Renovated Louisville industrial property leases up
A six-tenant industrial building in Boulder County has been fully leased following an extensive renovation to the property.
The entire 411,485-squarefoot industrial property, located at 333- 335 Centennial Parkway in Louisville, was leased, with four new tenants joining two existing tenants. Tyler Carner, Jeremy Ballenger and Jeremy Kroner of CBRE’s Denver and Boulder offices represented the owners, DPC Cos. and Long Wharf Capital.
Since 2017, Bestop Inc. and Servtech Inc. have rented 50% of the property. Now Alpen High Performance Products Inc., ArcherDX Inc., Synnex Corp. and an undisclosed e-commerce company collectively will rent the other half.
Alpen Inc. will rent 58,800 sf, ArcherDX Inc. will rent 52,400 sf, Synnex Corp. will rent 46,500 sf and the undisclosed e-commerce company will rent 43,200 sf.
The six tenants represent what Kroner calls “notably highgrowth industries,” including robotics, biotechnology, information technology, e-commerce and manufacturing.
According to Kroner, the property attracted these companies because of its proximity to both Boulder and Denver labor pools as well as consumer populations.
However, Chris Wiley of Colliers International, who represented ArcherDX Inc., said his client was drawn to the property because of its features rather than the location. According to Wiley, the tenant was looking for a space with high ceilings and dock availability, something that can be difficult to find, especially in such a modern space.
In 2019, the owners completed an extensive renovation project, which added a new roof, improved outdoor façade and entries, and new monument signage to the 25-year-old building.
Kroner said the renovation contributed to high demand for the property.
“Tenants are seeking out this kind of modernity, especially if they can find it at a price point competitive to the new construction that has been added to the submarket recently,” Kroner said.
Wiley agreed, saying, “We looked at other properties that didn’t fit our needs. The renovations and quality features of this property helped with our decision.”
Wiley and Tim Shay of Colliers International represented ArcherDX Inc.; Murray Platt, Daniel Close and Erik Abrahamson of CBRE represented Alpen Inc.; and Eric Brynestad and Ken Gooden of JLL represented the e-commerce company. The representative for Synnex was undisclosed.
Featured in CREJ’s May 6-19, 2020, issue