Comunale Properties Expands Denver Holdings with $3.9 Million Acquisition

Developer To Relocate Denver Office to Recently-Acquired Old South Pearl Street Property

DENVER, CO – September 30, 2013 – Comunale Properties is continuing its expansion in the metro area with the recent acquisition of 2150 W. 6th Avenue, a 58,250 square foot flex industrial property located in Broomfield, Colorado. The building, which is 100 percent occupied sold for $3.9 million.

This recent transaction follows another Comunale Properties’ acquisition of 1855 S. Pearl Street, both of which occurred in September 2013.  The Old South Pearl Street District building is where the developer will be relocating and expanding their Denver office.

“The acquisition fit well with our plans for continued growth in the greater Denver market,” said John Comunale, president of Comunale Properties. “As we continue looking for additional opportunities, we will maintain our focus on serving the needs of our tenants and constantly improving our properties.”

With offices in Colorado and Ohio, Comunale Properties is a well-capitalized, family-owned commercial real estate investment, development and management company with approximately 1,000,000 square feet of space spanning several markets.

This W. 6th Avenue purchase is Comunale Properties’ fourth venture in Denver since May 2012 and 11th acquisition nationwide since 2008. The seller of the W. 6th Avenue project, Wadsworth Commercial Properties, was represented by Dan Grooters and Riki Hashimoto, Executive Managing Directors with Newmark Grubb Knight Frank.

“Within days of the property going to market, Comunale Properties had an executed contract, and they did everything they promised, including closing earlier than scheduled at the request of the seller,” said Dan Grooters of Newmark Grubb Knight Frank.