Peoria Business Center, a three-building industrial portfolio in Denver, has sold to Hyde Development and Mortenson Properties.
Jeremy Ballenger, Tyler Carner, Jessica Ostermick and Jim Bolt with CBRE National Partners in Denver represented the seller, Invesco.
Peoria Business Center includes three Class A buildings totaling 592,573 sq. ft. located at 12330 E. 46th Ave., 12360 E. 46th Ave. and 13100 E. Albrook Dr. in Denver’s Airport submarket, the metro area’s top-performing industrial submarket. The buildings were built between 1999 and 2001 with clear heights ranging from 24 to 30 ft., ESFR sprinklers, large truck courts, dock-high and drive-in loading, and LED lighting upgrades throughout. The portfolio was 98% leased to 19 diversified tenants at the time of sale with an average suite size of 28,000 square feet.
“Historical occupancy at Peoria Business Center proves its appeal. The property has averaged 96% occupancy over the past 15 years, due to its small-bay design with functional features and in-fill location with unrivaled access to Interstate 70,” said Ballenger, executive vice president, CBRE.
The portfolio has eight points of ingress and egress with full circulation around all three buildings, putting I-70 within three minutes of the property. It is also a short drive from I-76, I-25, I-225 and I-270, providing centralized access to labor and customers.
“We are thrilled that through our close partnership with Mortenson Properties we were able to move quickly and decisively to acquire this unique industrial portfolio,” said Paul Hyde, founder and CEO, Hyde Development. “Folding the Peoria Business Center into our portfolio with 76 Commerce Center and HighPoint gives us a stronger presence of Class A industrial assets in Denver’s leading industrial submarket.”
Hyde Development and Mortenson are recognized leaders in metro Denver’s industrial market and the pair behind the HighPoint Elevated industrial project under construction near Denver International Airport. The team also developed 76 Commerce Center in Brighton. For the second year in a row, Hyde Development ranked as the top Denver-area commercial real estate developer in 2023.
Denver’s Airport submarket is the largest industrial marketplace in the metro area and the leader across all primary performance metrics, according to CBRE research. The Airport submarket recorded over 1 million sq. ft. of leasing activity in the fourth quarter of 2023, accounting for 73% of the metro area’s total industrial leasing volume.
