(February 13, 2020 – DENVER) – Greenwood Village based NexGen Properties, LLC today announces it has acquired 7910 Shaffer Parkway, in Littleton, CO. The 100,550-square-foot industrial building was acquired for $7,812,000 ($77.69 psf). David Marulli and Patrick McGlinchey of Trevey Commercial brokered the transaction on behalf of NexGen Properties. Doug Viseur and Matt Kawulok of CBRE represented the Seller, LS General Partnership out of New Jersey, in their disposition of the asset.
7910 Shaffer Parkway was built in 2002 and served as the home of Apria Healthcare for 15 years. The building features a 24’ clear height, 13 dock-high doors – including 3 with levelers, 1 drive-in door, an ESFR fire sprinkler system, and a strong parking ratio of 2.9:1,000 sf. The property is in the affluent SW Denver suburb of Ken Caryl, which benefits from impressive demographics, a constrained supply of Class A industrial buildings, close proximity to nearby rooftops, and immediate access to the C-470, I-70, and 285 mountain corridors.
“NexGen Properties was attracted to the rare opportunity to acquire a well-constructed Class A industrial infill warehouse well below replacement cost. There just isn’t anything like it on the Southwest side of town,” said Matt Bernstein, Director of Acquisitions and Asset Management.
“We see a real opportunity to add value to the building by multi-tenanting the asset and restoring the building to its highest and best use with significantly less office space. In addition to restoring the warehouse space, we plan upgrade the building’s loading capabilities, roof, HVAC, flooring, lighting, exterior paint and interior finish. NexGen Properties looks forward to bringing long-term stability to the asset,” he said.
“Finding value-add properties in this market is no easy task” stated Patrick McGlinchey (now with SRS Real Estate Partners) “We saw great opportunity in an industrial property of this caliber in a Denver submarket with minimal amount of competing product.” David Marulli added “With a 60% office buildout it was hard to see the vision for this property moving forward, however once it became apparent it had many of the qualities of a Class A industrial building in this market we immediately felt it was a great fit for NexGen to implement an active landlord, value-add strategy.”
conditions. www.nexgen-properties.com
