EverWest Makes $66M Denver-Area Industrial Buy

CBRE represented the seller, a joint venture of United Properties and Artis REIT.
18901 E. 38th Ave.

A joint venture between United Properties and Artis REIT has sold Tower Business Center, a two-building industrial asset in Aurora, Colo., to EverWest Real Estate Investors for $66.5 million. CBRE represented the seller in the transaction.

Developed last year, the buildings total 422,961 square feet and feature 32-foot clear heights, a total of 73 dock-high and five drive-in doors, as well as 130-foot truck courts, LED lighting and ESFR sprinklers. The property also includes 417 parking spaces. Tower Business Center is fully leased to Tempur Sealy and Sprouts Farmers Market.

Located at 18701 and 18901 E. 38th Ave. on 28 acres, the buildings are just off Interstate 70, 12 miles east of downtown Denver. Denver International Airport is 10 miles northeast of the facility.

The CBRE team included Jim Bolt, Jeremy Ballenger, Tyler Carner and Jessica Ostermick. This month, another team of the brokerage represented the seller of a 729,610-square-foot, industrial complex in Portland, Ore. The property traded for $82.5 million.

In January, EverWest joined forces with Woodmont Industrial Partners to buy a 144,551-square-foot distribution facility in South Brunswick, N.J., in a sale-leaseback transaction that marked the duo’s first joint venture. GDB International sold the asset for $19.8 million.