CBRE announced that a new industrial development has broken ground in southeast Denver near Centennial Airport. Centennial Business Center is a three-building project that will deliver 219,956 sq. ft. at full build-out. The development is led by Brennan Investment Group, a private real estate investment firm based in Chicago.
Todd Witty and Daniel Close with CBRE are marketing the project for lease and sale opportunities.
“Centennial Business Center provides new, Class A construction in a coveted southeast location near an airport with multiple highway access points. The unique ability to either buy or lease speaks to Brennan Investment Group’s understanding of the different types of demand in the southeast market. From small-bay divisibility to full-building tenants or owners, it really is designed to meet the needs of the submarket,” said Mr. Close, first vice president, CBRE.
Located at 7194 South Revere Parkway, the three buildings will range from 47,578 sq. ft. to 124,800 sq. ft. with the ability to accommodate tenants from 18,000 sq. ft. to full-building occupancy. Building 1 (47,578 SF) is under contract to a user, while the rest of the space remains available for sale or lease. The buildings will include a front park/rear-load design with dock-high and drive-in loading, 28-ft. clear heights, ESFR sprinkler systems and abundant parking. Office space can be built to suit in each of the buildings.
The project marks Brennan Investment Group’s fourth in metro Denver since 2018.
“Denver’s Southeast market expects to see healthy, long-term demand for industrial space as companies continue to modify their supply chains to serve concentrated populations with short-term delivery. Centennial Business Center will sit in proximity to a sophisticated labor force and high-end customer base, as well as immediate access to Centennial Airport, the second busiest private airport in the nation,” said John Torp, vice president, Brennan Investment Group.
The 17.9-acre property is located near the intersection of East Arapahoe Road and South Peoria Street. The site is less than two miles from Centennial Airport and less than five miles from three major highways: Interstate 25, Interstate 225 and E-470.
Metro Denver’s industrial market remains strong, recording over 2.3 million sq. ft. of positive net absorption in the third quarter of 2021, according to CBRE research. While the market has 9.7 million sq. ft. of industrial projects currently under construction, most of those projects are in northern submarkets. Only 338,816 sq. ft. of new industrial space is currently underway in the Southeast submarket.
“Centennial Business Center provides access to the growing pool of labor and consumers in the south metro. As Denver continues to expand south, and Colorado Springs reaches north, this location provides an advantage to industrial users looking to serve both markets,” added Mr. Witty, senior vice president, CBRE.
Centennial Business Center is slated to deliver in the second quarter of 2022.
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.