500 W. 53rd Place was built in 1971 and sits on a 6.4 acre lot immediately west of I-25 and just north of I-70. This “main and main” location for warehouse/distribution space is a key input into this deal’s value equation.
Connexion, along with its partner Streech Properties, moved quickly to tie up the property at favorable pricing with a short timeline to close. At the time the property was put under contract, the full-building tenant indicated it planned to vacate at the end of the year. Our team was able to negotiate a 5-year renewal with the tenant, effectively stabilizing the asset during our inspection period.
500 W 53rd is a fantastic asset in an irreplaceable industrial location and, because of the tenant uncertainty, there was a value slant to the deal. We are thrilled to have 500 W 53rd as part of our growing portfolio of industrial property in Denver.