Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 12345 West 52nd Avenue in Wheat Ridge, Colorado. The subject property consists of approximately 10,806 square feet of flex space and is situated on 0.53 acres of land. The single-tenant asset features masonry construction, two stories, one drive-in doors , six HVAC units, and a ground-level workshop and laboratory space. Recently renovated, the vacant property is available in white-box space for immediate use or as a lease-up investment opportunity. Located just off Ward Road, less than a mile from Interstate 70, the property is an eight-minute walk from the Wheat Ridge/Ward Road metro station. The subject property is well-positioned within the mid-sized West Denver submarket, containing 21.2 million square feet of industrial space. In the 12 months through Q3, demand remained in positive territory with about 28,000 square feet absorbed on net. During this time, 186,000 square feet of industrial space was delivered in West Denver. While the vacancy rate increased 80 basis points to 3.6 percent, the submarket’s availability sits less than half the national average. Despite the low vacancy rate, the average market rent slipped by -0.5 percent annually to about $15.10 per square foot in Q3. Among flex properties in West Denver, availability was comparable at 3.8 percent, and market rents averaged $16.60 per square foot. With no industrial properties under construction in the submarket, demand will be in the driver’s seat of vacancies and rents for the foreseeable future (CoStar). Denver-Aurora-Lakewood metro is home to three million people among 10 counties. Known as the Mile High City, Denver, which is also a county, serves as the state’s capitol and largest city, with approximately 716,577 residents. Metro Denver houses 10 Fortune 500 companies, including Newmont Goldcorp, Arrow Electronics, and DISH Network. Aerospace, financial services, and health care are some of the industries that have driven economic growth in the new millennium. The passage of Amendment 64 in November 2012, created a new industry in marijuana, largely consisting of young thriving businesses. Metro Denver provides a high quality of life with rural and urban amenities. Rocky Mountain National Park is less than a two-hour drive from the metro area, and the city houses franchises for all four major sports.