Lee & Associates Represents Castlegate in the sale of Distribution Warehouse
News From: Lee & Associates Denver
Lee & Associates represents Castlegate Garage Doors in the sale of their distribution warehouse in Denver, CO
Ron Webert – Lee & Associates
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DENVER, CO January 20, 2015 – Lee & Associates is pleased to announce that Ron Webert represented Mark & Carole Burns in the sale of an industrial building in Denver, CO. The property, home to Castlegate Garage Doors for the past 10 years, is located along Interstate 70 just east of the Colorado Boulevard exit. The property consists of a 28,598 SF office and warehouse building situated on 1.2 acres.
The Burns sold the property to DDMC, LLC, a local investment company. “The property was on the market two years ago and a deal was almost struck to sell to a local manufacturing company. The Burns decided to pull it off the market and wait to see what effect the Marijuana industry would have on values. Their patience certainly paid off with almost a 40% increase in value in the short time period” said Webert. “With an IB zoning and freeway visibility, this property was on the radar screen of many operators in the industry. Like most industrial deals in today’s market we had a few starts and stops before getting to the closing table with DDMC.”
“The property didn’t have heavy power, or a sprinkler system, and it had some deferred maintenance, all of which knocked the price per foot down a little. The new owners will be putting in some significant capital improvements to the building immediately” explained Webert. The property sold for $1,930,000, or $67 PSF.