Marcus & Millichap is pleased to present the opportunity to acquire the property located at 4700 Kingston Street in Denver, Colorado. The subject property consists of approximately 8,447 square feet of flex warehouse space and is situated on 0.85 acres of land. The asset features a clear height of 16’ and I-B zoning. This year, the roof, structure, and interior office space were all updated. Positioned on a corner lot, the property also offers ample parking space. Located just off Interstate 70, the property is ideally situated between Havana Street and Peoria Street. Downtown Denver and the Denver International Airport are both just a 15-minute drive from the property.
The subject property is positioned within Central E I-70 Montbello, a mid-sized submarket in a desirable location containing 18.2 million square feet of industrial space. For much of the last decade, the vacancy rate has remained below 5 percent and currently sits at just 3.3 percent. Only halfway through the second quarter, net absorption has already posted the highest quarterly level since 2014 at just over 94,000 square feet. Over the last year, notable activity in the submarket includes Larsen Warehousing and Distribution expanding to a 168,000-square-foot space, and shoe manufacturer, Feel The World, leasing 86,000 square feet. After slowing down to just 2.9 percent in 2020, market rents are now up 7.3 percent annually. Market rents in the submarket now average $7.85-per-square-foot, offering tenants a 30 percent discount compared to the overall Denver market. With nothing currently underway, vacancies and rent growth will go unimpeded by new supply for the foreseeable future (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: ER. 100091205
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. © 2022 Marcus & Millichap. All rights reserved. (Activity ID: ZAD0050353)
