Newmark Facilitates Sale of Two-Property Industrial Outdoor Storage Portfolio in Denver Metro

June 3, 2024 9:00 AM

Newmark announces it has facilitated the sale of a two-property, fully leased Industrial Outdoor Storage (IOS) portfolio located in the Denver Metro area. The properties, 4790 Cook Street in Denver and 5790 Dahlia Street in Commerce City, traded from Bespoke Holdings to Flywheel Capital for $6.8 million.

Newmark Executive Managing Director Mike Wafer, SIOR and Managing Directors Mike Viehmann, SIOR and Mike Wafer, Jr represented the seller in the sale transaction.

“Demand for IOS properties in Denver remains robust, with both properties generating strong investor interest,” said Viehmann. “IOS consistently stands out as a top-performing segment within Denver’s industrial market, as sustained leasing activity and rental rate growth for well-located and functional IOS assets continue to attract investors.”

Situated on 2.47 acres, 4790 Cook Street is fully leased to a Fortune 200 tire company. The site offers a 20,000-square-foot building with 1,000 square feet of office space, one dock-high and three oversized drive-in loading doors and over 2,000 amps at 480V power.

Less than two miles north and spanning 2.11 acres, 5790 Dahlia Street is leased to a national fuel tanker operation. The property features a 7,000-square-foot shop building with five oversized drive-in doors, visibility from I-270 and retail exposure along Vasquez Boulevard.

Both properties are positioned in prime infill locations within Denver’s central industrial submarket, offering proximity to Downtown and convenient access to major highway systems including I-25, I-70 and I-270.

According to Newmark Research, the Denver industrial market recorded absorption at 219,841 SF in the first quarter, down from the previous quarter but higher than the first quarter of 2023. Despite positive absorption, vacancy increased to 9.1% due to 1.9MSF of spec space delivering vacant and with no pre-leasing. Activity maintained its more consistent, stable and moderate pace from the previous two quarters.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of March 31, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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