises seven total buildings. All seven buildings are fully leased.
“Its physical and locational merits are obvious,” says Sean Bannon, managing director and head of U.S. real estate for ZAAM. “What we found equally compelling was the recession-resiliency of the tenant. We anticipate holding this asset for the long term.”
In 2017, United Properties built Building Six, which includes warehouse space, nearly 84,000 square feet of office and showroom space plus 70,000 square feet of climate-controlled cooler space. The center can accommodate 1 million cases of product. It also has a west-facing roof deck with unobstructed mountain views and the “Alchemy Room” for beverage tastings.
Other building amenities include 32-foot minimum clear heights, ESFR fire protection, electronically secured fencing, 71 trailer parking stalls, a magnetized floor guide for forklifts, interior roof drains, a structural warehouse mezzanine and a movable office wall system.
Tyler Carner, Jeremy Ballenger Jim Bolt, Mikke Winn and Jessica Ostermick of CBRE represented the seller in the transaction.
“Getting this deal across the finish line despite a global pandemic affirms the strong appetite among institutional capital for Denver industrial product,” says Carner.
— Alex Tostado