Food Company Does Industrial Sale-Leaseback In North Denver
Custom Made Meals, a Denver-based food industry specialist, sold its two-property, 86K SF industrial portfolio at 5575 Logan Court in North Denver, and then inked a lease-back deal with the undisclosed New York-based buyer.
The seller is a manufacturer of oven-ready, value-added entrees and appetizers. Its products are available at more than 6,000 grocery stores nationwide.
The two-property portfolio includes industrial freezer-cooler space, food production operations and warehouse facilities. The site is just off I-25, about 1.5 miles north of I-70.
The Denver area's industrial market is having a healthy run. According to recent data published by JLL, greater Denver had nearly 1.2M SF of new absorption in Q2, bringing the year's total to about 1.84M SF. Much of the space was taken in large build-to-suit deals.
“Denver is a robust industrial market, given the low vacancy rates and significant rental growth,” said CBRE Executive Vice President of Corporate Capital Markets Andrew Sandquist, who is in the Denver office.
“The Custom Made Meals portfolio offered investors an opportunity to acquire an asset in Denver’s core industrial submarket with a long-term lease.”
J.C. Asensio and Briggs Goldberg of CBRE Corporate Capital Markets repped the seller.
