COMMERCE CITY, COLO. — Brennan Investment Group, a Chicago-based developer, has broken ground on Colorado Logistic Park, a speculative industrial development consisting of five buildings totaling 954,311 square feet. The property is located in Commerce City, a northeastern suburb of Denver.
Brennan and New York Life Real Estate Investors, on behalf of an institutional client, formed a joint venture to acquire, construct and lease the project. Brennan has started Phase I of the construction, which consists of three Class A industrial buildings totaling approximately 558,000 square feet. The buildings will feature 36-foot clear heights.
The development is situated on approximately 61 acres, close to the intersection of Interstate 76 and E-470. The location provides direct access to Interstate 80, a major Midwestern distribution line.
“Colorado Logistics Park will feature Class A distribution buildings for tenants in the Denver area that require close connectivity to their supply chain and access to workforce labor,” says Brian Roach, managing principal at Brennan. “The park’s proximity to the Denver metro area will provide users with lower transportation costs and faster delivery times to customers.”
Brennan purchased the property in November 2018. Roach noted at the time that the location was chosen for its close proximity to transportation routes as well as a large labor pool in the surrounding area. The sales price of the site was undisclosed, but Colorado Real Estate Journal reports that the Aigaki family sold the land for $9.4 million.
Phase II of the project will consist of two additional buildings totaling 396,311 square feet. Construction of Phase II will begin following stabilization of Phase I.
Colorado-based Intergroup Architects designed the buildings, and Missouri-based Brinkmann Constructors is the general contractor. Construction is slated for completion in the second quarter of 2020.
— Alex Patton