Colorado Real Estate Journal - February 18, 2015
A longtime tenant in Gateway Park has acquired 19.7 acres of land there for construction of a new industrial building. Communications Test Design Inc., a global engineering, repair and logistics company, will build a 204,000-square-foot technical service and logistics/distribution facility on the property. The company paid $3.83 million, or $4.46 per sf, for the site, according to public records. “We are fortunate that CTDI Aurora is thriving and outgrowing its current space,” Paul Cardell, vice president of corporate operations, said in a press release. “As a tenant of Gateway Park, we are already familiar with its locational attributes, outstanding amenities and proactive ownership. This is an ideal situation for our new testing, repair and logistics service operation and provides additional room to grow our business with our customers in the Western U.S.” West Chester, Pennsylvania-based CTDI currently occupies more than 100,000 sf in Gateway Park. It expects to break ground on the new facility in March. Chris Nordling of Newmark Grubb Knight Frank, along with John Morrissey and David Mackey of Jackson Cross Partners in Philadelphia, represented the company in the land acquisition. “CTDI has been a great tenant in our industrial portfolio for the past 18 years and we are very excited they selected Gateway Park for the home of their new 204,000-sf development,” said Bill Pauls, board chairman of The Pauls Corp., Gateway Park’s developer. “We are so pleased to have CTDI remain in Aurora and at Gateway Park with its exclusive cadre of tenants,” added Aurora Mayor Steve Hogan. Encompassing more than 1,200 acres in Aurora and Denver, Gateway Park is a mixeduse development with more than 5.6 million sf of industrial, office, retail, hospitality and residential space. Major tenants include Boeing, Serta, Cardinal Health, Whole Foods, Best Buy, Northrop Grumman and the U.S. Department of Defense.