IBC Holdings - Past & Current Projects

CASE STUDY:
The geometry of the existing 1.2m square foot facility did not lend itself well to a divisibility strategy.




PARK 12 HUNDRED



Description:
  • Purchased 103 acres including 1,200,000 SF former manufacturing facility from Avaya in Westminster, Colorado.
  • Repositioned existing facility into a 835,703 SF offering including office, flex, light Industrial and bulk distribution space.
  • 48 acres of developable land in addition to existing structures.
  • Located along major transit corridors with outstanding access to transportation, educational facilities, retail amenities, diverse housing, entertainment, and recreational areas.
Challenges:
  • The geometry of the existing 1.2m square foot facility did not lend itself well to a divisibility strategy.
  • Committing to demolish ~400,000 SF to allow for more rational building depths.
  • Understanding the costs associated with the demolition and renovation of 1,200,000 SF.
  • Following 1 year lease back from Avaya, property was 100% vacant.
  • Multi-family entitlement (rezoning) process for a portion of the developable land.
Status:
  • 300,000 SF office building sold to Adams County in Colorado’s largest single-tenant office building sale in 2014.
  • 535,703 SF industrial building sold to ATCAP Partners, LLC in 2016.
  • 23 acres (320 units) designated as Multi-Family use sold to Holland Acquisition Co. in 2016.
  • 25 acres sold to Conor Commercial Real Estate in 2016.
Principal Parties:
  • IBC Holdings, LLC
  • Long Wharf Real Estate Partners

CASE STUDY:
Negotiated a complex long-term ground lease with over 200 individual land-owners.





PIMA CENTER



Description:
  • 209 acre mixed use development on the SRPMIC Indian Community.
  • Seven light industrial and flex buildings developed totaling 350,000.
  • Five office projects developed totaling 550,000 s.f.
Challenges:
  • Negotiate a complex long term ground lease with over 200 individual land-owners, the SRPMIC Indian Community and the Bureau of Indian Affairs.
  • Structure sublease agreements and obtain construction and permanent financing in the face of an approval process for each such agreement extending at least 90 days.
Outcomes:
  • Negotiated a 65 year ground lease with the SRPMIC Indian Community representing the largest business park on an Indian Reservation (over a 7 year period).
  • To date have processed 23 separate sublease agreements through the SRPMIC Community and the BIA as well as construction financing for all the above mentioned projects (and two permanent loans.
Principal Parties:
  • Land development by Pima Freeway Commerce Center, LLC. (a venture between a MainSpring affiliated entity and Farallon Capital Management).
  • Building development by various entities associated with MainSpring Capital IV, LLC.

CASE STUDY:
“Tired” finishes and non-descript entry feature needed immediate attention.




VANTAGEPOINTE



Description:
  • Purchased four-story 160,000 SF vacant office building on 10.33 acres from Wells Fargo in 2013.
  • Purchased additional nearby property totaling 2.15 acres for expansion parking.
  • Built in 1989 and renovated in 2000.
  • Formulated $3.1M repositioning budget intended to upgrade building quality from “B+” to “A-".
  • Curvilinear west and southwest elevation provided for unimpeded front range views.
Challenges:
  • 3.1:1000 parking without nearby lot enhancement.
  • 8’6” ceilings in a submarket more commonly 9’0”.
  • “Tired” finishes and non-descript entry feature needed immediate attention.
  • Single building user vs. multi-tenant strategy.
Status:
  • Sold in 2015 to Centura Health Care
Principal Parties:
  • IBC Holdings, LLC
  • Farallon Capital Management

CASE STUDY:
Maintain stabilized occupancy (98% at time of acquisition) while increasing rents consistent with asset-level business plan.







TULSA INDUSTRIAL PORTFOLIO



Description:
  • Four separate light industrial and distribution developments in same general Tulsa submarket
  • Expressway Distribution Center, Henshaw Distribution Center, 52nd Street Distribution Center and 70th East Distribution Center
  • 523,623 SF in 9 buildings on 28.79 acres; constructed in 1970-80
  • Major Tenants included Iron Mountain, Sherwin Williams, UPS, Sears, PPG, Office Depot, Industrial Tractor, Sonoco Products and HydraQuip
Challenges:
  • Maintain stabilized occupancy (98% at time of acquisition) while increasing rents consistent with asset-level business plan
  • Manage CAPEX deployment schedule associated with 25-35 year old assets
  • Heavy concentration (30) of expirations in first 18 months of ownership period
  • Downward market pressure on rents
Status:
  • Operated for 9 years and now sold
Principal Parties:
  • Thackeray Partners
  • IBC Holdings, LLC

CASE STUDY:
Converted an agriculturally zoned property into a viable Class A Industrial Park.




CONCORD BUSINESS CENTER



Description:
  • 100 acre master-planned industrial park located in Douglas County, Colorado.
  • A multi-phase development consisting of Bulk Warehouse, Light Industrial, Flex and Owner Occupied User Buildings.
  • Total square footage at full build-out will exceed 1.2 million.
Challenges:
  • Converting an agriculturally zoned property on the markets periphery into a viable Class A Industrial Park.
  • Forging trusting relationships with neighboring property owners and governmental bodies to solve common concerns involving access, road design, regional storm water management and wet utility installation.
  • Ensuring the construction and financing of all public improvements in a methodical and cost effective manner via the formation of a Special Improvement District and its tax exempt municipal bonds.
Status:
  • Concord Business Center has emerged as the premier industrial business park in southeast Denver, and is now home to a combination of local, regional and national companies, including such notable names as UPS, Qwest and Cardinal Health.
  • Concord, Phase II, a light industrial campus consisting of 202,000 sf in three buildings.
Principal Parties:
  • Co-Investment Partner: Farallon Capital Management
  • Architects: Ware Malcomb / Intergroup
  • Civil Engineers: Martin & Martin / Jansen Strawn

CASE STUDY:
Renovated an older U.S. Army facility into a private business park.






UTAH INDUSTRIAL DEPOT



Description:
  • The Depot is an 1,100 acres industrial park located in Tooele, Utah, just 30 miles southwest of Salt Lake City and approximately 25 miles from Salt Lake City Int'l Airport.
  • The property was acquired by Farallon Capital Management from the US Army in 1999.
Challenges:
  • The renovating an older U.S. Army facility to a private business park.
  • Improving individual buildings to meet functional standards of today's industrial user.
  • Adding necessary infrastructure (compliant water, sewer, power and communication) to satisfy the city of Tooele, the existing owner and tenant's occupying space within the Utah Industrial Depot.
Status:
  • When purchased in 1999 the park consisted of 3.36 million SF and about 912 vacant acres. The Depot has grown to over 4.2 million SF with over 300 acres sold.
  • 500,000 square feet have been sold with just over 1.1 million SF currently being leased.
  • The Depot offers a combination of warehouse and manufacturing space in addition to prime industrial development sites with rail service, fiber optics and full-service utilities.
  • Anchor tenants include Carsile Syntec, Detroit Diesel, Conestoga Wood.
Principal Parties:
  • Co-Investment Partner: Farallon Capital Management
  • General Manager: IBC Holdings, LLC

CASE STUDY:
50 year-old facility with aging building systems and evolving functional obsolescence.




WAREHOUSE CENTRAL



Description:
  • Rare central-Denver bulk warehouse project with wholesale/retail application located within minutes of the heart of the Denver CBD. Asset size rarely seen in central-Denver.
  • 325,858 SF with tenant sizes ranging from 13,563 to 67,220 SF
  • Part of a larger ~600,000 SF assemblage in 2007
  • W.W. Grainger, Pilkington Glass and Sleeping Giant Brewing Company are among the largest of 11 national and regional occupants
  • Considered central-Denver’s “most iconic warehouse & distribution facility”
Challenges:
  • Purchased in late 2007 during an emerging time frame when tenant demand was largely dormant. Re-stabilization of the rent roll took 3-4 years.
  • 50 year-old facility with aging building systems and evolving functional obsolescence.
  • In preparation for sale, understanding the prospective CAPEX perspective of the institutional buying community.
Status:
  • Sold in 2016 to Stockbridge Capital Group
Principal Parties:
  • IBC Holdings, LLC
  • Thackeray Partners

CASE STUDY: Renovated a highly visible building to overcome its historic single-tenant image and function.







DENVER COMMERCE CENTER



Description:
  • 15.2 acre former Nobel Sysco Foods headquarters facility located at the intersection of I-70 & I-25 in Denver, CO.
  • 365,914 SF single tenant facility.
Challenges:
  • Comprehensively renovate a highly visible industrial building to overcome its historic single-tenant image and function.
  • Re-position for multi-tenancy and four separate use-type components: Showroom, Bulk Distribution, Freezer/Cooler, and Office/Warehouse.
  • Design/construction a new building façade for the estimated 340,000 vehicles that pass each day.
  • Execute core & shell renovations that address the functional standards of today’s industrial users.
Outcomes:
  • Fully repositioned from a 40 year old single-user headquarters facility to a master-planned state-of-the-art complex that includes bulk distribution, freezer/cooler, and office/showroom space.
  • 96% leased to a roster of preeminent industrial users: FedEx Ground, Toshiba, LKQ Corporation, Shamrock Foods and IBC Holdings.
  • Sold to LBA Realty in what was reported as the most significant sale of industrial property in Denver during 2011.
Principal Parties:
  • Co-Investment Partner: Farallon Capital Management
  • Architect: Ware Malcomb
  • General Contractor: Murray & Stafford

CASE STUDY:
Overcame old manufacturing image and significant environmental problems.







COMMERCE BUSINESS PARK



Description:
  • 15 million square foot master-planned business park.
  • Multiple Trammell Crow related ownership.
  • Mixed use industrial, office & retail environment.
Challenges:
  • Assemblage of multiple ownership.
  • Significant environmental problems.
  • Architectural, landscape/hardscape and infrastructure cohesion.
  • Overcoming old manufacturing image.
Outcomes:
  • One of the most dynamic business environments in all of southern California.
Principal Parties:
  • Trammell Crow Company
  • Copley Real Estate Advisors
  • Thomsen Engineering

CASE STUDY:
Repositioned from manufacturing facility to state-of-the-art distribution facility on time and on budget.









INDUSTRY DISTRIBUTION CENTER



Description:
  • 58.86 acre master-planned business park on Azusa Avenue in the heart of the City of Industry.
  • One of California’s first fully completed “Brownfield” redevelopments.
Challenges:
  • Significant environmental contamination when purchased from United Technologies (“UT”).
  • Together with UT, jointly managed “pump and treat” effort simultaneous with repositioning work.
Outcomes:
  • Fully repositioned from mechanical equipment manufacturing facility to state of the art distribution facility on time and on budget.
  • Sold to Eastgroup.
Principal Parties:
  • United Technologies – Seller
  • Farallon Capital management
  • Cushman & Wakefield
  • Thomsen Engineering
  • California Department of Water Quality

Copyright © 2008-2017  •  IBC Holdings, LLC  •  303.674.1300  •  info@ibcholdings.com  •  1101 West 48th Ave., Suite 100 Denver, CO 80221  •  All Rights Reserved.