ScanlanKemperBard and partners buy stake in North Denver Industrial Portfolio

ScanlanKemperBard Companies (SKB), a real estate merchant banking company, in a joint venture with investment management firm Harbert Management and developer Wolf/Stutz Investments have acquired a majority stake in the North Denver Industrial Portfolio in Denver, Colorado.

The property involved in the transaction is a 482,700 sqft industrial facility located in the Clayton neighborhood. The stake in the industrial property was acquired off-market from Ari Stutz and Kenneth Wolf who have retained a minority interest.

Financial terms of the deal were not disclosed.

Todd Gooding – President of ScanlanKemperBard Companies said: “We are looking forward to partnering with Harbert and Wolf/Stutz on this exciting addition to SKB’s growing urban industrial portfolio.”

ScanlanKemperBard and partners buy stake in North Denver Industrial Portfolio. Photo courtesy of SKB.

Constructed in the 1940s, the industrial property in Denver was historically used as a medical supply depot for the US Army. The property still has several historical features such as exposed brick, wood ceilings, and beams.

The property is near Denver’s urban core, and is located conveniently, having immediate access to the amenities offered by the River North Arts District.

As part of the business strategy, the joint venture will invest nearly $47 million to transform the industrial property into a collaborative multi-tenant campus. The property is expected to accommodate light industrial, creative manufacturing, and urban flex tenants who have been affected by the shifting of industrial space in and around Denver.

Ari Stutz of Wolf/Stutz Investments said: “I’m confident our combined team will do a great job reintegrating this property back into the community. The neighbors call the old military-installed barb wire fence that surrounds the property the “Impenetrable Wall of Doom” – we are looking forward to removing that barrier and restoring connections to both our project and the new 39th Avenue Greenway.”