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Graham Street Realty Announces Sale of Commerce Square

Firm Owned the Light-Industrial Property in Metro Denver for Three Years

SAN FRANCISCO, April 2, 2024 /PRNewswire/ — San Francisco-based commercial real estate investment firm Graham Street Realty (GSR), an affiliate of Hamilton Zanze, sold Commerce Square, a light-industrial property located in the I-70 East submarket of Denver, at the end of 2023.

GSR purchased Commerce Square, which comprises 144,464 rentable square feet of shallow-bay light industrial space across two Class B buildings, in December 2020. The project offers above-standard loading capabilities and an attractive front park/rear load orientation, catering to a wide array of tenants ranging from client-facing businesses to more traditional light-industrial users. Located less than 10 miles from downtown Denver, Commerce Square features 18-foot clear heights, both dock and drive-in loading capabilities and 265 parking spaces. The property was 96.4% leased at sale.

Denver’s light-industrial sector has performed well in recent years, with outstanding demographics and virtually no new supply in the small bay space,” said Jay Snover, managing director of GSR. “We’ve always believed Commerce Square belonged at the front of the pack relative to its competitive set, primarily due to the asset’s above-standard loading and front park/rear load orientation. At the time of our acquisition, some prospective bidders were scared off by slightly higher office finish ratios, but we found ways to monetize those improvements, with experienced tenants needing more, not less, space for administrative functions. JLL’s leasing team was integral to our success in playing to the project’s strengths and their capital markets team ultimately secured us a great outcome.”

Class B market rent growth in the I-70 East submarket nearly doubled that of the broader market over the past five years. During its three-year hold, GSR was able to mark-to-market on approximately 82% of the project’s net rentable area, with in-place occupancy averaging over 99% throughout its ownership period. GSR was also able to grow the number of credit tenants in the project while further diversifying its rent roll.

Paramount Property Co., an Oakland, Calif.-based GSR affiliate, managed Commerce Square during GSR’s ownership of the asset.

About Graham Street Realty
Graham Street Realty (GSR) is a private, San Francisco-based commercial real estate investment firm founded in 2007. Since that time, GSR has purchased over $485 million in office and industrial assets. As of first-quarter 2024, GSR currently owns and operates 24 properties in four states. Since its founding, the firm’s focus has been on value-add investment in the office and industrial sectors. To learn more, visit www.grahamstreetrealty.com.

SOURCE Graham Street Realty

Originally published at https://www.prnewswire.com/news-releases/graham-street-realty-announces-sale-of-commerce-square-302104944.html
Images courtesy of https://pixabay.com

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