Amazon-occupied distribution center in Broomfield sells for $96.3M
BROOMFIELD — Loveland-based developer McWhinney Real Estate Services Inc. has offloaded a large warehouse space in its Baseline project in Broomfield that’s home to an Amazon Inc. (Nasdaq. AMZN) distribution center.
The 200,864-square-foot last-mile facility at 400 W. 160th Ave. was bought last week for just over $96.3 million, according to Broomfield real estate records.
The buyer, RLIF 160th Ave SPE LLC, is a holding company affiliated with Maryland logistics operations manager Realterm Logistics.
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“Strategically positioned in the booming I-25 corridor, the property presented a “best-in-class” last mile logistics building in metropolitan Denver with top shelf functionality,” Cushman & Wakefield broker executive managing director Will Strong, who represented McWhinney in the deal, said in a prepared statement. “The asset is a rare, quality industrial property occupied by a superior credit tenant with a mission critical use and providing steady in-place cash flow for the buyer. Immediately adjacent to the Interstate 25 and E-470 interchange, the logistics hub provides users with outstanding access to transportation, labor, and consumers.”
Amazon maintains three fulfillment centers in the Denver metro area, with a 2.4 million-square-foot location in Thornton, a 1 million-square-foot location in Aurora, and a new 123,000-square-foot operation in Loveland’s Centerra development. It also operates a software-development office at 1900 15th St. in Boulder and a 19,000-square-foot distribution center at 3550 Frontier Ave. in Boulder.
Parcel distribution and fulfillment operations have become increasingly popular in local business and industrial parks as the COVID-19 pandemic has accelerated e-commerce trends.
United Parcel Service Inc. (NYSE: UPS) is planning a new 47,377-square-foot package distribution facility at 10355 W. 120th Ave. in Broomfield.
Nearby, SunCap Property Group has proposed a four-building, 526,000-square-foot light industrial and distribution campus on a vacant, roughly 76-acre parcel just east of Huron Street and west of Interstate 25. City leaders believe that SunCap is targeting FedEx Corp. (NYSE: FDX) for the site.
“Industrial real estate has weathered COVID-19 impacts and emerged as a net-winner, while e-commerce has proven to be an integral part of our economy and will continue to experience accelerated growth. Industrial real estate has a more attractive risk profile than other product types,” Cushman senior director Kirk Kuller said in a prepared statement.
