9:00 AM
Newmark Grubb Knight Frank (NGKF) announces a 55-acre land sale in Aurora, Colo., located directly south of the Jackson Gap and Pena Boulevard Interchange at Denver International Airport (DIA). The sale officially kicks off the development of Porteos, a 1,287-acre mixed use development opportunity located on the closest privately-held land to the main terminal and cargo facilities at DIA.
The 55-acre land parcel was sold by ACP DIA 1287 Investors LLC, the legal entity that owns and will develop Porteos. The seller purchased the land in 2006 with the goal of positioning the property for development. Work to date includes annexing the land into the City of Aurora, securing zoning and other entitlements, and working to acquire access to DIA. At full build out, Porteos will include hotel, restaurant, retail, industrial, office, entertainment and other airport-specific commercial uses.
Off-airport parking operator/developer, ParkDIA, LLC purchased the parcel for $9.583 million. Plans call for a 7,500 stall operation with covered, uncovered and valet parking. The buyer is a subsidiary of Forum Real Estate Group, a local mixed-use/residential developer. Forum Real Estate Group has additional mixed-use projects underway in Denver and Boulder, including Kent Place at Hampden Avenue and University Boulevard.
“Relying on our experience in providing exceptional customer service to the clients we develop new projects for, we’re looking forward to delivering that same level of commitment to the people who will park at our new parking lot near DIA,” said Kevin Foltz of Forum Real Estate Group. “Our parking lot, ParkDIA, will be the closest off-airport lot to the terminal, just 2.5 miles away and a quick five minute shuttle ride. We will provide options that include valet and covered parking, all at a very competitive price. We are excited to be able to provide much needed parking to everyone who travels to and from DIA.”
Key to the development will be the extension of Jackson Gap Road to 56th Avenue. Jackson Gap will offer a shortcut to DIA for travelers and employees who access the airport from the south or east. It will also help reduce traffic along Pena Boulevard. The additional means of access that will be provided by this roadway dovetails perfectly with the region’s vision of developing an Aerotropolis centered on DIA comparable to those that have already been developed or are being built around the world, including Dallas/Fort Worth, Amsterdam, Munich, Dubai, South Korea, and China.
“We expect the new access and parking will provide significant benefit to the airport and its customers and employees, and we anticipate that it will accelerate additional development opportunities within Porteos,” commented Bill Wichterman, Vice President & General Counsel of A & C Properties, the developer of Porteos. “The approval of the Jackson Gap extension is the culmination of the collaborative efforts of DIA, Adams County, and the cities of Denver and Aurora.”
“A & C Properties has been a long-standing partner with the city of Aurora,” stated Aurora Mayor Steve Hogan. “This is a significant first step in realizing the development potential of this important area and will provide an impetus to future development.”
“Because of its close proximity to DIA, the build-out of Porteos will lay the groundwork for economic development opportunities for the entire region,” said Wendy Mitchell, president and CEO of the Aurora Economic Development Council.
“The new facility will be four miles closer to DIA than other off-airport parking, will provide more convenience and meet the ever increasing demand for businesses and travelers,” stated NGKF Associate Wade Fletcher, who represented the seller in the 55-acre sale with Senior Managing Director Steve Roesinger.
Simultaneous construction of both the parking structure and Jackson Gap Road will commence in the first quarter of 2014, with an anticipated opening in the fourth quarter. “Access from Jackson Gap to Porteos will give any business wanting proximity to the airport a distinct advantage to its competitors on Tower Road.
Mr. Roesinger and Mr. Fletcher have been retained as the exclusive leasing and marketing agent for the Porteos development and may be reached at 303.892.1111 for inquiries.
About Porteos
Porteos is a 1,287-acre mixed-use development opportunity adjacent to Denver International Airport (DIA), and it is the closest private property to DIA’s main terminal and cargo operations. Located in the City of Aurora and a mere thirty minutes from Denver’s CBD, the development is served by three existing interchanges providing excellent access to E-470 and Pena Boulevard. The site is bound by 1.5 miles of common frontage along DIA to both the north and east, 56th Avenue to the south, and the Harvest Road alignment to the west. Porteos is owned by ACP DIA 1287 Investors LLC and managed by A & C Properties. For more information, visit www.porteoscolorado.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 12,000 professionals, operating from more than 320 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. 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 Forum Real Estate Group
Forum Real Estate Group is a Denver-based company specializing in the acquisition and development of investment grade properties in the central and western U.S., with a primary focus on retail and multifamily apartments and opportunities to diversify. Forum is the owner and operator of the portfolio including 18 properties totaling over 4,000 multifamily units and over 65,000 commercial square feet. More information about Forum Real Estate Group is available at www.forumre.com.
About A&C Properties
A&C Properties is a full-service commercial real estate company based in Phoenix, Arizona. Over the past three decades, it has purchased, sold and developed more than 1.6 million square feet of office, industrial, and retail real estate throughout Arizona, Colorado, California and Nevada. A&C Properties currently owns or manages more than 500,000 square feet of completed commercial projects and over 1,300 acres of developable land.