Denver, CO
Hyde Development and Mortenson Properties Expand Denver-Area Holdings through Three-Building Acquisition in Top Industrial Submarket
CBRE Brokers Sale of Leading Property with Unrivaled I-70 Access
January 17, 2024
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CBRE announced the sale of Peoria Business Center, a three-building industrial portfolio in Denver, to a partnership of Hyde Development and Mortenson Properties. Jeremy Ballenger, Tyler Carner, Jessica Ostermick and Jim Bolt with CBRE National Partners in Denver represented the seller, Invesco.
Peoria Business Center includes three Class A buildings totaling 592,573 sq. ft. located at 12330 E. 46th Ave., 12360 E. 46th Ave. and 13100 E. Albrook Dr. in Denver’s Airport submarket, the metro area’s top-performing industrial submarket. The buildings were built between 1999 and 2001 with clear heights ranging from 24 to 30 ft., ESFR sprinklers, large truck courts, dock-high and drive-in loading, and LED lighting upgrades throughout. The portfolio was 98% leased to 19 diversified tenants at the time of sale with an average suite size of 28,000 sq. ft.
“Historical occupancy at Peoria Business Center proves its appeal. The property has averaged 96% occupancy over the past 15 years, due to its small-bay design with functional features and in-fill location with unrivaled access to Interstate 70,” said Ballenger, executive vice president, CBRE.
The portfolio has eight points of ingress and egress with full circulation around all three buildings, putting I-70 within three minutes of the property. It is also a short drive from I-76, I-25, I-225 and I-270, providing centralized access to labor and customers.
“We are thrilled that through our close partnership with Mortenson Properties we were able to move quickly and decisively to acquire this unique industrial portfolio,” said Paul Hyde, Founder and CEO, Hyde Development. “Folding the Peoria Business Center into our portfolio with 76 Commerce Center and HighPoint gives us a stronger presence of Class A industrial assets in Denver’s leading industrial submarket.”
Hyde Development and Mortenson are recognized leaders in metro Denver’s industrial market and the pair behind the HighPoint Elevated industrial project under construction near Denver International Airport. The team also developed 76 Commerce Center in Brighton. For the second year in a row, Hyde Development ranked as the top Denver-area commercial real estate developer in 2023.
Denver’s Airport submarket is the largest industrial marketplace in the metro area and the leader across all primary performance metrics, according to CBRE research. The Airport submarket recorded over 1 million sq. ft. of leasing activity in the fourth quarter of 2023, accounting for 73% of the metro area’s total industrial leasing volume.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $88.9 billion in real estate assets under management, 612 employees and 21 regional offices across the U.S., Europe and Asia (as of June 30, 2023). Invesco Real Estate was established in 1983 and today invests across the risk return spectrum, from core to opportunistic; in equity and debt; listed and direct; locally and globally. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; http://www.invesco.com/realestate.
About Hyde Development
Hyde Development was founded in Minneapolis, Minn. by Mac and Paul Hyde. Hyde is a privately-owned, commercial real estate investment and redevelopment company focused on promoting restoration and reuse of brownfield sites. For more information, visit hyde-development.com.
About Mortenson Properties
Mortenson Properties, Inc. (MPI) is the real estate ownership arm of the Mortenson family portfolio of companies, providing comprehensive real estate solutions to a broad range of customers. Mortenson Properties is an integrated solutions provider alongside M.A. Mortenson Company providing design, construction, and development to the commercial, institutional, and energy sectors across the U.S. Mortenson Properties invests in quality real estate to support long-term growth and success for our tenants, our communities and our business partners.