CBRE and J.P. Morgan Global Alternatives announced that two new tenants are joining Pecos Logistics Park, a 1.15-million-sq.-ft. Class A industrial development in Denver, Colorado. The two new leases bring the project to 54% leased.
Vartega, a recycler of lightweight carbon fiber, leased 50,137 sq. ft. in Building 2. Alliant Power, the nation’s largest distributor of aftermarket diesel engine fuel systems and components, leased 34,737 sq. ft. in Building 4.
Tyler Carner and Jeremy Ballenger of CBRE represented the property owner, institutional investors advised by J.P. Morgan Global Alternatives. Alliant Power was represented by Doug Viseur and Nic Carter, also of CBRE. Vartega was represented by Dawn McCombs and Kevin Hann of Avison Young.
Construction on the 66-acre park was completed in August 2022 and includes six speculative buildings and a build-to-suit occupied by PepsiCo Beverages North America.
"The continued strong lease up of Pecos Logistics Park is a result of its infill location at the intersection of three of Denver’s major interstates and the quality of construction and amenities available to tenants,” said Mr. Carner, executive vice president, CBRE.
Pecos Logistics Park is located in central Denver at the northwest corner of W 56th Avenue and Pecos Street, steps away from the Pecos Junction light rail stop. The infill location is 0.5 miles south of I-76, one mile north of I-70 and less than two miles from I-25, putting 2 million people within 15 miles of the park.
Park amenities include 28-32-ft. clear heights, trailer parking, ESFR sprinklers, and at least 3000 amps of power per building. Unique for industrial, the park also has shared amenity space with conference/training rooms, a kitchen, showers, bike storage and outdoor patio space available for tenant use.
Persistent demand for industrial space in metro Denver netted 2.0 million sq. ft. in leasing activity in the fourth quarter of 2022, according to CBRE research. This raised the annual volume to over 11.2 million sq. ft., surpassing the five-year average of 10.7 million sq. ft.
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.
About J.P. Morgan Global Alternatives and J.P. Morgan Asset Management – Real Estate Americas
J.P. Morgan Asset Management – Real Estate Americas is the U.S. real estate investment platform of J.P. Morgan Global Alternatives. With US$73 billion (Gross Asset Value as of September 30, 2022) in assets under management and 180 professionals, the platform offers real estate strategies that span from core to opportunistic and across debt and equity. J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, US$216 billion in assets under management and more than 800 professionals (as of September 30, 2022), J.P. Morgan offers strategies across the alternative investment spectrum including real estate, private equity, private credit, hedge funds, infrastructure, transportation, timber and liquid alternatives. Operating from offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client's specific objectives. For more information, visit jpmorgan.com/am.
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