Newmark Grubb Knight Frank (NGKF), global full-service commercial real estate advisor and the region’s leading firm, and national developer and investor, Trammell Crow Company (TCC), announced plans to develop and market Crossroads Commerce Park, a ±1 million-square-foot, Class A industrial park near the I-25/I-70 interstate “crossroads” in unincorporated Adams County and the City of Denver. The first phase of the multi-phase development is slated to commence construction in the summer of 2015 and will be composed of distribution and warehouse product of up to 630,000 square feet. Later phases will include up to 340,000 square feet of speculative and build-to-suit opportunities. NGKF Executive Managing Director Mike Wafer and Senior Managing Director Tim D’Angelo will handle the leasing and marketing of Crossroads Commerce Park on Trammell Crow’s behalf.
“This site is a prime infill opportunity for the Denver industrial market that has all the attributes of a successful commerce park, including central location and great highway access,” said Bill Mosher, Senior Managing Director of TCC’s Denver Business Unit. “Our goal is to make Crossroads a prime location for companies with distribution, warehouse, light manufacturing, showroom, and related uses looking to locate or expand in the Denver market, while simultaneously transforming an environmental clean-up site into a commercial asset.”
The brownfield site, comprising ±77 acres of commercial infill land, is the former home of the Asarco smelter operations. TCC is purchasing the site from EnviroFinance Group (EFG), and EFG has been instrumental in advancing the clean-up of this site in concert with Asarco Multi-Property Trust. Over the past 14 years, EFG has remediated environmental issues and prepared the site - strategically located just north of Downtown Denver at the corner of 55th Avenue and Washington Street - for new development. The property’s zoning allows for a wide range of industrial, commercial services and retail uses, which complement current tenant demand characteristics. Plans for the park include large format cross-dock distribution, front park/rear load, and front park/front load configurations, as well as trailer parking, on-site storage, and numerous build-to-suit building options.
“Crossroads fills a need in the Central Denver industrial submarket, where there has been no new development since 2006 and vacancy stands at a mere 2.77% - well below the overall vacancy of 4.29%.” says Wafer. Crossroads Commerce Park will be the first Class A development in the I-70 Industrial corridor in over a decade due to lack of site availability. “Crossroad’s high-identity profile at I-25 and I-70, coupled with the region’s economic momentum and strong demand for quality industrial space, is a total win-win for users.”
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 12,000 professionals operate from more than 330 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. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.
About Trammell Crow Company
Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of June 30, 2014, Trammell Crow Company had $4.8 billion of projects in process and $1.9 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development, or providing incentive-based fee development services.
Trammell Crow Company is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). For more information visit www.TrammellCrow.com.