CBRE announced today the $74 million sale of Hub 25, a recently completed Class A multi-tenant industrial campus located at 601 East 64th Avenue in Denver, on behalf of Westfield Company. Institutional investors advised by J.P. Morgan Asset Management purchased Hub 25 on May 10, marking the first new construction industrial campus sale in Central Denver this cycle.
The site is the former home of Mapleton High School, which sat vacant for 20 years before Westfield purchased the land in 2016 to develop it into a four-building, 421,499-square-foot industrial park. In just over two years, the project advanced from demolition to development to lease-up and now disposition.
“What Westfield accomplished at Hub 25 is an amazing feat. They took on a complicated piece of land that needed significant improvements, recognized a need in the market for small-bay, light industrial space and delivered an outstanding product that piqued the interest of top-tier capital. That process often takes several years, and Westfield made it happen in just over two,” said Tyler Carner, a Senior Vice President with CBRE in Denver who represented Westfield in the leasing and sale of Hub 25 along with his partner Jeremy Ballenger.
Westfield Company is a Denver-based commercial real estate development, investment and management firm focused on investment properties that generate above-market returns relative to the underlying risk.
“What I found most significant about the sale is that the institutional investors accepted Denver as a top tier market, based upon the interest from a number of buyers at the pricing level typically only seen in coastal and Tier 1 markets,” said Randy Schwartz, a partner with Westfield Company. “Having closed the property with no zoning or entitlements, had it not been for the commitment and execution of that commitment from Adams County to cooperate and process the project in an expeditious manner, we could not have come close to achieving our timing.”