More than $50 million of warehouse space changed hands last week in a prime Denver industrial neighborhood.
Boston-based TA Realty last week sold a 17-building industrial portfolio in Montbello for $57.65 million. The warehouses totaled 856,000 square feet of space, according to an online brochure by Colliers International marketing the properties.
An LLC filed by employees for the Los Angeles County Employees Retirement Association was the buyer in the deal. LACERA representatives did not return phone calls seeking comment on the deal on Tuesday and Wednesday.
The properties dot a 20-square-block range roughly bound by 47th Avenue, 51st Avenue, Kingston Street and Paris Street, with a single outlier a few blocks west at 47th Avenue and Havana Street.
The Colliers brochure, which advertised a call for offers on June 9 this year, said the entire portfolio included nearly more than 35 tenants and was hovering at almost 95 percent occupancy.
The same flyer advertised the sale as a value-add opportunity, noting that 45 percent of leases would expire by 2018 and those tenants were paying rates about 25 percent below market.
TA Associates bought all 17 buildings, plus one more that it sold earlier this year, in January 2014 for $36.9 million.
That 18th industrial building is a 50,000-square-foot warehouse at 4825 Nome St. That property was split off from the package in June, when TA Associates sold it to the building’s tenant Western Innovations.