CBRE announced that medical device manufacturer ERI Group leased 34,200 sq. ft. at Mountain Gateway, bringing the recently constructed industrial development to full occupancy.
CBRE’s Tyler Carner, Jeremy Ballenger and Jeremy Kroner represented the project’s developer in the lease, Cale Enterprises.
“Reaching full occupancy is the culmination of Cale Enterprises’ vision for Mountain Gateway. We worked with the team from day one to fill a need in west Denver for quality, Class A industrial space, which has been extremely hard to find historically in this area,” said Carner, executive vice president, CBRE.
Built in 2020, Mountain Gateway is a Class A, two-building industrial development located at 5025 and 5045 Robb Street in Arvada, Colorado. The location is near the intersection of Interstate 70 and Ward Rd., within walking distance of the Wheat Ridge-Ward light rail station. The property totals 142,167 sq. ft. with dock-high and drive-in loading, ESFR sprinklers, 24-ft. clear heights and 2,000 amps of power per building.
“Cale Enterprises’ vision for Mountain Gateway has been fully realized, as we celebrate reaching full occupancy. Together with CBRE, we addressed the demand for new, functional industrial in west Denver, a historically challenging infill market. Our collaboration resulted in a coveted Class A development that has attracted a number of high-quality tenants. We are proud to have partnered with CBRE on this successful development; it would not have been possible without their hard work and diligence,” said Trey Preissman with Cale Enterprises.
Now fully leased, Mountain Gateway is one of only a handful of new industrial developments to deliver in the historically tight West Denver submarket over the past decade.
There were 41 industrial buildings under construction in metro Denver, totaling over 10 million sq. ft., as of the end of the first quarter of 2023, according to CBRE research. None of the projects is located in West Denver, which has one of the lowest availability rates for industrial space in the metro area. West Denver had just 2.8% industrial availability at the end of the first quarter, compared to 7.6% availability metro wide.
“West Denver has land constraints that can make it challenging to build new projects, but it is a coveted location for talent accessibility. This is important to advanced manufacturing tenants that need skilled labor and is part of why Mountain Gateway has been so successful in attracting those businesses,” added Carner.
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 2022 revenue). The company has approximately 115,000 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.
