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Denver, CO

5290 East 43rd Avenue

Address:
5290 East 43rd Avenue, Denver, CO 80216
Property Type:
Single Tenant
Price:
Request for Offers
Square Feet:
36,188 sqft
Lot Size:
1.30 Acres
Year Built:
2019
Links
* By downloading the Marketing Package (Offering Memorandum) you hereby agree to the CONFIDENTIALITY AND BUYER REGISTRATION AGREEMENT.

Investment Highlights

Investment Highlights

Investment Highlights

  • Vacant 36,188-Square-Foot State-of-The-Art-Greenhouse Constructed in 2019
  • Original Construction Cost More Than $10M; Acquired for $13.5M in 2020
  • Offered for Sale or Lease
  • Zoned I-B, 1.3-Acre Fully Fenced-in Lot with Security System
  • Featuring All FF&E Including Argus Control System and Three-Layer Fire Sprinkler System
  • Potential to Acquire Tier 3 Medical and Recreational Cannabis Licenses
  • Centrally Located Along I-70 in Tight Barrier-to-Entry Submarket with 2% Vacancy

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 5290 East 43rd Avenue in Denver, Colorado. The subject property consists of approximately 36,188 square feet of state-of-the-art greenhouse space and is situated on 1.3 acres of land zoned for general industrial use (I-B). The single-tenant asset features metal construction, two grade-level doors, 10,000 square feet of office space, and a fully fenced-in lot with a security system. Delivered in 2019, the property comes fully equipped with all furniture, fixtures, and equipment, including an Argus Control System and a three-layer fire sprinkler system. Originally developed as a marijuana-growing facility, the vacant property can be occupied with a Tier 3 medical and recreational cannabis license. Located along Interstate 70, East of Colorado Boulevard, the property sits less than six miles from downtown Denver in the Quebec Street submarket.

Quebec Street is a mid-size submarket, containing 11.7 million square feet of industrial space. As one of Denver’s original industrial hubs, Quebec Street has a limited amount of developable land. As a result, the inventory has only expanded by 2 percent since the start of the recent industrial development boom in 2021. Thanks to limited supply, the vacancy rate significantly dropped from 5.4 percent in 2022 to just 2.0 percent by the end of 2023. This compares to a 190-basis-point increase in the overall Denver market to a decade’s high of 7.6 percent. Although market rent growth in Quebec Street slowed to 5.7 percent annually in 2023, the submarket topped the Denver area by 80 basis points (CoStar). As industrial supply continues to drive vacancies across the U.S. in 2024, Quebec Street may be one of the few submarkets to offer investors a safe haven from high vacancies.

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
Denver 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. © 2023 Marcus & Millichap. All rights reserved. (Activity ID: ZAE0050610)