2:00 PM
Newmark Grubb Knight Frank (NGKF) announced the sale of 1321-1325 South Cherokee by Waugh Owners, LLC. The 31,000-square-foot manufacturing facility was sold to Good Spirits Development Company, II, LLC (dba Laws Whiskey House) for $2,860,000, or $92.26 per square foot. Russell Gruber and Steve Fletcher, both from NGKF, represented the seller in the transaction.
“This facility will be used primarily for aging our A.D. Laws Four Grain Bourbon, Secale Rye and other whiskeys under development,” commented Alan Laws, owner of the Colorado-based distillery. “More space will also allow us the latitude to age whiskey beyond our current three year profile.” The distillery is the brainchild of Laws, who teamed with distiller Jake Norris to create an array of premium grain to glass, Colorado -made whiskies.
“The Colorado pioneering duo is experiencing great success following its launch of its first batch last fall,” stated Gruber, director at NGKF. “Laws Whiskey House required a central location for its expansion in proximity to its existing 10,000-square-foot distillery on Acoma Street.” The 1321-1325 South Cherokee facility offers an Enterprise Zone location near the currently-underway Gates redevelopment, with easy interstate access and area amenities. The 31,000-square-foot warehouse occupies one acre and has 16’ to 18’ ceiling heights, two electrical services and offers 3,500 square feet of office space. The company intends to dramatically upgrade the buildings - including full sprinklers and drains - to allow for the aging of their four-grain bourbon, and will occupy the new location by year-end.
“Activity for brewers and distillers is at an all-time high, with several companies opening or expanding in the Denver area in the last few years,” continued Gruber. “RiNo and Central Denver remain top choices for brewers and distillers, but the entire metro area is a hot spot for these uses.” Examples include the expansion of local and national companies Avery Brewing and Breckenridge Brewing, Great Divide’s expansion, Mile High Spirits in RiNo, Leopold Bros, Epic Brewing, Denver Beer Company and Stranahan’s. “When the Waughs contacted me with the intent to sell, our team immediately explored the opportunity for these types of uses and approached the local whiskey maker. It was a very good call,” implied Gruber.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.