A fully leased manufacturing facility south of Denver has a buyer from out of state.
The Koll Company bought a 112,500-square-foot building at 6284 South Nome Court in Centennial for $21.5 million, the Denver Business Journal reported. The price amounts to $191 per square foot.
The seller was Boston-based Cabot Properties, which bought the 7.4-acre property in 2021 for $10.3 million.
The 1996-built structure is fully leased to Plastic Design and Manufacturing Company. The firm, which operates as Plastic Molding Technology, has its headquarters in the building and has been based there since 1997.
Koll’s acquisition reflects “sustained investor confidence in Denver’s Southeast submarket,” JLL’s Rob Key, who represented the seller in the transaction, said in a statement. “Despite its relatively modest inventory, the submarket consistently attracts interest from both private and institutional investors.”
Denver’s industrial market has sustained positive growth for the past few years, and construction is slowing, according to CBRE. Vacancy was about 9.8 percent in the fourth quarter.
The Koll Company is making further inroads in the Denver region with its latest purchase. Last January, the Irvine, California-based company bought a 142,200-square-foot warehouse distribution center in Aurora for $15.8 million, the Denver Business Journal reported. The seller, LBA Realty, bought the 8.6-acre property in 2020 for $12.2 million.
Centennial has enticed out-of-state investor interest in recent months.
In January, Indiana-based Garrett Companies bought three parcels at 6901 South Havana Street from CommonSpirit Health for $22.7 million, the Denver Business Journal reported. The developer plans to build the Garrett Centennial Apartments, consisting of 368 units spread across 14 buildings on nearly 19 acres of land. The development would rise in an area known as Midtown Centennial, which city officials hope to turn into a mixed-use neighborhood that could eventually serve as the city’s downtown.
— Chris Malone Méndez