Colorado Real Estate Journal - December 2, 2015
With vacancy in Denver’s central industrial submarket as tight as it gets, Corum Real Estate Group is rolling out a 124,024-square-foot warehouse/distribution building on Interstate 25. Central 62, located on 7.5 acres at I-25 and East 62nd Avenue, will sit 15 feet above the freeway, providing unmatched visibility and signage, said Corum’s Eric Komppa. “The visibility and tenant recognition, with 213,000 cars a day driving by, is going to be second to none,” he said. The location provides immediate access to a host of highways, including Interstates 25, 76, 270 and 70, and represents the last remaining central Denver freeway site that was available for industrial development. Corum reportedly bought the property – a former alfalfa farm – for approximately $6 per sf. The sellers were longtime owners Tony and Lou Ficco. “This land has been in our family, in our blood, for nearly 75 years, since 1941,” said Tony Ficco. Ficco said the family is focused on managing multihousing and commercial property holdings and felt the time was right to sell. Central 62 is being constructed on a speculative basis and will be delivered by general contractor DSP Builders in May. Ware Malcomb designed the building, which will have 28-foot clear height, ESFR fire protection, 26 dock doors and two drive-in doors. There will be 15 trailer stalls and 126 parking spaces. Located in Adams County, next to the Denver Merchandise Mart, it is designed for divisibility to 30,000 sf to appeal to midsize industrial tenants with office, retail and/or showroom requirements. “The central industrial area is drum tight, currently under 2 percent vacancy, and the Central 62 development fills a current gap in the market,” said Newmark Grubb Knight Frank Associate Director Matt McClintock. He and NGKF Senior Managing Director Jeff McClintock brought the opportunity to Corum and handled the land sale. They also are marketing the building for lease. “This new industrial construction fronting I-25 is the first in decades, and as land values skyrocket in RiNo and along Brighton Boulevard, centrally located companies need new options,” said Matt McClintock. Komppa and his father, Mike, operate Corum Real Estate Group. The McClintocks and Ficcos also are father-son teams. “Working with another father-son team was a unique experience for Mike and me. We had a lot of fun putting the pieces of this deal together, and with the activity we’re already seeing, we expect to see a successful lease-up of the building,” said Eric Komppa. “Not many sites have this kind of family legacy. This is one of those unique deals,” added Matt McClintock. “This has been rewarding – three family teams working together to determine the best use for this optimal site in the Denver market.”