Newmark Completes Sale of 100,175-SF Class A Industrial Asset in Denver, Broadening Local Manufacturer Presence

September 12, 2024 9:00 AM

Newmark announces the sale of 4690 Florence Street, a 100,175-square-foot, Class A industrial asset located within the Stapleton Business Center in Denver. The property traded from Pacific Acquisitions - an Anchorage-based commercial real estate investor and developer - to Hercules Industries, a Denver-based manufacturer and distributor of HVAC products. Hercules Industries acquired the asset to support operations for a new business line, marking its fourth Denver location.

Newmark Managing Director Mike Wafer, Jr., supported by Executive Managing Director Mike Wafer, represented the buyer in the transaction. Notably, the Newmark team has advised on several transactions for the buyer since 2017. The seller was represented by Jim Bolt with CBRE.

"Hercules needed high-quality manufacturing space for its growing operations and preferred to purchase, which presented a complex challenge," said Wafer, Jr. "After an exhaustive local search, we were able to secure a property that satisfies our client's needs while also enhancing operational efficiency with proximity to an existing facility. We're proud to have represented Hercules in another successful acquisition."

Situated on a 5.03-acre site, 4690 Florence Street features approximately 84,000 square feet of 30' clear warehouse space, 16,000 square feet of office space, ESFR sprinklers, as well as functional loading and parking. Located in the East submarket, the property offers convenient access to Downtown Denver, Denver International Airport (DIA) and major thoroughfares including I-70, I-270 and I-225.

Wafer, Jr. added, "The sale underscores the strong demand from users, particularly manufacturers, to purchase Class A industrial space. With limited supply of available properties for sale, many companies are turning to build-to-suit solutions or reconsidering lease instead of purchase, while others are stalling business growth plans until more suitable spaces become available."

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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