September 18, 2020
Berkeley Partners secured a $31.85 million loan for the acquisition of a two-building, industrial complex totaling 411,485 square feet in the Boulder-area community of Louisville, CO. DPC Cos. and Long Wharf Capital sold the property for $49 million.
JLL’s Kevin MacKenzie, Jeff Sause, Leon McBroom and Spencer Richley worked on behalf of the borrower to place the seven-year, fixed-rate, non-recourse loan with Nuveen Real Estate.
The multi-tenant, fully triple-net leased building is at 333-335 Centennial Pkwy. between Boulder and Denver and has direct access to Highway 36. The property was completed in 1995 and renovated in 2019. The tenant mix comprises light manufacturing, distribution and R&D users that heavily invested in their space.
McBroom says, “Industrial continues to be an especially sought-after product type for all capital sources, and we had numerous lenders interested in the deal. The lack of supply around good-quality industrial for lenders to finance created an extremely deep and competitive field, allowing us to compress pricing and push on proceeds.”
For comments, questions or concerns, please contact Dennis Kaiser