CBRE has arranged a 61,108-square-foot lease at Building 1 in Candelas Innovation Park, a new industrial development in Arvada, to a private tenant in the aerospace innovation industry. This is the first lease to be completed at the site.
Phase One of the development consists of two buildings completed in 2025. Phase Two is expected to be completed in the next 12 months, with both planned buildings fully entitled.
Jeremy Kroner and Jim Bolt of CBRE represented the landlord, OCC Industrial.
Located at 19850 State Highway 72 in Arvada, Candelas Innovation Park will be a four-building, Class A industrial development. Buildings 1 and 2 of the park were completed as speculative suites and are 82,947 sq. ft. and 100,238 sq. ft., respectively. Building 2 can be divisible to accommodate spaces as intimate as 19,583 sq. ft. Buildings 3 and 4 are anticipated to measure 62,691 sq. ft. and 110,997 sq. ft., respectively, though they also could be custom-built to an occupier’s requirements.
“This transaction highlights the continued demand for modern Industrial space in the West and Northwest submarkets, while reinforcing Arvada’s prominent role in the region’s advanced manufacturing sector,” said CBRE’s Kroner.
Buildings 1 and 2 have a 28-foot clear height, 44 dock-high doors, 16 drive-in stalls and a combined 353 parking spaces. Candelas Innovation Park also includes sustainable features like EV charging stations, native landscaping and an LEED certification The innovation park is on the southeast corner of Highway 93 and 72, allowing for easy connection to Denver, Boulder and Golden. The property is near Rocky Mountain Metropolitan Airport and multiple universities.
“We are thrilled to welcome our first tenant to Candelas Innovation Park,” said Megan O’Brien, CEO of OCC Industrial. “This lease affirms our original vision—to deliver best-in-class industrial space in a prime location between Golden and Boulder, where Colorado’s innovation talent is deeply concentrated. With its proximity to major research institutions and the emerging Elevate Quantum campus, Candelas Innovation Park is uniquely positioned to attract leading tenants in quantum technology, aerospace, engineering, and advanced manufacturing. Our first tenant, a recognized leader in aerospace innovation, is a perfect fit and sets the tone for the caliber of companies we aim to cultivate at the park.”
Candelas Innovation Park is in Jefferson County’s Enterprise Zone, a designated area targeted for economic stimulation with a program designed to promote job creation, business growth and development opportunities. Businesses located in this zone are eligible for one or several state income tax credits.
“As the sole new industrial development in Arvada, Candelas Innovation Park stands as a beacon for businesses seeking modern, innovative spaces amidst Colorado’s vibrant industrial landscape,” added O’Brien. “With its strategic location, cutting-edge facilities, and commitment to excellence, the park invites forward-thinking enterprises to become part of a dynamic community poised for sustained growth and innovation.”
In 2024, 12.6 million sq. ft. of industrial leases were signed in the Denver metro area, a 47.8% increase from 2023, according to CBRE Research. New leases or expansions accounted for 65.8% of total activity last year.
