CBRE announced two new leases at Central Park Business Center, a recently constructed Class A industrial park in Denver. Restaurant supply company Trimark leased 34,255 sq. ft., and Lifetime Windows is expanding in the park to occupy an additional 22,800 sq. ft. The two leases bring Building 1 to 100% occupancy.
Confluent Development, a Denver-based real estate investment and development firm, serves as the project developer and co-owner alongside Invesco Real Estate, a global real estate investment manager.
“Seeing tenants not only sign a new lease but also expand their operations at Central Park Business Center affirms our vision to create a best-in-class industrial park that helps companies realize their own long-term goals for growth,” said Cadie Crean, development director at Confluent Development.
The two-building, 246,631-sq.-ft. park completed construction in March 2022. CBRE’s Todd Witty, Murray Platt and Jim Bolt are marketing the property for lease.
“The quick timing to full lease up of Building 1 is directly related to the lack of competing Class A properties in the central market, especially buildings with highway visibility and new construction features. These buildings truly met a need in the market that was not addressed, which is why Central Park has seen such early success,” said Witty, SIOR, senior vice president at CBRE.
New tenant interest will be directed to Building 2 at the park. The 114,325-sq.-ft. building is available to be leased in full or can be divided into spaces as small as 19,600 sq. ft. The building has 29 dock-high doors, four drive-in doors, 28-ft. clear heights, 2,000 amps of power, ESFR sprinklers and over 140 parking spaces.
The park is in Denver’s Airport submarket at the intersection of Central Park Boulevard and E 40th Avenue with frontage along Interstate 70, visible to approximately 190,000 vehicles per day. The in-fill location is less than a 10-minute drive to Interstate 25, 12 minutes to downtown Denver and 15 minutes to Denver International Airport. The Central Park light rail station is within walking distance as are several retailers, including restaurants, coffee shops and a daycare center.
Net absorption—a measure of net tenant move ins and move outs—reached its fourth-highest annual total on record in metro Denver in 2022, with nearly 5.1 million sq. ft. of positive net absorption. Unlike 2021’s total, which was mainly driven by large build-to-suit activity, 2022’s absorption was largely fueled by smaller tenants occupying space built speculatively, like Central Park Business Center. Most of 2022’s activity occurred in Denver’s Airport submarket, which recorded nearly 3 million sq. ft. of positive net absorption at year’s end, the highest of any submarket.
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.
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