Banner and TSP complete first industrial acquisition

Banner Industrial Properties acquired Picadilly Logistics Center in Aurora, Colorado through its programmatic co-GP venture with Temerity Strategic Partners. The July 21 announcement identifies the purchase as the partnership's first completed transaction. Banner sourced the property off market and described its price as below estimated replacement cost, without disclosing consideration. The building sits in Denver's airport industrial submarket near the Picadilly Interchange. That interchange improves connections to I-70, E-470, Denver International Airport, and the metropolitan region. The location serves distribution and logistics users. Banner focuses on industrial acquisition, development, and operations in Western U.S. logistics markets. No individual partner investment amount was disclosed.