Colorado Real Estate Journal - June 15, 2016

Lease kicks off construction of flex building at Inova Dry Creek

Pennsylvania-based Power Home Remodeling selected Inova Dry Creek for its first location in the Denver metro area.

The company preleased 23,658 square feet of flex space, kicking off construction of the 70,632-sf Inova Flex development. Inova Flex is part of the master-planned Inova Dry Creek, a 650,000-sf office, flex and residential campus at Interstate 25 and East Dry Creek Road in Centennial.

Andrew Blaustein of Newmark Grubb Knight Frank represented Power Home Remodeling in the transaction. NGKF’s Jason Addlesperger, Dave Lee and Mike Wafer represented the landlords, United Properties and Principal Real Estate Investors.

Power Home Remodeling is a home remodeling company that is on Inc. 5000’s annual list of fastest-growing private companies. It has received Fortune and Glassdoor awards for being among the best places to work.

“Power polls its employees every year to gauge interest in new markets, and Denver was nearly the unanimous choice,” said Corey Schiller, co-chief executive officer. “We also keep a watchful eye on where the general population would most like to live. Denver was at the top of both lists, so it’s an easy decision to relocate 20 individuals to help open the Denver market.”

“Inova Flex provided options for Power that were not available anywhere else in this market,” said Blaustein. “Inova Dry Creek offers the most desirable location with a large parking ratio, an opportunity to design our own space from core and shell and a mature tenant base in the immediate vicinity. Combine these features with the strength of the southeast market, a Class A flex opportunity and proximity to area amenities, and you have a natural win.”

Inova Dry Creek is near the Dry Creek light-rail station, adjacent to Inverness Business Park and Centennial Airport, and about 20 minutes from downtown Denver. United Properties and Principal Real Estate Investors are seeking LEED certification for all the buildings at Inova Dry Creek, which will offer facilities for bike commuters, including showers, lockers, repair areas and bike rentals; a dedicated shuttle between the park and light-rail station; and pad sites for food trucks that include areas for dining.

Murray and Stafford is the general contractor for Inova Flex, which will break ground this month. Power Home Remodeling will open in January and plans to grow its Denver employee base to 100 people. The company has 1,650 employees in 10 locations across the United States.