Photo of Tuff Shed facility. Courtesy NGKF.

The Denver office of Newmark Grubb Knight Frank (NGKF) announced that 201 S. Rio Grande Boulevard has been bought by industrial investor Tenbar, Inc. The building is the current home of TUFF SHED. The 10,000 square foot building sold for $1,350,000 or $135 per square foot.

NGKF Director Russell Gruber represented the buyer in the transaction.

“TUFF SHED has been America’s leading supplier of storage buildings and garages for the past 30 years, and is synonymous with the 201 S. Rio Grande address. Everyone knows this building and TUFF SHED’s vast commitment to the Denver community makes the property a promising investment opportunity,” said Gruber.

According to NGKF, TUFF SHED intends to stay at the property where its signage can be seen by automobile traffic traveling along I-25. Subtenant Brekhus Marble and Granite will also remain at the building.

“The high price of $135 per square foot is an indication of the central market value. Sale activity for industrial buildings has been robust in recent years, driven by the owner, user and investment sales. Increasing rental rates attract investment buyers and prompt users to purchase their own buildings. The continuation of historically low vacancy in the central submarket will push prices and rental rates up in the coming months,” added Gruber.