Montbello industrial buildings sold for $30M to Canadian REIT

montbelloIndustrial

The industrial property at 12775 E. 38th Ave. in Montbello was one of three sold. (Amy DiPierro)

A Canadian real estate heavyweight has plunked down $30 million on a trio of industrial buildings in Montbello.

Montreal-based Ivanhoé Cambridge purchased the properties as part of a larger deal to acquire Evergreen Industrial Properties, an arm of San Francisco private equity firm TPG.

The three buildings Ivanhoé bought in Denver total 365,000 square feet of light industrial space southwest of Interstates 225 and 70.

Tenants in the properties include Intertech Plastics and Brite-Line Technologies.

The buyer, which purchased the sites under the name IC Industrial REIT according to property records, was not available for comment by press time Thursday.

The price of the transaction ranged from $78 per square foot for the largest of the three sites – a 200,000-square-foot warehouse 12850 E. 40th Ave. – to $87 per square foot for the two smaller buildings, 50,000 and 125,000 square feet at 10660 E. 51st Ave. and 12775 E. 38th Ave., respectively.

TPG bought the buildings for $18.6 million in 2014, according to city records.

montbelloIndustrial

The industrial property at 12775 E. 38th Ave. in Montbello was one of three sold. (Amy DiPierro)

A Canadian real estate heavyweight has plunked down $30 million on a trio of industrial buildings in Montbello.

Montreal-based Ivanhoé Cambridge purchased the properties as part of a larger deal to acquire Evergreen Industrial Properties, an arm of San Francisco private equity firm TPG.

The three buildings Ivanhoé bought in Denver total 365,000 square feet of light industrial space southwest of Interstates 225 and 70.

Tenants in the properties include Intertech Plastics and Brite-Line Technologies.

The buyer, which purchased the sites under the name IC Industrial REIT according to property records, was not available for comment by press time Thursday.

The price of the transaction ranged from $78 per square foot for the largest of the three sites – a 200,000-square-foot warehouse 12850 E. 40th Ave. – to $87 per square foot for the two smaller buildings, 50,000 and 125,000 square feet at 10660 E. 51st Ave. and 12775 E. 38th Ave., respectively.

TPG bought the buildings for $18.6 million in 2014, according to city records.

This story is for our paid subscribers only. Please become one of the thousands of BusinessDen members today!

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

POSTED IN Commercial Real Estate

Editor's Picks

Leave a Reply

Your email address will not be published. Required fields are marked *