DENVER – An 88,238-square-foot industrial/flex property located at 14603 East Fremont Avenue in Centennial, Colorado has been sold to Cherry Creek School District.
CBRE facilitated the $8.25 million sale. Daniel Close and Matt Kawulok with CBRE Industrial & Logistics Services in Denver represented the seller, Bow River Capital Partners of Denver.
Bow River originally purchased the site in September 2016 within its dedicated real estate investment fund. Cherry Creek School District purchased 14603 East Fremont in the most recent transfer, which closed Dec.5, 2017.
Cherry Creek School District has not announced its plans for the property beyond saying the site may be used to consolidate storage and aid in food and nutrition and homeschool services. 14603 East Fremont is located approximately one-half mile south of the Arapahoe Road and Jordan Road intersection, near the Centennial Airport and central to existing Cherry Creek School District operations.
“14603 East Fremont is a unique property that provided a range of opportunities for different users. The combination of a massive site, plentiful parking, high-end office finishes, clean room and highly sought-after outdoor storage, which could one day be leveraged for expansion, all contributed to Bow River achieving a nice return on its investment in a relatively short period of time,” said Daniel Close, vice president with CBRE Industrial and Logistics Services in Denver.
Built in 1989 and expanded in 2009, 14603 East Fremont Avenue is a multi-tenant office/warehouse property with the potential for three tenants in the building situated on a site of more than 10.5 acres. The building is unique in that about 38 percent of its square footage is designed for office use. Clear heights range from 12 feet to 22 feet in the warehouse areas. The property also offers dock-high loading, a large parking area, and the entire interior space is climate controlled. Currently vacant, the site is the former home of Conmed, a medical technology manufacturer that relocated its office employees to Greenwood Village upon selling the building to Bow River in 2016.
During Bow River Capital Partners’ 15-month ownership period, the company focused on repositioning the property for its highest and best use. This included rezoning the site to allow sub-division and approximately 77,000 square feet of outside storage space across two adjacent land parcels, a unique feature for southeast Denver industrial space.
“Bow River saw an opportunity to take a vacant building and use our experience and expertise to create value for future tenants and owners. And now a great organization, the Cherry Creek School District, has the opportunity to benefit from our re-positioning of the property,” said Nicholas Koncilja, vice president of real estate, Bow River Capital Partners.
Founded in 2003, Bow River Capital is a private investment firm based in Denver. The founders have been investing together since the firm’s inception, providing strategic direction and continuity as Bow River Capital continues to evolve to this day.
Cherry Creek School District has not announced its plans for the property beyond saying the site may be used to consolidate storage and aid in food and nutrition and homeschool services. 14603 East Fremont is located approximately one-half mile south of the Arapahoe Road and Jordan Road intersection, near the Centennial Airport and central to existing Cherry Creek School District operations.
Image courtesy of CBRE.
