Denver-based ZS Capital Partners (ZS) has acquired Centennial Technology Center (CTC), an 87,923-square-foot, Class A small-bay industrial and R&D property in Centennial, for $14.6 million. The transaction marks ZS’s ninth investment in Colorado and its largest acquisition since 2022.
“This acquisition is a strong reflection of our growth and disciplined investment strategy,” said Derek Conn, co-founder of ZS Capital Partners. “ZS continues to focus on high-quality, functional assets that offer both stability and opportunity for value creation. Centennial Technology Center aligns perfectly with that vision and demonstrates our continued confidence in Colorado’s small-bay industrial sector. The business plan entails investing significant capital to improve and fully lease the property. We look forward to stabilizing the asset in the coming months.”
Built in 2000, Centennial Technology Center comprises two highly functional buildings featuring nine dock-high doors, 11 drive-in doors, wet sprinkler systems, 14-foot clear heights and a rare dual-loading configuration. Situated on 7.66 acres in the Southeast Denver submarket—one of the region’s most supply-constrained industrial corridors—the property offers unparalleled access to I-25, I-225 and E-470, as well as proximity to executive housing in Cherry Hills Village, Greenwood Village and Highlands Ranch.
Currently 68% leased to a mix of healthcare and professional services businesses, the property offers significant upside potential. ZS plans to complete speculative improvements and exterior upgrades to reposition the remaining 27,923-square-foot vacancy and attract new tenants.
The JLL team of Larry Thiel, Sean Whitney, Dave Lee, Jason Addlesperger and Philip Lee handled the disposition of the property. The Lee/Addlesperger/Lee team will continue to represent ZS in leasing the asset moving forward.
“CTC is one of the premier industrial and R&D projects in the Southeast Denver submarket,” said Dave Lee of JLL. “The property offers exceptional flexibility, with units ranging from 5,506 to 27,923 square feet in a well-designed, easily accessible location. The new ownership is committed to delivering move-in-ready spec suites and brings deep experience in this product type.”
