Stream is pleased to announce today that it represented Brennan Investment Group, a Chicago-based investment firm, in the sale of Dove Valley Business Center II, a 150,600-square-foot, newly completed Class A warehouse located at 14251 E. Otero Ave. in Englewood, Colorado, to Westcore, a leading industrial real estate acquisition, development and asset management firm based out of San Diego, for $20 million. Stream Denver’s Tyler Reed, Dominic DiOrio and Peter Beugg partnered with Bo Mills of KBC Advisors to represent Brennan Investment Group in the sale, while Westcore represented itself.
Brennan had also sold sister warehouse development Dove Valley Business Center I—located at 14101 E. Otero Ave.—to Westcore in 2019 for $23 million. Stream forged their relationship with the San Diego-based investment company in the process, and the Denver industrial team of Reed, DiOrio and Beugg were subsequently hired to spearhead leasing and marketing efforts for the first of Westcore’s Denver investments. The 149,652-sq.-ft. property is currently 85 percent leased to Alside, ServPro, SEBO, CoSo Health and Mikron Corporation.
“After our recent leasing success at Dove Valley Business Center I, we look forward to leveraging this momentum to lease up the balance of these high-quality assets in a timely manner,” said Mike Metzger, director of acquisitions at Westcore.
Westcore had built upon its investment strategy in 2020 when it had also acquired two newly constructed, Class A spec warehouses in Denver’s strategically-located industrial neighborhood from a partnership between The Opus Group and USAA Real Estate: the 118,270-sq.-ft. Dove Valley Business Center III, located at 7955 S. Potomac St., and the 148,252-sq.-ft. Dove Valley Business Center IV, located at 7901 S. Potomac St., both high-image facilities with corporate presence.
“With the acquisition of four Dove Valley Business Center buildings, Westcore continues to expand their presence in the Denver industrial market by strategically adding prime facilities to its growing portfolio of first-class, cutting-edge industrial product,” said Reed, Managing Director of Stream’s Industrial Division in Denver. “We’re excited to support their efforts to lease up space at all four properties, and we’re confident that the unique, modern attributes the facilities offer will continue to draw interest from various users in the marketplace.”
The Dove Valley Business Center properties are conveniently located approximately 12 miles southeast of downtown Denver in the Southeast industrial submarket, with close proximity to I-25, E-470, I-225 and Centennial Airport, and offering first-generation space with modern, state-of-the-art amenities, including ample power, above market clear heights, ESFR sprinkler systems, abundant car parking and loading positions, and oversized truck courts to facilitate outside storage and trailer parking. Each building provides institutional-quality space attractive to a broad range of user groups, including industrial, e-commerce, aerospace, manufacturing, food service and more.