Montbello industrial buildings sold for $30M to Canadian REIT

Amy DiPierro July 14, 2017 0

The industrial property at 12775 E. 38th Ave. in Montbello was one of three sold. (Amy DiPierro)

A Canadian real estate heavyweight has plunked down $30 million on a trio of industrial buildings in Montbello.

Montreal-based Ivanhoé Cambridge purchased the properties as part of a larger deal to acquire Evergreen Industrial Properties, an arm of San Francisco private equity firm TPG.

The three buildings Ivanhoé bought in Denver total 365,000 square feet of light industrial space southwest of Interstates 225 and 70.

Tenants in the properties include Intertech Plastics and Brite-Line Technologies.

The buyer, which purchased the sites under the name IC Industrial REIT according to property records, was not available for comment by press time Thursday.

The price of the transaction ranged from $78 per square foot for the largest of the three sites – a 200,000-square-foot warehouse 12850 E. 40th Ave. – to $87 per square foot for the two smaller buildings, 50,000 and 125,000 square feet at 10660 E. 51st Ave. and 12775 E. 38th Ave., respectively.

TPG bought the buildings for $18.6 million in 2014, according to city records.

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