HighPoint park reaching new heights
HighPoint is readying to reach new heights.
The Aurora industrial and logistics park is more than doubling in size as its developers not only are adding to the property’s footprint but also are set to break ground on the first building of what could be a more than 5 million-square foot development at build out.
In November, developers Hyde Development and Mortenson Properties closed on 145 acres of land, just north of their existing 125-acre site, and this month they will add an additional 129 acres to the park.
Additionally, the developers will break ground on the park’s first structure – Building 1, a 541,840-sf Class A speculative building, set for delivery in the third quarter of 2021. The building will feature 36-foot clear heights, 50-foot-by-54-foot column spacing, an ESFR sprinkler system, 92 dock-high and four drive-in doors, 68 trailer parking spaces and 273 parking spaces.
“It is incredibly rare to have a blank slate opportunity like HighPoint, where an industrial user has the flexibility to build exactly what they need, from 100,000 square feet to over 1 million square feet” said Daniel Close, first vice president, CBRE.
“HighPoint’s strategic location between an international airport and a major population center is a significant competitive advantage for companies looking to optimize their distribution strategies and get their products to consumers as quickly and efficiently as possible.”
Close and CBRE’s Todd Witty, Tyler Carner and Jeremy Ballenger are marketing HighPoint for lease and sale opportunities.
Located along E-470 at East 64th Avenue, just south of Denver International Airport and with tenant signage visible to the freeway, HighPoint will comprise nearly 400 acres and up to 15 buildings at completion. It will feature spec construction available for lease, build-to-suit development and land available for purchase. The site is bordered by Denali Street to the east and East 60th Avenue to the south. The initial 125-acre site extended to 64th Avenue. The incremental 274 acres takes the project up to East 68th Avenue.
Infrastructure improvements are underway to widen East 64th Avenue to four lanes at HighPoint (six lanes west of E-470) and to add a full interchange at East 64th and E-470, giving tenants the option to bypass I-70 to reach the metro’s northern and southern suburbs.
HighPoint’s site plan is still flexible but initial designs include retail development through the middle of the park, along East 64th, offering walkable retail options for tenants and visitors. The park also is expected to include outdoor seating areas for employees, overflow truck parking and potential outdoor yard storage space.
HighPoint also is situated within three economic benefit zones: a federal opportunity zone, an Adams County Enterprise Zone and a Limon Foreign Trade Zone.
“Mortenson and Hyde saw an opportunity with HighPoint to meet that demand and support the continued growth of the Colorado economy by providing companies of all sizes with the space they need in an ideally located hub at the center of the country,” said Gene Hodge, vice president and general manager of Mortenson.
The airport submarket, where HighPoint is located, led the metro Denver area in industrial net absorption, registering 476,000 sf in the third quarter, according to CBRE research, with the metro Denver e-commerce industry leasing 701,000 sf from January through September compared to 97,000 sf in the first nine months of 2019.
“COVID-19 quickly accelerated consumer adoption of e-commerce and triggered supply chain restructuring as companies sought to prevent a repeat of the inventory shortages experienced early on in the pandemic. These changes have fueled demand for warehouse and distribution space in growing markets like Denver,” said Witty.
In addition to marketing HighPoint, CBRE’s Witty and Close are representing Hyde Development and Mortenson Properties in the land acquisitions. CBRE’s Carner, Ballenger and Jessica Ostermick are representing the seller.
Featured in the December 16, 2020-January 5, 2021, issue of the CREJ