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An industrial building in Broomfield formerly owned and occupied by Teilhaber Manufacturing Corp. was recently acquired by Freeman Myre Inc. for $5,675,000.

The building at 2360 Industrial Lane is just under 63,000 square feet and is situated just northeast of U.S. 36.

A rendering shows the exterior of the industrial building formerly occupied by Teilhaber Manufacturing Corp. (Freeman Myre/Courtesy photo)

The site is vacant and Freeman Myre is in the process of making building improvements and marketing the property for lease by a manufacturing operator or for purchase by an investor, company principal Andrew Freeman told BizWest.

Despite the uncertainty surrounding certain commercial real estate subsectors — namely retail and office spaces — the industrial and flex space market along the U.S. 36 corridor remains red hot.

That uncertainty in the retail and office market has actually served to make industrial properties more attractive to investors, Freeman said. Investment capital, of course, has to go somewhere.

“There is a significant amount of equity that is invested in real estate each year that’s no longer going into retail and probably not going into office as much anymore because of COVID,” he said. “So the two product types that are healthy and left standing are industrial and multi-family (residential).”

In the Boulder Valley area, the aerospace sector and life sciences industry — in part buoyed by an influx of investment related to the development of COVID-19 treatments — have continued to drive demand for industrial properties.

“In the markets of Boulder and Broomfield counties, it doesn’t take much additional demand to create a situation of heavy demand because there’s no more land left and there aren’t very many (available) buildings,” Freeman said.

The lot has the capacity for an expansion of the building, which could eventually total 90,000 square feet.

Freeman expects that the building will have new occupants within the next six months or so.

Because the building is equipped with “heavy power and multiple docks,” a heavy manufacturing user such as an aerospace company or a last-mile distributor could make for a perfect tenant, Freeman said.

© 2021 BizWest Media LLC

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