Trammell Crow Company and principal real estate investors close on crossroads Commerce Park in Denver’s Globeville neighborhood
Trammell Crow Company (“TCC”) announces its acquisition of prime commercial infill land located at East 55th Avenue and Washington Street near the I-25/I-70 interstate “crossroads” in unincorporated Adams County and the City of Denver for its new industrial project, Crossroads Commerce Park. When completed, the Park will comprise up to 1 million square feet in up to ten (10) buildings. Site work on the project has already commenced and building construction starts this week.
The first phase includes three speculative industrial buildings equaling 640,000 square feet. A fourth building of approximately 60,000 square feet will commence soon after with a building user. Future phases will include individual buildings on a build-to-suit basis for users for sale or lease.
The site is being purchased from Globeville I, LLC, an EnviroFinance® Group (“EFG”) company, who has overseen the horizontal land development and is readying the site for new development. “We have been diligently working with EFG, as well as Principal Real Estate Investors, Adams County, the City of Denver, and various State agencies to bring this project to this stage,” said Bill Mosher, Senior Managing Director with TCC Denver.
”Redevelopment of this site has been a long time coming and TCC’s planned development, and the jobs it will create, are a huge win for Denver and Adams Counties,” said Cameron Bertron, Executive Vice President with EFG.
Principal Real Estate Investors is TCC’s capital partner in Phase I of the Crossroads project, and is very enthusiastic in investing in the Denver industrial market. “We are excited to partner with Trammell Crow Company on this rare, institutionally sized, central Denver industrial site. The central Denver market continues to be tight with around a 2% vacancy rate and we expect leasing velocity to be strong,” said Kevin Anderegg, Assistant Managing Director in Asset Management with Principal.
Ann Sperling, Senior Director with TCC Denver, is pleased with the level of activity from tenants and users due to the limited supply in Central Denver and pent-up demand, “situated in both Adams County and the City and County of Denver, the site allows for a wide range of building sizes and uses,“ adding, “our goal is to make Crossroads a prime location for companies with showroom, distribution, warehouse and light manufacturing needs, looking to locate or expand in the Denver market.“
The Newmark Grubb Knight Frank team of Mike Wafer and Tim D’Angelo brokered the land sale and will also handle the marketing of the site on Trammell Crow Company’s behalf. Murray & Stafford is the general contractor, and Ware Malcomb is the architect for the project.
With this acquisition, Trammell Crow Company continues to invest in Colorado’s Front Range, having developed a long history in industrial, office, residential, healthcare and public-private projects, including over $2 billion in projects over the past 10 years.