Border States Industries, Inc., provider of innovative product and supply chain solutions, has signed a 21.32-acre lease of 10600 Havana Street in Commerce City. Chicago-based real estate investment and development company Industrial Outdoor Ventures (IOV) purchased the site in February 2020.
The site 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.
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.”
IOV 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.
