Colorado Real Estate Journal - March 2, 2016
Class A industrial space for small users is coming to the Colorado Technology Center in Louisville. Summit at Colorado Technology Center will provide new space to tenants as small as 9,600 square feet. The 62,400-sf building is one of the first speculative projects for small users to break ground this development cycle. “Over the past several years, a significant amount of industrial inventory in Boulder has been redeveloped for other uses, making it hard for industrial users to stay in the area, and the speculative industrial projects that have been built this cycle are primarily designed for large tenants,” said Erik Abrahamson, senior associate in CBRE’s Industrial & Logistics Services group. “Summit at Colorado Technology Center will deliver much-needed, modern small-bay industrial and flex space while allowing users to stay in Boulder County and enjoy all the benefits of new, high-quality Class A construction.” The project will house as many as five tenants in spaces featuring 24-foot-clear ceilings, dock-high and drive-in doors, ESFR fire sprinklers, and front and rear parking with three spaces per 1,000 sf. Comunale Properties, a family owned commercial real estate investment, management and development company, expects to break ground on the project in early summer. “We are excited to get underway with Summit at CTC catering to smaller users that need modern Class A construction to efficiently run their businesses, which hasn’t been available in the greater Denver and Boulder markets,” said Comunale President and Managing Partner John Comunale. “The vast majority of new construction this cycle has been geared toward larger users in excess of 100,000 square feet, with 50,000-square-foot bays being some of the smallest we’ve seen. The core of our business is focused on the 10,000- to 25,000-square-foot user, and this is a niche we think will be well received in the Colorado Technology Center,” he said. The project represents the latest development in Comunale’s 1 million-sf portfolio. The company has an additional 3.6-acre site under contract for a second phase of 40,000 sf – either as spec product or for a build-to-suit. The Colorado Tech Center, which is home to more than 90 companies, is located at the northeast corner of Dillon Road and South 96th Street. “The CTC is a strategic location, as evidenced by its current 2 percent vacancy, especially for manufacturing, research and development, technology and warehouse users,” said Tyler Carner, senior vice president in CBRE Industrial & Logistics Services. “The park is minutes from U.S. 36 and E-470, and its central location draws from both the Boulder and Denver labor pools.” The Regional Transportation District’s Call-n-Ride provides direct access between CTC buildings and U.S. Highway 36 as well as the McCaslin Park-n-Ride station. Abrahamson, Carner, and CBRE’s Jeremy Kroner and Jeremy Ballenger are the leasing agents for Summit at Colorado Technology Center. Powers Brown Architecture is designing the project, and Lakewood based Alcorn Construction is the general contractor.