Sale of 2 industrial centers marks largest deal in Denver market in past 3 years

Harrison Properties, a Phoenix-based real estate company, has entered the Denver industrial market with the acquisition of a 1.6 million square feet spanning 16 buildings across two sites in the central Denver area.

The portfolio includes the Upland Distribution Portfolio and Denver Business Center, and is the largest industrial transaction on record in Colorado since 2022, according to CBRE.

“Transactions of this size are rarely seen in just one market,” said CBRE Executive Vice President Jeremy Ballenger.

“With this magnitude, we originally marketed with the option of splitting the portfolio between the two industrial parks. Harrison understood the great tenant demand for functional, small-bay, infill warehouse spaces in the Denver market and capitalized by purchasing both properties together.”

Both centers have a diverse range of tenants and are near the intersection of Interstate 70 and Interstate 225, offering immediate access to metro Denver.

Upland Distribution is 1 million square feet, consisting of 10 small-bay buildings. Upland was 85% occupied at the time of the sale by 27 tenants, with an average suite size of 30,367 square feet.

The Denver Business Center is nearly 594,000 square feet and consists of six small-bay buildings. The park was 92% occupied at the time of the sale by 16 tenants, with an average suite size of nearly 30,000 square feet.

“We’re excited to build a team in Denver and be a part of this dynamic community,” said Jim Harrison, president of Harrison Properties.