Client World Triathlon Corporation
19,386 sq. ft.
World Triathlon Corporation
UTZ Quality Foods acquired Condor Snacks back in 2014 with the intentions of utilizing the facility to fulfill contractual obligations until it was time to consolidate and close the facility down in late 2018. Given the food production use and infrastructure in place at the time of the listing, the Cresa team had their work cut out to determine best practices for marketing the property to a specific target market of buyers.
It was ultimately determined that UTZ Quality Foods would remove all machinery and sell the property empty. This created its own set of issues given the grease traps, uneven floors for water drainage and low clear heights.
Cresa's team looked at ways to market the property to more traditional users based off the site’s location which includes access to light rail, outside storage favorable zoning, dedicated Union Pacific rail spur and ability to easily retrofit the dated office space to highlight attributes that might not have been considered based off the prior use.
National Wood Products based out of Salt Lake City, UT had been in the market for close to ten months before realizing the UTZ property offered outside storage. After 45 days under contract, the buyer was able to extend for an additional 30 days to solidify the new rail spur contract which was a big plus for the new operator to be able to utilize.
The property closed on July 31, 2019, claiming the largest owner-user building sale in the Denver metro area for summer 2019.