DENVER — Clarion Partners has purchased a 3.7 million-square-foot industrial portfolio for $200 million. The portfolio is situated in four states.
The Denver portion of the portfolio includes more than 1.9 million square feet, marking Denver’s single largest industrial transaction on record, according to Clarion. This portion has been renamed Clarion Gateway.
Clarion Gateway includes 14 Class A logistics properties situated in the Airport submarket, the region’s primary distribution corridor. The properties were constructed between 1995 and 2015. They feature ESFR sprinkler systems, dock-high and drive-in loading, and clear heights ranging from 22 ft. to 32 ft. The Denver portfolio is currently 96.5 percent leased.
The remainder of the portfolio focuses on supply chain markets, including two Las Vegas properties totaling 698,300 square feet. The buildings are all new Class A construction, built in 2016 or 2017, with low office finishes and clear heights ranging from 32 feet to 36 feet.
Tenants across the portfolio span a mix of global, national and local companies, including United Parcel Service, Simmons, M S International, Whirlpool, SITCO Lumber and Cardinal Health. The portfolio is diversified by industry with no single tenant occupying more than 13 percent of the total rentable area.
CBRE represented the seller, PAULS Corporation of Denver, in this transaction. The firm has also been retained to lease Clarion Gateway in northeast Denver and the Dallas portion of the portfolio.