Hyde Development and Mortenson Properties have acquired the Peoria Business Center, an industrial campus in Denver, for $73.5 million. The three-building property spans nearly 600,000 square feet and was sold by Invesco with the assistance of a $44 million loan from Hartford Financial Services Group.
According to Commercialedge.com, this Class A asset previously changed hands in 2004 for $31 million.
At the time of purchase, Peoria Business Center boasted a 98% occupancy rate with 19 tenants occupying an average suite size of 28,000 square feet. CBRE’s Jeremy Ballenger led the team representing the seller and stated that “the historical occupancy at Peoria Business Center is a testament to its appeal.” He also noted that over the past fifteen years it has maintained an average occupancy rate of 96%, thanks to its small-bay design with functional features and prime location near Interstate-70.
This transaction highlights strong demand for well-designed industrial properties in desirable locations like Denver.
