Marcus & Millichap is pleased to present the opportunity to acquire the property located at 8020 Shaffer Parkway, Suites 300 and 400 in Littleton, Colorado, leased to Winzenburg, Leff, Purvis & Payne, LLP. The subject property consists of approximately 10,457 square feet of flex space and is situated on 0.24 acres of land. Delivered in 2004, the condominium asset features masonry construction, 6,907 square feet of office space, a clear height of 14’, three-phase power, and one grade-level door. Occupied through October 2024, the property can be acquired for owner use or as a lease-up investment opportunity. The multi-tenant asset can easily be converted for single-tenant use. Located along State Highway 470, the property is positioned 24 miles Southwest of Downtown Denver.
The subject property is positioned in the Southwest C-470 submarket, containing 11.8 million square feet of industrial space. In 2023, the submarket experienced a noticeable decline in net absorption as the vacancy rate rose to 9.1 percent in Q4. However, the vacancies are largely concentrated in mid-size and big-box properties. Among properties under 50,000 square feet comparable to the subject asset, the vacancy rate stood at just 4.8 percent in the last quarter of 2023. Despite the rise in overall vacancies, annual rent growth in Southwest C-470 was in line with the five-year average at 5.1 percent during this time. With only 60,000 square feet of industrial space under construction, new supply will have a negligible impact on vacancies and rents 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
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: ZAE0050469)
