Prologis Park 70 Increasing by Almost 1 Million Sq. Ft. in Metro Denver

CBRE introduced that Prologis Park 70, an present 5.7 million-sq.-ft. industrial park in Aurora, Colorado, will develop by almost 1 million sq. ft. following the acquisition of a 55-acre land parcel by park proprietor and developer Prologis.

Prologis plans to interrupt floor on the primary of the brand new buildings within the second quarter of 2023. Preliminary plans provide two design choices. The primary would consist of 4 complete buildings—two sized 325,000 sq. ft. and two sized 150,000 sq. ft. The second design requires one, bigger constructing sized 700,000 sq. ft. and two 150,000-sq.-ft. buildings.

Jim Bolt and Mike Camp with CBRE are representing Prologis and advertising the brand new house for lease, sale or build-to-suit improvement.

“Demand persists for top of the range distribution house as e-commerce, third-party logistics and retailers look to achieve Denver’s rising inhabitants and accommodate altering expectations round transport and supply timelines,” mentioned Mr. Bolt, vice chairman, CBRE.

The brand new buildings can have both a entrance park/rear load or cross-dock design with dock-high and drive-in loading, trailer parking, ESFR sprinklers and 36-ft. minimal clear heights.

“Prologis understands the Colorado market and is creating the suitable amenities to fulfill the necessity at hand,” added Mr. Camp, govt vp, CBRE.

Prologis acquired the land from US Meals, which is a present tenant on the park. Prologis will start improvement speculatively with build-to-suit choices obtainable. The primary buildings are anticipated to be accomplished in early 2024.

“Our aim is to assist our clients’ progress by offering trendy amenities that meet their enterprise wants,” mentioned Kieffer Garton, vp and market officer for Prologis. “The Prologis Park enlargement is doing precisely that by creating areas designed to boost logistics operations for companies working within the Denver market.”

Prologis Park 70 is a Class A industrial park primarily centered on bulk distribution house. Constructed between 2005 and 2019, the park is at present dwelling to 12 buildings (two collectively owned by Prologis and Prudential) and is 100% leased.

The park is situated at Interstate 70 and E-470, about 10 minutes south of Denver Worldwide Airport. The land parcel slated for improvement sits on the intersection of Picadilly Street and Smith Street.

Prologis Park 70 is in metro Denver’s Airport submarket, which is the area’s largest industrial submarket and which, but once more, led the market in web absorption within the third quarter of the yr. The Airport submarket recorded greater than 1 million sq. ft. of optimistic web absorption within the quarter, in line with CBRE analysis, almost quadruple the next-closest submarket. 12 months thus far, tenants have occupied an incremental 2.3 million sq. ft. of commercial house within the Airport hall.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 firm headquartered in Dallas, is the world’s largest industrial actual property companies and funding agency (based mostly on 2021 income). The corporate has greater than 105,000 staff (excluding Turner & Townsend staff) serving shoppers in additional than 100 international locations. CBRE serves a various vary of shoppers with an built-in suite of companies, together with amenities, transaction and venture administration; property administration; funding administration; appraisal and valuation; property leasing; strategic consulting; property gross sales; mortgage companies and improvement companies. Please go to our web site at www.cbre.com.