IBC Holdings LLC has acquired a 1.2 million-square-foot building in Westminster, Colo. Located at the intersection of 120th Street and I-25 on 105 acres, the purchase includes 200,000 square feet of high bay bulk distribution space, 700,000 square feet of light industrial/flex space and 300,000 square feet of office space.
The transaction, which closed on November 19, was a joint venture with Boston-based private equity real estate manager Long Wharf Real Estate Partners LLC. The deal included the associated parking structures and around 40 acres of developable land area.
Jason Addlesperger and Dave Lee of Newmark Knight Frank represented both the buyer and seller. IBC Managing Director Brian C. Mott said the company plans to reposition the property and target bulk warehouse, light industrial/flex and office users. The repositioning plan includes the demolition of around 400,000 square feet of the existing industrial building. The plan also includes the renaming of the property to Park 12 Hundred.
“This acquisition is representative of our strategy of purchasing well-located properties in strong markets across the U.S. with what we believe is tremendous intrinsic value,” said Sujit Sitole, director at Long Wharf Real Estate Partners. “The opportunity to acquire this property—given its location, the existing buildings and the land—we felt was especially attractive.”
The property, which was an Avaya (formerly Lucent Technologies) research and development facility, was originally built in 1970 by Western Electric. At its peak, Avaya employed 5,000 people at the communications systems manufacturing facility and will continue to occupy approximately 10 percent of the building.
“This is a prominent Westminster facility in a great location very close to a range of retail amenities and adjacent to one of Denver’s largest park-and-ride locations,” Mott said. “When complete, It will offer modern specification facilities to a wide range of industrial and office users. Additionally, we are considering adding a multifamily component and additional industrial buildings with frontage on Huron and Pecos streets at some point in the future.”
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