Colorado Real Estate Journal - April 1, 2015
Eastpark 70 is opening a door for industrial tenants struggling to find Class A space along the Interstate 70 corridor. The first of three state-ofthe-art speculative buildings will break ground this summer at the 105-acre park near I-70 and Tower Road. Building 1, a 354,900-square-foot cross-dock building divisible to 45,000 sf, is targeted for delivery in March 2016. “We are very excited to bring this Class AA distribution space to Denver’s tight industrial market in partnership with such a creative and flexible ownership group,” said CBRE First Vice President Doug Viseur, who is marketing Eastpark with CBRE’s Todd Witty. “We are building this to meet the demand that’s out there in the market,” Viseur said. “There are a number of users that cannot find quality space in the Denver market in the size range that they require,” added Witty. "This project will help satisfy the strong demand for this type of space in the metro area.” All three new buildings planned at Eastpark will offer double-loaded distribution space with 32-foot clear height, ESFR sprinkler systems, multiple dock doors and on-site trailer parking. The buildings total 815,700 sf. EP 70 LLC, a single-asset entity managed by Consolidated Investment Group, is developing Eastpark 70, a masterplanned industrial park at Smith Road and Ensenada Street. The site, with nearby access to I-270, I-25, I-225 and E-470, is a mile from I-70 and Tower Road, which offers multiple restaurants and retail amenities. According to Viseur, Denver’s industrial market absorbed 2.2 million sf of space in 2014 and currently has 1.66 million sf under construction – not enough to keep pace with demand should absorption continue at last year’s pace. There continue to be local tenants looking to expand and new companies coming to the market, which increasingly is shifting from a regional to interstate distribution market, said Chris Winn, asset manager for Consolidated Investment Group. Eastpark 70 is well positioned to capture some of that demand, Winn said. Besides the capability to assemble more than 800,000 sf of contiguous space, Eastpark 70 is one of the few parks where a tenant will be able to obtain blocks of Class A space smaller than 100,000 sf. Currently, “If you’re looking for 50,000 to 75,000 square feet in the northeast market, there are very, very few buildings,” said Viseur. The park also has perimeter sites for buildings of 70,000 sf of smaller with outside storage – a feature that also is exceedingly difficult to find in the Denver market. “We are pleased to offer a range of industrial product types and space sizes to serve the growing distribution demands in the Denver market from both regional and national businesses at Eastpark 70,” said Winn.