Midtown Industrial Center
4120 Brighton Blvd, Denver, CO 80216
Description
Refinanced this asset in 2008 with a $7,000,000, 10-year fixed, non-recourse loan at 6% interest. Value enhanced by immediate renovations of buildings, renewing a major tenant and leasing vacant space. Increased occupancy from 88% to 100% within 8 months after acquisition. Maintained a 90% average occupancy throughout ownership. Increased NOI $150,000 within 3 months after acquisition. Over 55,000 SF of cooler/freezer space. 12.5 acre redevelopment site ideally located adjacent to the Fasttrack's 40/40 light rail station.
Details
| Cost PSF $15.96 | Sale Price $20,250,000 | Total Cost $5,875,000 |
| Acquisition Date July, 1998 | Add. Capital Costs $500,000 | Sale Date June, 2014 |
| Total Project Size 368,008 SF | Sale Price / SF $55.03 | Avg Annual Return 86% |
| Acquisition Price $5,375,000 |