Brennan to Develop Three Class A Distribution Buildings in Thornton
Brennan Investment Group has acquired 24 acres at the southwest corner of 128th and Washington Avenue in Thornton. Located in the growing North I-25 industrial submarket, the site provides highway visibility from Interstate 25. Brennan will develop three Class A distribution buildings, totaling 300,000 square feet.
“The site has tremendous appeal for tenants, offering quick ingress and egress to Interstate 25, allowing efficient drive-times to both Metro-Denver and Northern Colorado,” observed John Torp, Brennan’s vice president and project manager for the Thornton development. “Particularly strong is the supply of workforce labor in this submarket, an important concern for companies everywhere.”
“The demographic strength of Denver has accelerated tenant demand driven by job growth, household formations, and the in-migration of people,” commented Brian Roach, managing principal of Brennan’s Mountain West region. Under Roach’s leadership, Brennan has built or acquired 1.6 million square feet in the Denver region over the past 24 months. “Tenant demand continues to exceed the supply of space, pushing asking rents 8.1% higher versus rents one year ago.”
Brennan has emerged as one of the leading developers in the United States with 15 million square feet planned or under construction. “Our allocation of capital to industrial development follows the secular trends of technology-induced demand. We’ve witnessed that through e-commerce driving distribution absorption, and increasingly from robotics pushing manufacturing space demand,” observed Scott McKibben, Brennan’s chief investment officer. “We capitalize on these trends by selecting great in-fill sites, building only state-of-the-art buildings and staffing our regions with local market experts.”