Black Creek Group, a Denver-based real estate investment management firm with a more than 25-year history, executed 4.4 million square feet of industrial leases in Q1 2021. This represents the largest volume of industrial leases signed in a single quarter in firm history, with activity spanning the country and coming from a diverse pool of tenants.
“The level of demand we are seeing for industrial space is unparalleled and we believe it will continue to remain strong,” said Raj Dhanda, chief executive officer at Black Creek Group. “The nationwide e-commerce explosion has heightened this demand, which the firm has experienced firsthand as we executed several large leases with leading e-commerce providers, packaging solutions providers and third-party logistics companies. As the need for space surges and consumers embrace online shopping, we expect to continue to see strong leasing, rising rents and exceptionally low availability.”
Q1 leasing highlights include:
- 400,000-square-foot full-building lease at Lehigh Valley Crossings Distribution Center I, an industrial facility located in Lehigh Valley, Pennsylvania.
- 402,000-square-foot full-building lease at Riverpoint Industrial Park’s largest building, the three-building industrial park is located in Atlanta, Georgia.
- 385,000 square foot lease at Raceway Industrial Park, a 671,000-square-foot industrial facility located in Las Vegas, Nevada. The execution of the lease brought the property to 100% leased.
As of March 31, 2021, the firm’s industrial operating portfolio totaled 43.7 million square feet and was 95.9% leased.