CBRE Completes $85.7 Million Sale of United Properties’ Enterprise Business Center Building Six in Denver

28 May 2020

Enterprise Building Center Building 6

CBRE announced the $85.7 million sale of Enterprise Business Center Building Six, 647,483-sq.-ft, warehouse distribution building located at 3980 Central Park Boulevard in Denver, Colo. Tyler CarnerJeremy BallengerJim BoltMike Winn and Jessica Ostermick with CBRE’s Denver office represented the seller, the Denver office of United PropertiesAn investor advised by Zurich Alternative Asset Management, LLC (ZAAM) of New York purchased the property in a sale that closed May 21, marking ZAAM’s second industrial acquisition in Denver in less than seven months. The sale is among metro Denver’s largest for a single-building industrial trade. 


Enterprise Business Center Building Six offered a true infill distribution property of scale with state-of-the-art amenities and a long-term tenant in a recession-proof industry. Getting this deal across the finish line despite a global pandemic affirms the strong appetite among institutional capital for Denver industrial product,” stated Tyler Carner, Executive Vice President, CBRE. 


Building Six is fully occupied by Beverage Distributors Co. LLC, whose parent company is Breakthru Beverage Group, North America’s largest wholesaler and distributor of premier wine, spirit and beer brands. Mike Wafer, Executive Managing Director with Newmark Knight Frank, originally represented Breakthru in the lease. 


“This checked all the boxes for capital as an ideal trophy distribution asset with a long-term lease in a premier industrial park within walking distance to light rail,added Jeremy Ballenger, Executive Vice President, CBRE.


According to CBRE’s 2020 Americas Investor Intentions Survey, which was conducted pre-COVID-19, industrial and logistics once again ranked as the most preferred property type by investors, tied with multifamily. Denver cemented its place among the most attractive geographic areas, tying with Seattle as the seventh-best market for investment in the Americas.  


The purchase of Building Six comes on the heels of ZAAM’s first Denver industrial buy, which was the acquisition of Moncrieff Business Center from Berkeley Partners in November 2019. 


ZAAM was represented by Thomas Buffa, Executive Director, and by Sean Bannon, Managing Director and Head of US Real Estate.


“We recently set out to grow our real estate holdings in Denver and are pleased to add EBC6 to our national portfolio, having now added such a quality position - our second Denver industrial acquisition since November 2019,” said Mr. Buffa, who spearheaded the deal for ZAAM.


“This is the second closing into our programs during COVID, and the only one that was initiated and closed during this period. It’s physical and locational merits are obvious. What we found equally compelling was the recession-resiliency of the tenant. We anticipate holding this asset for the long term,” added Mr. Bannon.


Built in 2017, Enterprise Business Center Building Six spans the length of four football fields and can accommodate 1.0 million cases of product. In addition to warehouse space, the building includes nearly 84,000 sq. ft. of two-story office and showroom space plus ±70,000 sq. ft. of climate-controlled cooler space. It also has a west-facing roof deck with unobstructed mountain views and an Alchemy Room for tastings. Other building amenities include energy-efficient construction, 32-ft. minimum clear heights, ESFR fire protection, electronically secured fencing, 71 trailer parking stalls, magnetized floor guide for forkliftsinterior roof drains, a structural warehouse mezzanine and a movable office wall system. 


“When we built Building Six, we were extremely proud of the high quality product we had created, and you certainly can’t beat the location. Breakthru Beverage is a first class tenant and has been a great partner for us, so we couldn’t be happier to pass this asset on to a reputable group like Zurich. CBRE did a terrific job of identifying a buyer who could perform in the middle of this crazy pandemic, and Mike Wafer of Newmark, who originally represented Breakthru, has been a great partner throughout this process as well,” said Jamie Pollock, Senior Vice President, United Properties. 


Since 2005, United Properties has developed over 3.2 million sq. ft. of office, industrial, retail and senior housing properties throughout the greater Denver metropolitan area, including Enterprise Business Center and Tower Business Center in the Airport Submarket and Interpark Industrial Center in Broomfield. The firm is a repeat winner of the Top Industrial Landlord Award presented by DMCAR andthe Denver Business Journal


Enterprise Business Center Building Six is located just off I-70 at Central Park Boulevard with two direct and fully signalized access points to I-70 at either end of the business park: Central Park Boulevard or Havana Street. The property is part of the larger Enterprise Business Center, a two-time winner of the NAIOP Colorado Industrial Development of the Year award (2014, 2015). The 38-acre, 1.97-million-sq.-ft. Class A industrial park consists of seven industrial buildings and 21,100 sq. ft. of retail amenities—all of which are fully leased. 


The area is served by 2.4 million sq. ft. of nearby retail, hotel and other amenities, and the surrounding master-planned residential communities provide a growing labor force. More than two-thirds of the Denver metro population is accessible from the property within a 15-mile radius, and the RTD University of Colorado A-Line route, connecting Denver International Airport and Denver Union Station, is within walking distance, 0.7 miles door-to-door. 


According to a May 14 CBRE reportas the U.S. economy restarts, adjustments to business supply chains will increase the demand for warehouse space. CBRE estimates a 5% increase in business inventories would trigger the need for an additional 400 million to 500 million sq. ft. of warehouse space across the U.S.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at