25 North. Image courtesy of Cushman & Wakefield
EverWest Real Estate Investors, in joint venture with Invesco Real Estate, has secured a full-building, long-term lease at 25 North, its 70-acre master-planned industrial project in Thornton, Colo., in metro Denver. The 135,000-square-foot Building 6 is part of the development’s second phase and will be occupied by Ferguson Enterprises.
Cushman & Wakefield Executive Directors Steve Hager and Matt Trone, together with Director Joey Trinkle, negotiated on behalf of the landlord, while Ferguson Enterprises was represented by CBRE Executive Vice Presidents Jeremy Ballenger and Tyler Carner, with assistance from Senior Vice President Jessica Ostermick.
The partnership purchased the North Denver industrial campus in July 2020 for $43.4 million, when it included two buildings totaling 219,000 square feet, with plans to expand. In April 2022, the landlords secured $101.3 million in financing for the project, that will total nearly 935,000 square feet spread across nine Class A industrial buildings with flex, warehouse and distribution capabilities.
Ferguson Enterprises will occupy the property located at 14827 Grant St., that is currently underway and is expected to be completed in the first quarter of 2024. The single-story building will feature loading doors, 32-foot clear heights and 244 parking spots, according to CommercialEdge. Situated on an almost 11-acre lot, the property is close to Interstate 25, 16 miles from downtown Denver and 20 miles from Denver International Airport.
Recent industrial projects in metro Denver
The project’s Phase II will include six buildings totaling approximately 596,575 square feet, currently 42 percent preleased, while the first phase includes 340,200 square feet across three completed buildings, leased to Meati Foods, Sashco Inc. and Solid Power. All buildings include 28- to 32-foot clear heights, large parking capabilities for vehicles and trucks, ESFR sprinkler systems and clerestory windows.
In March, another joint venture moved forward with an industrial project in metro Denver: Trammell Crow Co., together with Clarion Partners, completed the first phase of 104th Commerce Park in Commerce City, Colo. With the second phase expected to begin later this year, the new development will include five buildings totaling 1.2 million square feet.
