283,500 SF Prelease Kickstarts 1.15 MSF Class A Pecos Logistics Park Project in Central Denver

CBRE announced PepsiCo Beverages North America (PBNA) has signed a 283,500-sq.-ft. lease at Pecos Logistics Park, a 66-acre infill logistics business park currently under construction at the northwest corner of 56th Avenue and Pecos Street in Denver, Colo. Tyler Carner, Jeremy Ballenger and Kyle McClure with CBRE’s Denver office represented the landlord, Denver-based Westfield Company, Inc., and are marketing the property for lease. PBNA was represented by Jim Bolt and Glenn Dyke of CBRE and Alan Peterson of Choyce Peterson.

“Pecos Logistics Park is one of the most infill, large-scale development sites in the Denver market. The park is unrivalled in its highway accessibility, proximity to Denver’s population base and scale at over 1.15 million sq. ft. It’s a huge endorsement to the project to kick things off with a tenant of this quality committing to a lease of this magnitude,” said Matt Mitchell, Vice President of Industrial, Westfield Company.

“For more than 65 years, PBNA has proudly served the Denver Metro market and we are so proud that we can enhance our operation in Colorado,” said Shawn Early, Sr. Market Director for PepsiCo Beverages North America’s Mountain West Market. “This facility will allow us to better serve our employees, customers and community, while setting us up for long-term success in the future.”

Pecos Logistics Park will include 1.15 million sq. ft. of Class A industrial space at full build-out. Phase One includes three speculative buildings ranging from 121,800 sq. ft. to 139,200 sq. ft. and the PBNA build-to-suit. The buildings include dock-high and drive-in loading, 28’ to 32’ ft. clear heights, ESFR K-17 sprinklers, LED lighting and trailer parking. Phase One is scheduled to deliver in Q3 2021 with an 1,880-sq.-ft. spec suite in Building 1 and a 1,550-sq. ft. spec suite in Building 2.

The first phase of the project also includes a highly unique shared amenity space called “The Junction,” which will include conference and training rooms, a kitchen, flexible use/fitness space and showers, bike storage and outdoor patio space, accessible to all tenants.

Jeremy Ballenger, Executive Vice President with CBRE, said, “The Junction shared space allows tenants to use the shared facility for trainings and events, thereby minimizing office buildout in their space, which we see as a key differentiator.”

Additionally, Westfield anticipates utilizing The Junction space for future tenant appreciation events and on-site employment drives for the park’s tenant base.

Pecos Logistics Park is located just south of the Pecos and I-76 interchange, two miles west of I-25. A recently completed flyover bridge on Pecos Street provides a direct connection between the property and I-76, with no stoplights, and I-70 is accessible just over one mile to the south. The property is also within walking distance of the Pecos Junction Light Rail Station and benefits from Pecos Street upgrades for enhanced truck access, including a new, fully signalized intersection serving the park’s main entry on Pecos Street.

The site is located in a Denver Enterprise Zone within unincorporated Adams County, providing tax advantages for future occupiers. The property includes in-place Adams County industrial zoning and is serviced by Denver Water and Xcel Energy.

“This new development will bring a significant number of jobs to Adams County, which is critical for our community over the next few years,” said Emma Pinter, Adams County Commissioner and Board Chair. “This is a great example of an Enterprise Zone redevelopment and how it can help revitalize local neighborhoods.”

With downtown Denver just five miles to the south, and Adams County to the northeast, more than 2.0 million residents are accessible within 15 miles of Pecos Logistics Park, making the park a target for potential e-commerce, logistics, showroom/retail or other distribution users.

“Being close to both employees and consumers in an infill location has never been more desirable to companies, and we believe Pecos Logistics Park’s location plus immediate access to three major interstates will prove valuable to Denver’s growing tenant base,” added Tyler Carner, Executive Vice President, CBRE.

The initial lease leaves just over 860,000 sq. ft. in six planned buildings available for lease at Pecos Logistics Park, with the ability to accommodate build-to-suits of all sizes. Phase One will consist of three front-park, rear-load buildings totaling 391,600 sq. ft. in addition to the PBNA build-to-suit. Phase II will follow with three additional front-park, rear-load buildings totaling 471,000 sq. ft.