Denver-based Corum Real Estate Group will develop a combined 400,000 square feet of speculative industrial space on two sites it acquired in metro Denver.
Gateway Central 64 will be located at 2101 W. 64th Ave. in Adams County, just north of the Interstate 76 and Pecos Street interchange. It will consist of two front-park, rearload buildings, 157,100 and 63,800 sf, with 28-foot clear heights, ESFR sprinklers, and dock-high and drive-in loading.
The development will have immediate access to Interstate 76 and 25 and is less than eight minutes from Denver’s central business district.
Elevate at Central Centennial, also with two buildings, will be located at 7173 S. Revere Parkway and 12358 E. Easter Ave. in Centennial. Building 1 is 132,300 sf with 28-foot ceiling clearance, and Building 2, with 56,000 sf, will feature 24-foot clear height. Both buildings with have ESFR sprinklers, and dock-high and drive-in loading.
The project will have flexibility to accommodate users as small as 15,000 sf with crossdock, front-park, rear-load or front-park, front-load options.
“We’re very fortunate to have identified not just one, but two infill sites within the metro area, both of which are in tight submarkets that continue to demonstrate strong tenant demand and investment activity,” said Eric Komppa, Corum executive vice president.
Scheduled to be delivered in fourth-quarter 2020, the projects follow Corum Real Estate’s development of the highly successful Central 62 distribution center in Denver, a project it sold last year to JP Morgan Investment Management Inc. for $171.94 per sf. The new projects will be very similar and are designed by the same architectural firm, Ware Malcomb.
Both projects also will accommodate a wide variety of tenants, but Gateway Central 64 is likely to attract the same sort of distribution/supplier tenants that wanted to be at Central 62, with spaces divisible to around 30,000 sf, while the Centennial development will have greater divisibility.
Colliers International brokers T.J. Smith, Tom Stahl and David Hazlett will handle leasing of the new projects. DSP Builders is the general contractor. Josh Simon and Larry Thiel of JLL arranged financing.
Groundbreaking for Gateway Central 64 and Elevate at Central Centennial will occur within the month.
Corum Real Estate purchased the 16.7-acre Gateway Central 64 site from Ball Four Inc. for $8.5 million, or $11.68 per sf. The Centennial sites, sold by 12358 East Easter LLC and 7173 S. Revere LLC, comprise 17.4 acres and traded for $2.99 million, or about $3.96 per sf.
Corum Real Estate Group, which has developed 3.8 million sf of warehouse assets in partnership with a broad array of capital partners, specializes in development, property management, brokerage and asset services for office, multifamily, industrial and retail properties. In addition to Central 62, it also recently completed 5050 S. Syracuse, a 185,000-sf office building in the Denver Tech Center, and The Kasserman, a 100-unit apartment community in Lower Highland.
