**Principal Asset Management Acquires Five Denver Industrial Properties for $153 Million**
Principal Asset Management has acquired five industrial properties in Denver as part of a larger 10-property portfolio purchase spread across three states. The Denver acquisition alone totaled $153 million, according to the Denver Business Journal, and includes parks that are currently 97% occupied.
In addition to the Denver properties, Principal also acquired four properties in Houston and one in New Jersey as part of the expanded portfolio.
The five industrial properties in Denver include:
– A 336,800-square-foot building at 11700 E. 47th Ave., built in 2007
– A 336,481-square-foot building at 11511 E. 45th Ave., built in 2008
– A 90,352-square-foot building at 11775 E. 45th Ave., built in 2008
– A 255,767-square-foot building at 11351 E. 45th Ave., built in 2014
– A 163,028-square-foot building at 11198 E. 45th Ave., built in 2015
The average size of the Denver portfolio buildings is approximately 210,000 square feet.
JLL Capital Markets’ Investment Sales and Advisory team, led by Trent Agnew and John Huguengard, advised on the sale.
