Groundbreaking for the 76 Commerce Center, a 1.88 million-square foot industrial park at I76 and East 160th Ave right here in Brighton is scheduled for April 3rd. This project was able to come to fruition thanks to strong collaboration with the City, Hyde Development and our team and we're excited to see what this new development with bring to our community.
You can check out the full article from Joe Rubino at The Denver Post here.
StartFragmentThe industrial real estate market along Interstate 70 is Spandex tight. Add in that the highway is staring down the barrel of a multiyear reconstruction sure to snarl countless tractor-trailers and panel trucks in traffic jams after it starts this summer, and what have you got? If you’re a developer sitting on fertile industrial ground along another north metro highway, you have opportunity.EndFragment
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StartFragmentCrews are scheduled to break ground April 3 on the first building of 76 Commerce Center, a 1.8 million-square-foot industrial park at the juncture of Interstate 76 and East 160th Avenue in Brighton. About a dozen miles southwest, in Westminster, another builder is nearly done tilting up the walls on four industrial buildings that will add 325,000 square feet to that city’s commercial cache.EndFragment
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“When we saw the I-70 construction plans, this really became the infill site that we were looking for,” 76 Commerce Center developer Paul Hyde said last week. “It’s our opinion we’ll be able to get to either end of I-70 without the traffic.”
His company, Hyde Development, is partnering with Mortenson construction to build six Class A industrial buildings on 122 acres in Brighton over the next five to six years, starting with next month’s 266,000-square-footer. Newmark Knight Frank is in charge of wrangling tenants for the spec project. Representatives have called preleasing activity “brisk.”
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The team so believes in its beat-the-traffic sales pitch, it is using a Google Maps-inspired image — with I-76 colored in green and I-70 and north Interstate 25 in red — in its marketing materials. But that’s not all it’s selling would-be tenants.
The property is located across the highway from a residential neighborhood, a few blocks from a King Soopers and a little over a mile from a shopping center with a collection of restaurants. It’s also in a part of the metro area that is expected to see the strongest population growth over the next handful of years, meaning plentiful local employees. Since 2000, Brighton has seen its population nearly double to more than 38,000 people, according to U.S. Census Bureau data.
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“It’s the opposite of what normal industrial development is like. Normally, we’re first. Here, we’re last,” Hyde said. “And it has the labor force that people have been having such a hard time finding.”
At Huron Street and West 116th Avenue, Chicago-based Conor Commercial Real Estate counts a similar collection of perks for its four-building project. The Park 1200 Tech Center, an infill project within the existing Park 12 Hundred infill development, could begin welcoming tenants this summer, developers say. Located behind the giant satellite-dishlike headquarters of Digital Globe (formerly Avaya), Park 1200 Tech Center is surrounded by neighborhoods, shopping and dining options, and sits across the street from a Regional Transportation District park-n-Ride. It is a few miles south of the I-25/E-470 interchange, offering tenants an I-70-less travel option to the airport.
“What we’re seeing is a lot of manufacturing and technology-centric users, they want the amenity base for their employees,” said Derek Buescher, a development manager with Conor.
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StartFragmentAmazon is getting in on the north-metro act. The e-commerce juggernaut’s next Colorado facility — an 855,000-square-foot, robot-laden fulfillment center — is under construction at I-25 and East 144th Avenue in Thornton. EndFragment
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The planned 76 Commerce Center — featuring 32- to 36-foot clearance heights coveted by logistics and distribution companies these days — could serve as a proving ground for I-76 as an industrial corridor, said Jeremy Ballenger, a former industrial developer and senior vice president with real estate services firm CBRE.
“People are certainly watching it to see how it turns out as a litmus test,” he said.
One thing is certain: Large industrial tenants are thirsty for options. Along the I-70/Denver Intentional Airport corridor — the Denver area’s largest industrial submarket, with more than 82 million square feet of space — Ballenger last week counted two available options for tenants seeking 200,000 square feet or more of Class A space.
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StartFragment“I think the example of just how few opportunities there are on I-70 is driving a lot of developer interest up I-76,” he said. “It’s very, very difficult to find a development site on the I-70 corridor.”EndFragment
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