12:15 PM
Newmark Grubb Knight Frank (NGKF) announced the acquisition of 7.5 acres of land at the intersection of Interstate 25 and 62nd Avenue in Denver, Colorado by Corum Real Estate Group. Construction has started for Central 62, a 124,000-square-foot traditional industrial warehouse. Associate Director Matt McClintock and Senior Managing Director Jeff McClintock of NGKF handled the transaction.
The acreage comprises the last remaining central Denver freeway site available for industrial development, offering freeway frontage and visibility from I-25 and 62nd Avenue. “The central industrial area is drum tight, currently under 2 percent vacancy, and the Central 62 development fills a current gap in the market,” explained Matt McClintock. McClintock, who along with his partner Jeff McClintock, brought the opportunity to Corum Real Estate. “This new industrial construction fronting I-25 is the first in decades, and as land values skyrocket in RiNo and along Brighton Boulevard, centrally located companies need new options.” Located in unincorporated Adams County, next door to the Denver Merchandise Mart and divisible to 30,000 square feet, the Central 62 development will appeal to mid-size tenants requiring quasi-office, retail and showroom space.
Sold by local long-time owners Tony and Lou Ficco, the land was an alfalfa farm for decades. “This land has been in our family, in our blood for nearly 75 years, since 1941,” commented Tony Ficco. Originally spanning ten acres, the highway department required 2.5 acres in 1963 to build Interstate 25. “Now that the family is focused on managing multihousing and commercial property holdings, the time was right to sell the remaining 7.5 acres.”
Corum Real Estate is made up of a father and son team, Mike Komppa and Eric Komppa, as is the McClintock team at NGKF. Eric Komppa of Corum stated, “Working with another father-son team was a unique experience for Mike and me. We had a lot of fun putting the pieces of this deal together, and with the activity we’re already seeing, we expect to see a successful lease-up of the building.”
“Not many sites have this kind of family legacy. This is one of those unique deals,” added the McClintocks. “This has been rewarding, three family teams working together to determine the best use for this optimal site in the Denver market.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.
About Corum Real Estate
Corum Real Estate Group was founded in 1986 by Mike Komppa and Jamie Fitzpatrick. The company has successfully developed, acquired and renovated over ten million square feet of office, industrial and multifamily properties in excess of $3 billion in value. With a history of retaining interest in every project developed, the company provides an owner’s perspective on the development process that carries through into leasing and management services and culminates in maximizing project value, facilitating either a long-term hold or eventual sale.