DENVER (Feb. 12, 2024) — United Properties announced today the sale of Trade@2534, a Class A industrial development located at 4201 Ronald Reagan Blvd. in Johnstown, Colorado, to California-based Nearon Enterprises, LLC. The terms of the deal were not disclosed.
The development is strategically located near the intersection of Interstate 25 and U.S. Highway 34, and offers modern, functional space for companies to grow and thrive in a business-friendly community. Trade@2534 was completed in 2022 and fully leased within eight months of delivery to a diverse tenant roster, including PODS, Kroger, Radial Engineering, SCP Distributors and Stevens Equipment Supply.
“Trade@2534 addressed a need for Class A industrial space in the Northern Colorado region and was well received by tenants,” says Mindy Rietz, vice president, commercial development, United Properties. “We believe the recent sale to Nearon Enterprises is a testament to the continued maturation of the region.”
The sale includes two Class A buildings — Building 1 is a 72,896-sq.-ft. single-load building and Building 2 is a 145,008-sq.-ft. cross-dock facility. The Class A development provides 24 feet and 28 feet clear heights, and features energy-efficient, modern designs, TPO 60-mil “Cool Roofs,” ESFR sprinkler systems and modern truck courts with significant car parking.
Jeremy Ballenger, Tyler Carner, Jim Bolt and Jessica Ostermick with CBRE represented United Properties in the sale of Trade@2534.
“Class A assets like Trade@2534 in the I-25 North submarket are extremely rare and are the most coveted among users,” adds Ballenger, executive vice president of capital markets and industrial properties, CBRE. “Both of these buildings offer additional divisibility, plus the park has a leased industrial outdoor storage (IOS) site that also provides future upside as either a development site or IOS.”
Trade@2534 is part of a joint venture partnership between United Properties and PCCP, LLC, a Los Angeles-based real estate investment management firm.
About PCCP, LLC
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $23.1 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 25-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $39.7 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
###
About United Properties
United Properties has been creating deep roots in the commercial real estate industry for more than 100 years. The company imagines new possibilities in real estate to help enrich communities and create lasting legacies. United Properties provides market expertise for ground-up development, redevelopment and acquisitions of value-add and stable investments. The company invests in and develops office, industrial, retail, mixed-use and senior housing properties. United Properties is owned by the Pohlad Companies and is headquartered in Minneapolis, with offices in Denver and Austin, Texas.
