ScanlanKemperBard Cos. has formed a joint venture with Harbert Management Corp. and Denver-based developer Wolf/Stutz Investments to acquire a majority interest in the North Denver Industrial Portfolio. The property is a 482,700-square-foot industrial facility in the Clayton neighborhood of Denver.
The sellers are Ari Stutz and Kenneth Wolf, who are retaining a minority interest in the property.
Built in the 1940s, the property historically served as a medical supply depot for the U.S. Army and maintains many of those historical features including exposed brick, wood ceilings and beams. The property is close to Denver's urban core, and is conveniently located with immediate access to the amenities of the River North Arts District.
As part of the business plan, the partnership will invest approximately $47 million to reposition the property as a collaborative multitenant campus. The capital improvements are intended to transform the property into the preeminent l
