Premium asset in strategic location with highway visibility
Significant discount to replacement cost
with no near-term rollover
with low vacancy (1.1%)
sizes drawing a large tenant pool
Garrison Business Park Phase II is comprised of two extremely well-located flex buildings in Lakewood, Colorado. Situated just 12 minutes from Downtown Denver in the West Industrial Submarket, the asset provides convenient access to the surrounding Metro area by the ways of Garrison Street, 6th Avenue, and nearby C-470, I-70, and I-25 Interstates. Tenants within the project have benefited from the location due to attractive signage fronting 6th Avenue and the 120,000 VPD traffic counts on a daily basis.
The front building is 100% occupied by Pinkard Construction, a well-known private construction company that has delivered excellent construction and design build services since 1999 and was the original General Contractor for First Industrial when the building was constructed. The back building is also 100% occupied by three tenants and benefits from eight drive-in doors, providing a functional yet flexible layout to accommodate a variety of tenants. Average in-place rents of $12.64/SF are in-line with the market and no near-term rollover until 2024 provides an investor near term stability.
The project has maintained strong historical occupancy due to its desirable location and the lack of competitive product in the submarket. Direct vacancy across West Denver Industrial Submarket ended Q4 2019 at 1.1% and rental rates continue to appreciate due to the lack of new construction in the area.