MEAD, COLO. — A partnership between Denver-based Silver Point Development and an affiliate of Walker & Dunlop Investment Partners has purchased 37 acres of land for Phase I of Elevation25, a five-building, 578,240-square-foot speculative industrial warehouse development in Mead. Terms of the transaction were not released.
The team plans to break ground on the first two buildings later this month, with completion slated for fall 2022. Building 1, totaling 94,076 square feet, is 40 percent pre-leased to Premier Manufacturing with 56,642 square feet of remaining available space. Building 2 will total 109,676 square feet.
The developer is positioned to acquire an adjacent 36-acre land parcel within the next three years for the development of Phase 2 of Elevation25, which will include four buildings totaling 422,000 square feet.
Dawn McCombs and Kevin Hann of Avison Young’s Industrial Services team in Denver represented the buyers. Clayton Pristou of Avison Young’s Denver-based Structured Finance Group arranged acquisition and construction financing with CIBC Bank USA for the ownership team.