Phoenix-based commercial real estate investor and developer ViaWest Group is making its first foray into the Denver market with the construction of a 134,400 sf industrial facility.
The Downtown Distribution Center, a Class A industrial development on a 9.32 acre site just north of Downtown Denver is scheduled for delivery in the second quarter of 2023.
Cushman & Wakefield executive managing director, Drew McManus, SIOR, and colleagues Bryan Fry and Ryan Searle brokered the sale of the land to ViaWest and will be handling the leasing of the new project.
McManus comments: “Downtown Distribution Center will offer tenants an outstanding Central Denver location at the convergence of four interstates I-25, I-70, I-76 and I-270 with immediate access to I-25. This infill location is about as good as it gets for industrial occupiers desiring to be located in Central Denver.
“Just minutes from Downtown Denver and close to the National Western Complex, the project provides immediate proximity to an abundant workforce, public transportation, numerous nearby retail amenities, and is less than 30 minutes from Denver International Airport.”
“We are thrilled to enter Denver’s infill market with the development of a modern facility that will meet the needs of today’s industrial users,” adds Tom Glissmeyer, a market leader at Viawest. “This location, strong market fundamentals, and the first-class development and leasing teams involved are all reasons to be excited about this project. We view Denver as a great long-term investment market and are eager to find other quality locations for future projects.”
Located at 5601 Franklin Street, Downtown Distribution Center will feature modern design and functionality created for occupiers from the logistics and distribution sector – including a clear height of 32 metres, dock height of 28 metres, and 2 drive-in doors, heavy power, ESFR Sprinklers, ample room for trailers and auto parking, and clerestory windows.
The property is also located in Unincorporated Adams County with low sales tax rates benefiting occupiers of industrial space.
According to Cushman & Wakefield’s latest Q1-2022 market report, Denver’s overall industrial market vacancy was 5.9 per cent, its third consecutive quarterly decline. The market also registered more than 1.2 million square feet of positive net absorption (occupancy growth) during the first quarter. Meanwhile, following a record-breaking year in 2021 with 14.2 million square feet (msf) of leasing activity, Q1 2022 reported 1.9 msf in leasing activity.