The at 17450 E. 32nd Place was acquired by , a California-based real estate company, for $15.8 million.
The over 142,000-square-foot, single-tenant industrial building in Aurora is the company’s first acquisition in Colorado since 2007 and marks the seventh state in which they own property.
“We are excited about expanding our portfolio to the Denver market in Colorado,” said Scott Meserve, principal of The Koll Company, in a Tuesday news release.
“This marketap fundamentals ended 2024 strong with low, decreasing vacancy rates, sustained leasing activity and strong positive absorption outpacing new supply for the first time in 18 months. With our long-term view on this asset, as well as the overall market, we look forward to owning the property for the foreseeable future.”
According to Adams County property records, the previous owner and seller, , purchased the property for $12.2 million in December 2020.
, a subsidiary of RK Industries, is the building’s sole tenant through 2029.
As a global provider of custom-engineered modular solutions, RK Mission Critical is a single-source provider with the experience and knowledge to conceive, design, engineer and manufacture the right modular building for businesses.
Built in 1999, the building has recently been upgraded with a new roof, asphalt, loading areas and office improvements.
“Over the last seven years, we have been building out an industrial portfolio focused on the Western U.S., closing numerous investments that have brought our collection to just under 6 million square feet,” Meserve said.
“As part of that strategy, we have been eager to strategically enter the Denver market and this deal afforded us the perfect opportunity. The 6.21% cap rate and low basis per square foot are what attracted us to this deal, and made it the right fit.”
brokered the transaction, representing both the seller and purchaser, based on the news release.
Founded in 1962, The Koll Company was originally established as a regional general construction firm and grew into a leading real estate services company.
Koll’s track record includes the development and acquisition of over 150 million square feet of office, industrial, retail, resort and golf course properties. According to its website, the company operates a portfolio of , totaling more than 5 million square feet valued at over $1.3 billion.
