United Properties has acquired an additional 43 acres of land to expand Inova Business Park in Centennial.
Located at the intersection of South Lima Street and East Easter Avenue, the new development will be called Inova Aero. It could accommodate up to 480,000 square feet of industrial space, or 300,000 sf of build-to-suit office space and an additional 225,000 sf of industrial.
Arrow Electronics sold the property. The price wasn’t released, but the land reportedly sold for approximately $3.10 per sf.
The site represents the last infill site in the southeast market that is both west of Centennial Airport and zoned for office and industrial uses, making it an attractive location for many potential tenants, according to Matt Oermann, United Properties senior development manager.
“We’ve been very pleased with the response to Inova to date, and we are excited to continue that momentum,” said Oermann. “The flexibility of uses allows us to consider multiple site plans and attract interest from a variety of clients.”
United Properties said tenants responded positively to its first phase of development, Inova Office I and II, because of its proximity and easy access to Interstate 25, higher parking ratios and highly efficient floor plate designs. Inova Aero will follow a similar template, added Oermann. “Many tenants still desire parking ratios at 6 per 1,000 (sf) and higher. We can provide that while still being within a mile and half of I-25.”
The first phase of development will include two industrial buildings totaling 157,000 sf with anticipated completion in second-quarter 2020.
The buildings will offer 24-foot clear height, rear-load design, and dock-high and drive-in loading. Jason Addlesperger and Dave Lee of Newmark Knight Frank, who handled the land transaction, are representing United Properties in leasing and build-to-suit opportunities.