California firm acquires 11-property industrial park in Broomfield for $48M

BROOMFIELD — Industrial real estate firm Westcore Properties Inc. acquired an 11-building business park in south-central Broomfield in late November.

The San Diego-based Westcore acquired the 35-acre portfolio from Commander Leasing LLC in a deal that was recorded Nov. 20, according to Broomfield County property records.

The sale area, known as the Atlas Industrial Park in county records, is just northwest of the junction of the Denver/Boulder Turnpike and U.S. Highway 287 and includes properties near the intersection of West Midway Boulevard and Burbank Street.

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Westcore’s acquisitions are highlighted in purple. Editor’s note: BizWest’s provider for this map has not yet updated ownership, so it will list the properties as still being owned by Commander Leasing LLC.

In an interview with BizWest, Westcore director of acquisition Mike Metzger said the property remains 100% leased and will be viewed as a long-term investment hold, including plans to paint the exteriors of all the buildings and complete deferred maintenance such as parking-lot repairs.

The portfolio was originally developed more than 40 years ago by Commander Leasing, a joint investment group that held it ever since. Westcore was alerted to the portfolio’s status by local brokers after several of the Commander group passed away and their heirs decided to sell, Metzger said.

“We recognize it’s one of Denver’s most infill and high-demand industrial markets and are certainly encouraged by the strong market dynamics, including significant supply constraints and multiple demand drivers that’s going to allow us to add significant value to the portfolio over time and execute our business plan,” Metzger said.

Broomfield’s industrial real estate market has been red-hot for months as companies riding the pandemic-driven increase in e-commerce look for space with easy access to Denver and Boulder, but without the additional costs of operating within those cities.

During last month’s BizWest Boulder Valley Real Estate Convention, Freeman Myre principal Andrew Freeman said his firm is currently tracking more than 20 companies seeking large pieces of industrial real estate along the U.S. 36 corridor.

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