Newmark announces the 21.32-acre lease of 10600 Havana Street in Commerce City, Colorado. Newmark Associate Director Mike Viehmann, Executive Managing Director Mike Wafer, SIOR and Associate Director Mike Wafer, Jr. represented the owner, Industrial Outdoor Ventures (IOV), in the transaction. CBRE’s Jim Bolt and Dialect’s Dan Johnson represented the tenant, Border States Industries, Inc. IOV purchased the site in February 2020.
Improvements on the site will include roughly 40,000 square feet of canopy-like structures and a 1,400-square-foot office building for Border States Industries, Inc. to occupy. The use will primarily be for outdoor storage of equipment and material.
“Market-wide, there is a scarcity of heavy industrial-zoned sites that allow for large outside storage yards,” commented Wafer, Jr. “IOV was able to use the current zoning at this site and a creative development strategy to secure a full-site, long-term lease to a great tenant. Given the leasing momentum of this product type, IOV will also be breaking ground on a 42,000-square-foot building on 12 acres nearby. We are seeing strong leasing momentum at that site as well.”
The site at 10600 Havana Street features I-2 zoned land with site improvements including utilities, road base, lighting and security fencing. The location, just 15 minutes from downtown Denver and Denver International Airport, has unparalleled frontage and visibility along I-76 and excellent accessibility.
IOV is a Chicago-based real estate investment and development company that specializes in providing real estate solutions for heavier industrial uses in major markets throughout the United States. The only national real estate investor that specializes exclusively in outdoor storage facilities, IOV brings a unique understanding of both the physical facility and challenges that go along with placing equipment or material intensive operations within major population centers.
”Border States is a welcome addition to the IOV portfolio and we know the relationship will lead into many other markets,” said IOV Vice President of Development & Acquisitions Eric Johnson. “We were pleased with the Newmark team’s work on sourcing this off-market acquisition as well as ultimately landing Border States as the tenant.”
According to Newmark Research, Denver’s industrial market posted the best quarterly absorption in over 10 years, with 2.2 million square feet absorbed in the second quarter of 2020.
About Newmark (Nasdaq: NMRK)
Newmark Group, Inc., together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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