Colorado Real Estate Journal - August 19, 2015
Local developers Bradbury Properties and Confluent Development have teamed up to build out the remaining 72 acres at HighField Business Park, starting with a 100,000-square-foot speculative industrial building. HighField Building 5 will be the fifth building to be built in the business park near E-470 and Peoria Street in the last five years. The most recent spec building, completed in spring 2014, is fully leased. “The market is tight. If you’re a tenant looking in the southeast flex industrial market, you have very, very few options – certainly no options that I’m aware of of 100,000 square feet,” said Confluent Development’s Marshall Burton, who added the building will offer flexible options to tenants from 15,000 to 100,000 sf with a couple of 8,200-sf spaces. It will feature 24- to 28-foot-clear warehouse space, 5 to 30 percent office build-out and ample parking. Asking lease rates range from approximately $8.50 to $10 per sf triple net. Jim Bolt, Jeremy Ballenger and Tyler Carner of CBRE, which handled lease-up of HighField Building 3, are marketing Building 5. “HighField Building 5 signifies the industrial momentum we are seeing in the southeast Denver market,” said Bolt. “This is the fourth speculative building constructed in the area over the past seven years, and the timing is appropriate by Bradbury Properties and Confluent Development to take advantage of the growing interest in this location.” The approximately $10 million project is expected to be completed by spring. “We do have several active prospects for the building currently,” Burton said. HighField Business Park is being developed on land Bradbury’s family owned and farmed for 60 years. “The opportunity to transform land that’s been in our family for decades into property that will give Colorado residents a place to work in a top location is very meaningful,” said Bradbury. “We are proud to team up with a great partner in Confluent Development to make HighField Building 5 possible.” HighField Business Park sits on an elevated site, and the buildings, attracting companies including Polystrand Inc., Applied Controls, Colorado Studios, EdgeConneX and J.R. Butler, also set a high standard, said Bradbury. Intergroup Architects, which designed all the buildings at HighField, is the architect for Building 5. Bradbury Properties and Confluent Development, which has developed nearly 3 million sf of commercial property in the southeast Denver market, formed a partnership to develop the remaining land at HighField earlier this year. Burton said the two companies share a common business perspective and a long-term view with regard to tenants, the brokerage community and other stakeholders. “HighField Business Park represents a great location for industrial development with proximity to an educated labor pool, strong infrastructure and easy access to E-470, I-25 and the southeast light rail. We look forward to working with Bradbury Properties on this project and being part of their legacy to develop and grow this area into a top-tier market,” he said. The park is located in Douglas County, which Bradbury said has been an ally in development at HighField. “They’re very supportive. Things get done quickly and efficiently,” he said.