Leasing and construction activity continues at 76 Commerce Center
A technology and transportation-related tenant inked a 152,682-square-foot lease at 76 Commerce Center – part of nearly 680,000 sf of leasing and construction activity happening at the Class A Brighton industrial park.
The undisclosed tenant, new to the Denver market, signed the lease at Building 4, a 352,240-sf building completed in August at the 1.7-million-sf park along Interstate 76. The lease – coupled with lack of competition – prompted 76 Commerce Center’s developers Hyde Development and Mortenson to break ground on Building 3, a 526,400-sf facility.
Newmark Knight Frank Senior Managing Director Tim D’Angelo, Executive Managing Director Mike Wafer and Associate Director Mike Wafer Jr. are the marketing and leasing representatives of 76 Commerce Center and represented Hyde and Mortenson in the lease transaction – one of the largest industrial leases this quarter in metro Denver.
The tenant was represented by Sam Dragan of CBRE.
“We have experienced incredible tenant interest in 76 Commerce Center,” said Wafer. “Users are attracted to the development’s location on, visibility from and superior access to the Front Range via I-76; outstanding design with large truck courts and trailer parking; and proximity to a vast labor pool.” “The growth of warehouse and industrial real estate has been notable as the e-commerce industry keeps pace with consumer demand and changing retail behaviors accelerated by COVID- 19,” added D’Angelo. “The new building that just broke ground at 76 Commerce Center can accommodate a variety of warehousing, distribution and light-manufacturing uses.
“Both Hyde Development and Mortenson are very bullish on the project. Building 3 will be one of only two large warehouses able to accommodate tenants larger than 375,000 sf by the summer of 2021,” he continued.
Currently, NKF is in negotiations to lease up the balance of the space in Building 4, where nearly 200,000 sf, divisible to 50,000 sf, remains available for lease.
Building 3, which broke ground in September, will feature a crossdock design with significant trailer parking and will be divisible for between one and four tenants.
“As construction begins on 76 Commerce Center’s second to last building, we continue to welcome high-quality tenants as the value of the e-commerce, warehousing and industrial sector is reaffirmed by consumer behavior throughout the last few unprecedented months,” said Paul Hyde, president of Hyde Development.
The park features a mix of building types from bulk ware house to office/warehouse. and light manufacturing. Buildings include clear heights from 32 to 36 feet, ESFR sprinklers, “significant” auto and trailer parking, direct access to I-76 and a mile of frontage, a location in enterprise and foreign trade zones. The park also offers quick permitting with PUD zoning in place.
The remaining, 546,000-sf Building 1 planned for the park is slated to break ground next year.
Featured in the October 7-20, 2020, issue of CREJ