Adams County industrial property and its empty parking lot sells for $21 million

The Lipan Street Industrial Park has room for new development, but it’s also willing to just house trailers, vans or heavy equipment

One person’s vacant parking lot off the interstate is another person’s real estate score as a $21 million property sale in Adams County demonstrates.

IG Logistics purchased the Lipan Street Industrial Park for that sum earlier this summer, according to Cushman & Wakefield, the real estate firm that worked with the buyer.

The roughly 34-acre property is near the Pecos Street interchange with Interstate 76, part of an area that has become a hotbed for new industrial development and leasing as consumer demand for speedy deliveries increases in the e-commerce age.

For its money, IG Logistics takes on a property with a handful of long-term leases locked in, but there is also a vacant 14,000-square-foot office building and an unoccupied 11-acre parcel on site.

Cushman & Wakefield representatives are marketing the vacant land for industrial users that might want to commission a built-to-suit logistics or warehouse facility, but leaving it vacant might not hurt its rental prospects either.

“It’s important to highlight that this property is extremely unique,” Cushman & Wakefield broker Joey Trinkle said, noting that it is fenced in, paved and lit, ideal for stashing fleets of vehicles. “There is really nothing like it for people who need trailer parking and want to stay in the central Denver submarket.”

IG Logistics is a subsidiary of Imperium Capital, a New York City-based real estate investment firm. Imperium has mostly been focused on acquiring office space, multifamily housing developments and retail space in Manhattan and other major markets. It launched IG Logistics as an industrial real estate platform last year, managing partner Sam Schneider said. A big reason for that: The firm saw how logistics and industrial real estate users were siphoning off business from retailers.

“We are focused on industrial submarkets that are crucial to e-commerce and distribution,” Schneider said.

The Lipan property could serve a range of industrial outdoor storage uses in Schneider’s view.

“Whether it is truck parking, or van parking or even heavy construction equipment storage, the place is crucial to the supply chain,” he said.

With a recent track record of strong population and job growth, Schneider and his company is high on Denver. IG Logistics is already closing in on acquiring three other properties, he said, with more likely to follow.

Trinkle and fellow Cushman & Wakefield brokers Steve Hager and Matt Trone, have been active in the industrial market north of I-70 and south of I-76 and I-270. With central I-70 under construction, the area has become a target for tenants who need to be close to Denver’s core for delivering goods and services and don’t want to be in Aurora near Denver International Airport, Trinkle said. That’s brought interest and more high-dollar deals from developers and investors.

“We have seen local developers but we have also seen a lot of out-of-state industrial developers and investors that have called us in recent years looking to get into Denver, explicitly in this pocket,” Trinkle said.

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