ASB Real Estate Investments has acquired a three-building, class A warehouse portfolio totaling 633,193 square feet in Denver’s Airport submarket for $72 million.
The investment was made on behalf of ASB’s Allegiance Real Estate Fund, a $7.5 billion core vehicle.
A Blackstone affiliate, Link Properties was the seller.
Fully leased to Subaru of America, Home Depot, and Old West Mattress Company, the three buildings include 22100 E. 26th Ave. (406,959 square feet) in Aurora; 9410 Heinz Way (140,630 square feet) in Commerce City; and 18300 E. 28th Ave. (85,604 square feet) in Aurora.
Aaron Duncan, ASB senior vice president and western region head, said, “This extremely attractive, cash-flowing investment further expands ASB’s class A industrial portfolio and should help further buttress our income-oriented returns over the long term. The surrounding market benefits from dramatic and dynamic residential development as well as from significant infrastructure investment in airport expansion and construction of new interstate express lanes. The prime, last-mile locations will be increasingly attractive to our high-credit tenants and other logistics users as the Denver area continues to grow.”
Ranked as one of Denver’s top-tier industrial submarkets by Green Street and the largest in the metropolitan area, the Airport submarket benefits from proximity to critical transportation hubs linking one of the country’s largest international airports to a major east-west interstate, I-70, and a nearby freight rail junction.
The buildings — built between 2000 and 2007 — feature 28- to 32-foot ceiling heights, ESFR sprinkler systems, a market-standard 7 percent office finish, flexible layout configurations, and ample truck court depth.
