Midtown National Buys Saltbox-Occupied Facility in Denver

New York-based Watchung Capital has sold a fully net-leased, 101,788-square-foot industrial property in Denver, Colo., for $13.8 million, according to Denver County public records. The same source shows that the buyer is an entity related to Solana Beach, Calif.-based Midtown National Group.

JLL Capital Markets arranged the transaction, led by Director Rob Key and Managing Director Larry Thiel.

The one-story, Class B property is at 4800 Dahlia St. Built in 1959, it features 22-foot clear heights, two-grade-level doors, HVAC climate control systems, loading doors, dock levelers and bumpers, 14 dock-high doors and 144 vehicle parking spots.

Saltbox is the sole tenant of the 5.5-acre asset. The building was upgraded in 2021, when the seller picked it up for $7.9 million from DWF Wholesale, according to CommercialEdge.

The building provides access to the I-70 East Corridor and is 9 miles from Aurora, Colo., 16 miles from Rocky Mountain Metropolitan Airport, 14 miles from Denver International Airport and within 27 miles of Boulder, Colo.

Slow start for industrial sales

Industrial investments are off to a slow start this year, with $2.6 billion in transactions recorded on a national level in the first month of 2024, a recent CommercialEdge report shows. Denver recorded $210 million in industrial sales as of January, ranking third nationwide behind the Bay Area ($229 million) and Chicago ($243 million).

Last month, Midtown National Group made another industrial purchase in the I-70 East submarket. The company paid $21.5 million for Commerce Square, a two-building light industrial campus totaling 145,242 square feet in Aurora, Colo.

Another significant industrial acquisition in the metro included Hyde Development and Mortenson Properties’ $73.5 million purchase of Peoria Business Center. Invesco sold the three-building, 592,572-square-foot Class A industrial campus last month.