Jordon Perlmutter & Co. has acquired 21.95 acres of land at Lincoln Executive Center in Centennial for development of approximately 300,000 square feet of industrial space.
An affiliate, JP Grove LLC, paid $1.4 million for the property at East Caley Avenue and South Kenton Street, where it plans to develop four high-image buildings, likely in two phases. IBC Denver V LLC, which is associated with IBC Holdings, was the seller. The buildings will be developed on a speculative basis, said Jay Perlmutter, Jordon Perlmutter & Co. principal.
They will feature 24-foot clear height and front-park, rear-load design.
“It will be good-looking product. It will really fit within the industrial market out there,” said Perlmutter. “It will be heavily landscaped and in conformance with city standards.” Perlmutter & Co. is working with Ware Malcomb to design the park, which Perlmutter said has “great access” to Interstate 25. The property is within the southeast suburban industrial submarket.
“There’s only 5-6% vacancy in that whole market,” Perlmutter commented.
The company likely will break ground on the first two buildings in the first quarter.
Jason Addlesperger, David Lee and Keith Bell of Newmark Knight Frank represented the seller in the transaction.