Colorado Real Estate Journal - October 4, 2017
An electrical supply company growing by leaps and bounds in the Denver market and another large, expanding building products firm leased the last available spaces in a new 376,598-square-foot industrial building at Crossroads Commerce Park. Graybar Electric Inc. signed a lease for 238,194 square feet of warehouse/ distribution space in Crossroads Building 2 at 480 E. 55th Ave. in Denver. The lease is among the largest to be signed in the Denver market this year. Lansing Building Products leased 52,547 sf in the same building. “These two tenants are a complete home run because of the quality of the tenants, their uses and credit. We’re just really thrilled not only to have Building 2 100 percent leased, but also the quality of these tenants is really top-drawer,” said Ann Sperling, Trammell Crow Co. senior director in Denver. Trammell Crow is developing the industrial park, located off Interstates 25 and 70, in partnership with Principal Real Estate Investors. Approximately 875,000 sf has been completed, and 87,000 sf is available for lease. There also are three build-to-suit sites for sale. Graybar occupies 60,000 sf at 1375 W. 47th Ave. in Denver and will remain in that space while also operating at Crossroads. “Their business has expanded in Colorado, and so they’re meeting the demands of their industry,” said CBRE First Vice President Todd Witty, who represented Graybar in the new lease. The company selected Crossroads because it’s close to the existing Graybar facility and convenient for contractors picking up supplies as well as for employees. “This is a great location for access to the central market,” said Witty, who added the building is in unincorporated Adams County, so taxes are lower than they would be in a municipality. Mike Wafer, Tim D’Angelo and Mike Wafer Jr. of Newmark Knight Frank represented Trammell Crow in the Graybar and Lansing Building Products leases. Mitch Zatz of JLL and Tyler Reed, formerly of JLL and now with Stream Realty Partners, represented Lansing Building Products. Other large industrial leases signed this year include a 1 million-sf deal with Amazon at Prologis Park 70, UPS’ 357,555-sf lease at Eastpark 70 and a 245,340-sf lease on the I-70 corridor in Denver to Summit Warehouse & Logistics LLC.