EverWest Pays $40M for Denver Industrial Asset

Central Connection. Image courtesy of EverWest Real Estate Investors

EverWest Real Estate Investors has acquired Central Connection, a two-building, 194,710-square-foot industrial property in Denver’s North Central submarket. Comunale Properties and J. P. Morgan Asset Management sold the asset for $39.6 million, according to Adams County public records, with the assistance of CBRE.

Comunale broke ground on Central Connection in December 2019 and completed it in 2020. The following year, the property became subject to a $24.5 million loan originated by FirstBank, CommercialEdge data shows.

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Located at 1550 and 1210 E. 73rd Ave., Central Connection encompasses two industrial buildings of 153,264 and 41,446 square feet, respectively. The campus features 32- and 24-foot clear heights, ESFR sprinkler systems, an office build-out component, a 130-foot truck court and 411 parking spots.

The 14-acre property is close to interstates 25, 270, 76 and 70. The campus is 7 miles from downtown Denver and 18 miles from Denver International Airport.

A fully leased industrial campus

The property was fully leased at the time of sale. Back in 2020, at the time of its completion, the industrial asset beat the record for the quickest lease-up of a speculative development in Central Denver. Peloton, Outpost, Alpha, Carlisle, Epicurean and Newcomb Spring Corp. are currently occupying the campus.

Denver’s North Central industrial market is known for having one of the highest rents in the region, along with low vacancy rates, noted EverWest Managing Director of Acquisitions Brett Birkeland, in prepared statements. He also added that Central Connection stands out due to its modern design, in an area with older industrial products.

CBRE Executive Vice Presidents Jeremy Ballenger and Tyler Carner, Vice Chairman Jim Bolt and Senior Vice President Jessica Ostermick negotiated on behalf of the seller.

EverWest currently has $5.2 billion in assets under management, invested through separately managed accounts and commingled funds. The firm’s Denver portfolio also includes a 936,775-square-foot industrial complex in Thornton, Colo., that recently landed a full-building lease.