Berkeley Partners Lands $32M for Denver Warehouse
- Sep 16, 2020
Berkeley Partners has received a $31.9 million loan for a fully triple-net leased, 411,485-square-foot industrial property in Louisville, Colo. Nuveen Real Estate originated a fixed-rate, non-recourse mortgage, which is set to mature in 2027. JLL Capital Markets secured the financing package for the borrower.
In July, Berkeley purchased the two-building, multi-tenant property for $49 million from a joint venture between DPC Cos. and Long Wharf Capital, according to Boulder County records. The asset had last changed hands in 2017, when W.P. Carey sold it for $25 million.
Located on 25 acres at 333 and 335 Centennial Parkway, the two single-story warehouses were completed in 1995. The seller renovated the buildings in 2019, with improvements including a new façade, upgraded docks and drive-in loading and modern finishes. The property has 28-foot clear height, one grade-level and seven dock-high doors. The facility is a short distance from Highway 36 and some 21 miles northeast of downtown Denver.
The JLL debt placement team included Managing Director Jeff Sause, Senior Director Leon McBroom, Executive Managing Director Kevin MacKenzie and Director Spencer Richley. Earlier this month, the company arranged a $23.7 million loan for the acquisition of Pellisier Logistics Center, a 232,600-square-foot industrial building in Colton, Calif.