Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1289 South 4th Avenue in Brighton, Colorado. The subject property consists of approximately 21,070 square feet of warehouse space and is situated on 1.35 acres of land. Delivered in 2010, the multi-tenant asset features a clear height of 24’, seven grade-level doors, heavy power, and 52 parking spaces. Two of the three units contain a mezzanine office floor with the third unit having the option to add a similar space. Located just off Highway 85, the property sits within a five-minute drive to the E-470 tollway that circles Metro Denver. Fully leased at below-market rents among comparable properties, investors have the opportunity to acquire a stabilized value-add asset.
The subject property is well-positioned in the mid-sized Denver International Airport submarket, containing 17.7 million square feet of industrial space. Known as DIA, the submarket has experienced large speculative developments since 2019, driven by demand from distributors serving Denver and the Front Range region. Due to the increase in supply, vacancies hit an all-time high of 27.3 percent in 2023. However, demand for DIA industrial space played catch-up during the first quarter of 2024 with net absorption posting a record high of 2 million square feet, causing the vacancy rate to drop to 17.4 percent. Among comparable properties up to 50,000 square feet, availability remained tight at just 3.3 percent. Asking rents across the DIA submarket continued to grow but at a slower rate and were up 4.6 annually to $12.10 per square foot in Q1. For comparable properties, rents averaged about $17.30 per square foot. At the start of Q2, 1.2 million square feet of industrial space was under construction in the DIA (representing a sizeable 6.8 percent of inventory), all of which were concentrated in properties over 50,000 square feet (CoStar).
Denver-Aurora-Lakewood metro is home to three million people among 10 counties. Known as the Mile High City, Denver, which is also a county, serves as the state’s capitol and largest city, with approximately 742,800 residents. Metro Denver houses 10 Fortune 500 companies, including Newmont Goldcorp, Arrow Electronics, and DISH Network. Aerospace, financial services, and health care are some of the industries that have driven economic growth in the new millennium. The passage of Amendment 64 in November 2012, created a new industry in marijuana, largely consisting of young thriving businesses. Metro Denver provides a high quality of life with rural and urban amenities. Rocky Mountain National Park is less than two hours driving from the metro area, and the city houses franchises for all four major sports.
BROKER OF RECORD
ADAM LEWIS
Colorado Broker of Record
1225 17th Street, Suite 1800
Denver, CO 80202
Tel: (303) 328-2050
Adam.Lewis@MarcusMillichap.com
License CO: ER100091205
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2024 Marcus & Millichap. All rights reserved. (Activity ID: ZAE0050162)
