Ambrose acquires 33-acre class A industrial park in Denver
Investment manager purchases three-building Ascent Commerce Center in Airport Submarket
Ambrose Property Group announced today that it has purchased Ascent Commerce Center for $61,000,000. The 33-acre industrial park is located at the intersection of 84th Avenue and Telluride Street in Commerce City. It is comprised of three state-of-the-art, modern industrial buildings, with a total of approximately 595,000 square feet. All buildings are partially occupied with space still available to lease.
Building I is 154,831 square feet and located on the west side of the park. Current users include La-Z-Boy and PCL Construction. There are 43,350 square feet available to lease within the building. Building II is 313,080 square feet, a cross-docked building in the center of the site. McKesson currently leases 135,053 square feet in the north end of the building; 178,027 square feet is available for lease. Building III is 127,631 square feet and is located on the east side of the park. Lawless Group currently occupies 26,463 square feet on the south end of the building, leaving 101,068 on the north end, including a 2,600 square foot finished office space, available to lease for immediate occupancy.
“We are excited to expand Ambrose’s presence in the Denver market,” said Ambrose Senior Vice President of Development Pat Walsh. “The addition of Ascent Commerce Center to Ambrose’s existing Denver portfolio increases the best-in-class, real estate solutions we can offer our clients in a top U.S. market.”
Strategically situated just 6.6 miles west of Denver International Airport, construction of Ascent Commerce Center was completed in 2021. The park offers easy access to Pena Boulevard and E470.
Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller in brokering the sale of the property. Additionally, a Cushman & Wakefield Equity, Debt & Structured Finance (“EDSF”) team provided debt placement services to Ambrose. The Cushman & Wakefield Denver office will continue to represent the park as leasing agent and will also provide property management services. Ambrose also partnered with First Merchants Bank on a construction loan for the acquisition.