Announcing the Sale of 6281 S Racine Circle

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September 16, 2024

Announcing the Sale of 6281 S Racine Circle in Centennial, CO

September 18, 2024 – Denver, CO – Greenwood Village based NexGen Properties, LLC (“NexGen Properties”) announces it has acquired an industrial building located at 6281 South Racine Circle in Centennial, Colorado 80111 (“Racine”) in an all-cash transaction. The building is a 4-unit, 40,000 sf, flex industrial building on 6.16 acres. Nick Jurgens, Managing Partner with Madison Commercial Properties LLC, represented the Buyer in the off-market transaction. “Racine is well located in the high-demand area of Southeast Denver, and the building features hard-to-find characteristics such as a secured, fenced yard and additional land to support the changing needs of tenants that will provide a hedge against any future changes in market,” said Nick Jurgens.

NexGen Properties bought the property from the original developer, who built the building to serve as a home for his company Emergency Power Services Company, Inc. NexGen Properties plans to focus on stabilizing the asset with the lease-up of one vacancy and Seller’s unit, who intends to retire and vacate at the end of the year. NexGen Properties has engaged TJ Smith and Nick Rice with Colliers to help lease-up the two available approximately 10,000 sf suites at the property. “Racine benefits from modern functionality and building attributes in the small bay tenant sizes. This rare combination will represent a shrewd acquisition by NexGen Properties to meet the demand profile we have seen in the Southeast submarket. As the flight to quality intensifies for 20 ft+ clear, LED lighting, flexible loading, and high image construction, this asset will differentiate itself in its ability to attract a diverse roster of tenants,” said Nick Rice.

NexGen Properties’ business strategy is to seek value creation opportunities in commercial real estate. “We were really enticed by the excess land at Racine,” said Matt Bernstein, Vice President of NexGen Properties. “While this deal strays a little from our typical distressed value-add play, we think there is immense value add in providing a paved, secured, fenced overflow storage/parking option to tenants in the land constrained business park.”

“As our first flex industrial acquisition, Racine provides some needed diversification to our portfolio, said Travis McNeil, President of NexGen Properties. “We look forward to benefiting from the strong cash-flow generated by the product type, which is highly desirable in today’s marketplace. I see this as a legacy acquisition for our company.” NexGen Properties has hired Oak Creek Property Management to bring professional management to the asset, which was previously self-managed.

Founded in 2004, NexGen Properties is a private, family-owned real estate acquisition, development, and investment firm that focuses on the acquisition and repositioning of underperforming commercial real estate assets and debt instruments across all asset types.