Pathfinder Partners Sells Lakewood, Colorado Commercial Property for $7.5 Million
Pathfinder Closes Sale of Denver Industrial Property.
- San Diego, CA (1888PressRelease) March 17, 2016 - Marking the company's ninth disposition in Colorado since 2009, San Diego-based Pathfinder Partners, LLC recently announced the $7.5 million sale of Garrison Business Park - a 49,000-square-foot flex-industrial property located at 9195-9197 W. 6th Avenue in Lakewood, Colorado. The fully leased property was sold to CAM Lakewood LLC.
Pathfinder purchased the property, located seven miles southwest of downtown Denver, in December 2012 from the real estate-owned (REO) department of a CMBS special servicer. The project, which was fully leased when acquired, features functional office, laboratory and warehouse spaces with nine roll-up loading doors, 16-foot high ceilings and extensive parking.
According to Lorne Polger, senior managing director of Pathfinder Partners, the property was built in 2009 by First Industrial Realty Trust, a publicly traded real estate investment trust. Pathfinder's business plan included boosting rents and stabilizing the property's occupancy and operations. In November 2013, a tenant occupying 18,100 square feet (37% of the property) provided a notice of lease termination. In September 2014, Pathfinder signed two leases totaling 16,450 square feet for that space, both of which commenced in January 2015. The property was 100% leased at the time of sale, with tenants including Pinkard Construction and engineering firm, Golder Associates.
"We were attracted to the project's location and diversified tenant base and remain bullish on the Denver metro area, which has demonstrated population and employment growth well above the national average for the past several years," Polger said. "When we originally purchased the property, we knew vacancy for class-B 'flex' buildings in the Lakewood submarket was historically low - and that Garrison was well positioned to benefit from improving market fundamentals. Now that we have added the value and stabilized the property, it is time for a new owner with a very long time horizon."
Situated on 3.76 acres, the project is centrally located in Lakewood, immediately adjacent to U.S. Highway 6, one of Denver's main east-west thoroughfares at Garrison Street.
About Pathfinder Partners, LLC
Headquartered in San Diego, Pathfinder Partners was founded by Lorne Polger and Mitch Siegler in 2006 to make opportunistic investments in distressed real estate assets and value-add properties. Pathfinder has acquired or sold $1 billion of properties since inception. In addition to seeking opportunities to add value by providing liquidity to selling financial institutions, liquidating funds and fatigued owners, Pathfinder also seeks to maximize value through property enhancements, improvements in operations and marketing, property repositioning and other strategies. For more information on Pathfinder, visit www.pathfinderfunds.com or contact Lorne Polger at lpolger ( @ ) pathfinderfunds dot com or at 858-875-4450.
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