Page 6 —
COLORADO REAL ESTATE JOURNAL
— August 5-August 18, 2015
by Jill Jamieson-Nichols
Mountain Man Nut & Fruit
Co. recently purchased 20 acres
of land at Dove Valley Business
Park in Arapahoe County for
construction of a 155,000-square-
foot headquarters facility.
The facility, expected to start
construction next year, will
double the company’s footprint.
Mountain Man currently occu-
pies about 65,000 sf in Parker.
“They selected the site because
where they are currently located
in Parker, they could not grow
– they were landlocked,” said
Rick Egitto of Inverness Proper-
ties. Egitto and Jeremy Reeves of
Inverness Properties represented
Mountain Man in the $2.35 mil-
lion land acquisition.
The Dove Valley site was close
for the compa-
ny’s employ-
ees,
offers
great views,
has
good
t ranspor t a -
tion access
and offers a
retail presence
fronting Bron-
cos Parkway,
Egitto said.
The new facility will include
office, manufacturing, distribu-
tion and retail space. It will fea-
ture state-of-the-art production
and packaging systems as the
company grows into new lines,
including providing private-label
products to Safeway and Alb-
ertsons stores in the northwest
and eventually other parts of the
country. It also offers room for
up to 320,000 sf if the company
needs to expand in the future.
Jerry Kempf of Unique Proper-
ties LLC-TCN Worldwide rep-
resented Dove Valley Business
Park in the sale.
s
Greater Denver
Rick Egitto
by Jill Jamieson-Nichols
The median asking lease rate for
office space in Denver’s southeast
suburban submarket has reached
an
all-time
high of $26 per
square foot
full-service,
and the vacan-
cy rate is at its
lowest level in
15 years.
But
ten-
ant demand
isn’t what’s
driving rental
rate increases,
according to Jeff Castleton, execu-
tive managing director of New-
mark Grubb Knight Frank.
“What’s happening southeast is
investment activity is driving the
increases in rental rates – not ten-
ant demand, per se,” Castleton
said at NAIOP Colorado’s annual
Mid-Year Forecast Breakfast in
Denver. Village Center Station I,
for instance, sold for $327 per sf,
and 7601 TechnologyWay sold for
$265 per sf.
While there are 10 blocks of
office space of 100,000 sf or larger,
Castleton said there is pent-up
demand for new space, so it will
be interesting to watch One Bel-
leviewStation, the first speculative
office building to break ground
since 2008. “I think all eyes are on
Belleview to see what’s going to
happen,” he said.
In downtown Denver, asking
rates for trophy office properties
have reached records highs in each
of the last four quarters and are up
10.1 percent
from their pre-
recessionpeak,
according to
JLL
Senior
Vice
Presi-
dent Michael
Crane. The
current asking
rent for new
construction
downtown is
$46.35 per sf.
Despite recordhigh asking rates,
Crane said there still is room for
rental rate growth in downtown’s
office market.
Approximately 60 percent of
the approximately 500,000 sf of
Jeff Castleton
Michael Crane
ʻI think all
eyes are on
Belleview to see
what’s going
to happen.ʼ
– Jeff Castleton,
Newmark Grubb Knight Frank
