Northmarq’s Denver office secures $9.7 million of capital investment for Colorado industrial facility
DENVER, COLORADO (January 17, 2023) — Jeff DeHarty, senior vice president in Northmarq’s Denver office, finalized $9.7 million in capital investment for the acquisition of 1301 Iowa Avenue in Longmont, Colorado for Denver-based Flywheel Capital. The 64,000 sq. ft. industrial facility was built in 1973 and renovated in 1991. The property features 29’ clear height, drive-in and dock doors, and easy access to Ken Pratt Boulevard and Longmont Diagonal Highway.
Flywheel Capital acquired the asset as a value-add opportunity and will reposition the asset through space demising while offering outdoor storage solutions to prospective tenants. “Northmarq was thrilled to arrange both $5.4 million in acquisition financing and $4.3 million in joint venture equity from a correspondent life insurance company in conjunction with the acquisition of the property,” said DeHarty.
“We are excited to secure a new capital partner with a shared vision and look forward to expanding this relationship on future opportunities,” said Ben Hrouda, managing partner of Flywheel Capital.
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