CBRE announced that PrimeSource Building Products leased 170,300 sq. ft. at HighPoint Elevated, a 5.5 million-sq.-ft. industrial park under construction in Aurora, Colorado. The global building products distributor will relocate from its existing Denver location to occupy space in HighPoint Elevated’s Building 1, developed speculatively and completed in August of last year.
PrimeSource BP’s lease is the fourth tenant commitment announced at HighPoint in the past 12 months, following Dollar General, Hawthorne Hydroponics and Xcel Energy.
CBRE’s Todd Witty, Daniel Close, Tyler Carner, Jeremy Ballenger and Jessica Ostermick arranged the lease on behalf of PrimeSource BP and HighPoint’s owner and development partners, Hyde Development and Mortenson Properties, Inc.
“HighPoint Elevated has already attracted a list of top-tier tenants in a short amount of time, which affirms what we and Mortenson Properties, Inc. set out to deliver—an industrial park that caters to the specific needs of companies serving the metro Denver area,” said Paul Hyde, principal at Hyde Development.
Total industrial leasing volume transacted in metro Denver climbed to more than 3.9 million sq. ft. in the third quarter of 2022—the third-highest quarterly total in the past five years, according to CBRE research.
“We anticipate industrial leasing activity to remain high this year as more new builds come on the market and tenants take advantage of the opportunity to occupy highly functional space,” said Daniel Close, senior vice president, CBRE.
HighPoint Elevated broke ground in 2021 with the launch of Building 1. Hyde Development and Mortenson Properties, Inc. built it speculatively, and the 542,000-sq.-ft. building delivered in August 2021 37% pre-leased to Hawthorne Hydroponics. PrimeSource BP’s lease leaves Building 1 70% leased, with 170,294 sq. ft. remaining. Building 1 has 36-ft. clear heights, 50-by-54-ft. column spacing, an ESFR sprinkler system, dock-high and drive-in loading, and trailer parking.
Additional buildings at HighPoint Elevated will range from 64,000 sq. ft. to 1 million sq. ft. with at least one building slated for cold storage. Outdoor storage is available at several sites throughout the park.
HighPoint Elevated is located at the southeast corner of East 64th Ave. and E-470, six minutes from Denver International Airport. Retail space will run through the middle of HighPoint Elevated, along East 64th Avenue, providing walkable retail options for tenants and visitors with outdoor seating areas. Infrastructure improvements are underway to widen East 64th Avenue to four lanes at the park (six lanes west of E-470) and to add a full interchange at East 64th and E-470, giving tenants the option to bypass I-70 to reach the metro’s northern and southern suburbs.
HighPoint is a 20-minute drive from downtown Denver and is situated within three economic benefit zones: a federal opportunity zone, an Adams County Enterprise Zone and a Limon Foreign Trade Zone.
Visit highpointelevated.com for more information.
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 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend 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.