Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 37,864-square-foot industrial building leased to Beacon Roofing Supply, the largest distributor of residential and non-residential roofing and complementary building products in North America. The property, located at 185 Gemat Circle in Rifle, Colorado, was purchased by a private investor based in Southern California for $3.1 million, reflecting a 6.4 percent cap rate. Stan Johnson Company’s David Wirgler represented the Colorado-based seller, Blue Wing Capital Management LLC.
“Investor demand for strong credit industrial product remains at an all-time high,” said Wirgler, Associate Director in Stan Johnson Company’s Newport Beach, California office. “Lack of supply for these investments, especially in the Western region of the U.S., created an excellent opportunity to maximize value in the market.”
The warehouse is situated on 2.0 acres and was built in 2010. The site provides convenient access to Interstate 70 and is approximately one hour northwest of Aspen, Colorado.
“We executed a seven-year lease extension beginning the first of this year and felt it was the right time to sell and recycle the capital,” states Peter Shaw, managing member of Blue Wing Capital Management LLC.