Colorado-Real-Estate-Journal_414129

INSIDE 13 6 FEATURED 16 CONTENTS AUGUST 7-20, 2024 Office 6 Industrial 10 Multifamily 13 Retail 16 Finance 26 Law & Accounting 30 CDE News 36 Who's News 45 10 New headquarters The Colorado Trust moves its office for the first time in 20 years $600M investment Philip Morris announces Aurora manufacturing facility Modular housing Colorado’s largest modular apartment project sets units TOD retail Developer sells Highlands’ Garden Village for $26.9 million by Avalon Jacka BRIGHTON – A Georgia- based third-party logistics company has expanded to Colorado, signing the largest speculative industrial lease ever completed in the state. BroadRange Logistics signed a long-term lease for 1.13 million square feet across two buildings at 76 Commerce Center, located at 22250 and 22500 E. Interstate 76 Frontage Road. BroadRange plans to occupy the space in September. “Denver is a significant loca- tion to support our overall strategy as we expand our busi- ness to serve customers nation- wide,” said BroadRange CEO Ari Milstein. “We’re thrilled to call 76 Commerce our home in Denver. We’ve found a great partnership with Hyde Development and Mortenson Properties, who understand our business needs and have helped us identify a long-term solution to help us grow.” CBRE’s Todd Witty and Daniel Close represented the landlord, Hyde Develop- ment, and its equity partner, Mortenson Properties Inc., both based in Minneapolis. Sam Dragan and Jim Bolt, also of CBRE, represented the tenant in partnership with Atlanta-based Strategic Real Estate Partners. “I’m incredibly grateful to have been part of this his- toric transaction that proves the strength of Colorado’s industrial market,” Close said. BroadRange signs 1.13 million-sf lease by Avalon Jacka BROOMFIELD – A Port- land, Oregon-based real estate investment and development firm acquired a former phar- maceutical manufacturing facility near the U.S. Highway 36-Wadsworth Boulevard interchange. S c a n l a n K e m p e r B a r d acquired the vacant, two- building property from MHL Broomfield Owner LLC, an entity associated with Mile High Labs Inc., for $17 million, according to SKLD Informa- tion Services. The seller was represented by Rick Egitto of Avison Young, while SKB did not have representation in the transaction. The 436,651-square-foot property is situated on 22.68 acres at 2555 W. Midway Blvd. The site can serve a diverse range of tenant requirements and is equipped to serve busi- nesses with substantial power requirements. The property features 12,000 amps of power, clear heights ranging from 18 feet to 38 feet, existing labs and clean rooms, climate-con- trolled warehouse space and ample parking. Dixon Hinder- aker, SKB vice president of acquisitions, highlighted the property’s ability to accommo- date outside storage space for prospective tenants. “Midway’s significant power capacity and other advanced features uniquely equip the facility to service an expansive range of manufac- turing and energy-intensive industries,”Hinderaker said. The property is situated in the heart of Broomfield, the Denver metro area’s pri- mary hub for aerospace and advanced manufacturing. Notable industry leaders in the area include Honeywell Aero- space, Sierra Nevada Corp., Ball Aerospace and Lockheed Martin. SKB President Todd Gooding noted the firm was attracted to the property due to the facility’s power, as well as its location in a “knowledge- oriented manufacturing corri- dor.” “The facility’s strategic loca- tion between Denver and Boul- der provides immediate access to the region's highly skilled labor pool and advanced infrastructure,” Gooding said. “Broomfield's proximity to both cities makes it an ideal location for businesses seeking to leverage the strengths of the Denver-Boulder corridor.” The original buildings at the facility were built in the SKB buys vacant manufacturing property The two-building former pharmaceutical property, located at 2555 W. Midway Blvd., features 12,000 amps of power, 18- to 38-foot clear heights, existing labs and clean rooms, climate-controlled ware- house space and ample parking. Please see SKB, Page 11 Please see BroadRange, Page 11 BroadRange Logistics will occupy 1.13 million square feet in two buildings at 76 Commerce Center, located at 22250 and 22500 E. Interstate 76 Frontage Road. Todd Witty Daniel Close Sam Dragan Jim Bolt