CBRE Negotiates Largest Speculative Lease in Denver Since Q1 2020

20500 East Colfax Avenue, courtesy of CBRE.

Texas-based Alan Ritchey, Inc. (ARI), a multi-industry company that provides services to the government, industrial, agriculture, energy and transportation sectors, has signed a 594,138-square-foot industrial lease at Stafford Logistics Center in Aurora. ARI will occupy Building 1, a newly-constructed speculative industrial building, in October 2021. This transaction marks the largest lease at a speculative property in the Denver metro since the first quarter of 2020.

Stafford Logistics is owned by NorthPoint Development. Bill Thompson with CBRE represented ARI in the lease negotiations.

“Recently, ARI won a long-term contract with the United State Postal Service to handle overflow mail and packages, creating an urgent need for a large space to serve the Denver market properly,” said Mr. Thompson, senior vice president, CBRE. “Although there are record levels of new speculative industrial construction in Denver, there were few choices of this size available for immediate occupancy. The NorthPoint team, in conjunction with the leasing team, were very accommodating in meeting the tenant’s needs, particularly the need for quick occupancy.”

Located at 20500 East Colfax Avenue, the property features 60 dock high doors, four drive-in doors/ramps, 36-foot clear height and ESFR sprinklers. It offers immediate access to Interstate-70 and E-470 and is nearby Denver International Airport.

According to CBRE Research, the vacancy rate in Denver’s Airport submarket was 5.8 percent at the end of Q2 2021, below Metro Denver’s overall vacancy of 6.9 percent.

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