PORTLAND, Ore., Jan. 17, 2020 /PRNewswire/ -- ScanlanKemperBard Companies (SKB) is proud to announce a joint venture with Harbert Management Corporation (Harbert) and Denver-based developer Wolf/Stutz Investments (Wolf/Stutz) in which they have acquired a majority interest in the North Denver Industrial Portfolio. The property is a 482,700-square-foot industrial facility in the Clayton neighborhood of Denver, Colo. and was acquired off-market from local sellers Ari Stutz and Kenneth Wolf who are retaining a minority interest in the property.
"We are looking forward to partnering with Harbert and Wolf/Stutz on this exciting addition to SKB's growing urban industrial portfolio," said SKB President Todd Gooding.
Built in the 1940s, the property historically served as a medical supply depot for the U.S. Army and maintains many of those historical features including exposed brick, wood ceilings and beams. The property is close-in to Denver's urban core, and is conveniently located with immediate access to the amenities of the River North Arts District.
As part of the business plan, the partnership will invest approximately $47 million to reposition the property as a collaborative multi-tenant campus. The capital improvements are intended to transform the property into the preeminent location for the new generation of light industrial, creative manufacturing and urban flex tenants who have been impacted by the displacement of industrial space in and around Denver.
According to SKB Executive Vice President, Richard Morean, "We believe the access to greenspace, in tandem with the ability to host scalable events on campus, creates an unparalleled opportunity to engage with tenants and the local community in Clayton. This acquisition is a great next step for SKB in the Denver market as we continue to grow our real estate portfolio."
"I'm confident our combined team will do a great job reintegrating this property back into the community. The neighbors call the old military-installed barb wire fence that surrounds the property the "Impenetrable Wall of Doom" ? we are looking forward to removing that barrier and restoring connections to both our project and the new 39th Avenue Greenway," said developer Ari Stutz of Wolf/Stutz Investments.
About ScanlanKemperBard Companies
SKB is an established real estate merchant banking firm based in Portland, Oregon. Since its inception in 1993, SKB has originated total portfolio activity of $4.5 billion, comprised of 29.3 million square feet of office, industrial and retail space and 2,154 residential units. With longstanding relationships in each of its markets, SKB has the ability to source, structure and execute value creation across a wide spectrum of real estate opportunities. Visit SKB online at www.skbcos.com to learn more.
About Harbert Management Corporation
Harbert Management Corporation ("HMC") is an investment management firm focusing on alternative assets, with approximately $7.0 billion in Regulatory Assets Under Management as of December 31, 2019. We are disciplined, opportunistic investors who invest alongside our clients on equal terms and conditions. A privately owned firm founded in 1993, HMC serves foundations, endowments, fund of funds, pension funds, financial institutions, insurance companies, family offices, and high net worth individuals across multiple asset classes.
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