Central Denver will soon be home to a new business park as project partners Confluent Development and Invesco Real Estate, a global real estate investment manager, announced plans this week to construct a 243,950-square-foot infill industrial campus at the intersection of Interstate 70 and Central Park Boulevard. Named Central Park Business Center, the project will include two Class A buildings, divisible down to approximately 20,000 square feet, with direct interstate visibility.
Confluent Development, a Denver-based real estate investment and development firm, serves as the project developer and co-owner alongside Invesco Real Estate. Jim Bolt, Murray Platt and Todd Witty with CBRE’s Industrial & Logistics practice in Denver have the listing assignment.
“Class A buildings with highway frontage and easy access for customers and employees are rare in Denver. The site’s visibility has the potential to drive sales growth for future tenants, while its central location will optimize product distribution,” said John Bauknight, senior development director, Confluent Development.
Located at 9575 East 40th Avenue in Denver, the park is scheduled to break ground in March and to deliver in the fourth quarter of 2021. Building One will consist of 130,900 square feet, divisible to 22,880 square feet. Building Two will total 113,050 square feet, divisible to 19,760 square feet. Both buildings offer a front-park, rear-load design with 60-foot speed bays, dock and drive-in loading and 284 combined parking spaces. The design includes ESFR sprinklers and 28-foot clear heights. Office space can be built to suit.
“Central Park Business Center is ideal for companies who want to be near the city center to best reach the greater metro Denver population. The site offers excellent visibility, perched right along I-70, and new state-of-the-art construction. The buildings could attract a single large user, or the space can be easily divided to accommodate multiple, mid-sized tenants,” said Mr. Bolt, vice chairman, CBRE.
The site is located at the southeast corner of the Interstate 70/Central Park Boulevard interchange in Denver’s Central Park neighborhood, approximately one mile from the Central Park light rail station. Numerous retail amenities are nearby, including Fuzzy’s Taco Shop, Cheba Toasted Subs and a global coffee chain, all within walking distance.
Denver was recently named the 11th top market in the U.S. for new industrial development, according to CBRE’s inaugural U.S. Development Opportunity Index. The report ranked the 50 largest U.S. markets based on construction costs, fundamental strength of existing supply, prior cycle performance and property forecast. Metro Denver’s industrial market fared well in 2020, despite the pandemic, recording its 43red consecutive quarter of positive net absorption. In total, industrial users in metro Denver occupied an incremental 3.4 million square feet of space last year.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Confluent Development:
Confluent Development is a leading full-service real estate investment and development firm that owns and develops ground-up commercial real estate throughout the United States. Confluent Development is an industry expert with more than 25 years of experience across diverse product types including office, retail, industrial, senior housing and multi-family developments. For more information, visit ConfluentDev.com.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $82.8 billion in real estate assets under management, 589 employees and 21 regional offices across the U.S., Europe and Asia (as of December 31, 2020). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.