Broadrange Logistics, a Georgia-based, third-party logistics company, has signed a long-term lease for 1,127,400 square feet encompassing the two remaining buildings at 76 Commerce Center, a Class A logistics park in Denver’s I-76 corridor.
Todd Witty and Daniel Close of CBRE represented the landlords, Hyde Development and their equity partner Mortenson Properties, Inc., in the transaction. Sam Dragan and Jim Bolt of CBRE represented the tenant in partnership with Atlanta-based Strategic Real Estate Partners. The deal represents the largest speculative lease ever completed in Colorado, making up almost half of the total leasing volume from Q2 2024 (2.5 million sq. ft., a 2.6 increase quarter-over-quarter).
“Denver is a significant location to support our overall strategy as we expand our business to serve customers nationwide,” said Ari Milstein, CEO of Broadrange Logistics. “We’re thrilled to call 76 Commerce our home in Denver. We’ve found a great partnership with Hyde Development and Mortenson Properties, who understand our business needs and have helped us identify a long-term solution to help us grow.”
Broadrange specializes in servicing the green energy sector. A portion of this property will be used for distributing solar panel components. This is the company’s first Colorado location, and they plan to occupy the space starting in September 2024, creating dozens of jobs in the area.
“We have a deep understanding of the renewable energy market and its needs,” said Dan Ryan, senior vice president, Mortenson Properties. “The expansion of Broadrange at 76 Commerce is a perfect fit for the solar industry, and the growing electric battery-based product industries, providing strong logistics support for the industries’ continued growth. We look forward to our partnership with Broadrange for years to come.”
76 Commerce Center is a four-building, 155-acre regional distribution center with one full mile of Interstate 76 frontage and immediate interstate access. Buildings 1 and 3 are located at 22250 and 22500 E. I-76 Frontage Rd. in Brighton. Both cross-dock buildings have Class A features throughout such as 36-foot clear heights, four drive-in doors and 106 and 108 dock-high doors in Building 1 and 3, respectively, in addition to trailer parking and office space. Building 1 is on a gated and secured site.
“The addition of Broadrange at 76 Commerce completes the execution of our original vision for the property and the creation of the I-76 submarket,” said Paul Hyde, CEO of Hyde Development. “Working with Broadrange was a fantastic experience and we’ve experienced tremendous alignment for identifying the right sustainable solution for their business needs.”
“Broadrange was attracted to 76 Commerce Center for a number of reasons including its location in the affordable city of Brighton, which offers a deep labor pool for companies located in the I-76 corridor,” said CBRE’s Witty. “The stellar location of this industrial park provides incredible regional access to the entire front range while being 20 minutes away from the heart of Denver.”
CBRE arranged the sale of the first two buildings (Building 4 and 5) in 2022 for Mortenson Properties and Hyde Development, who remain in partnership with the new owners on those assets. 76 Commerce Center totals 1.7 million square feet.
