Class A Industrial Development Planned for 61 Acres in Commerce City
COMMERCE CITY — Brennan Investment Group, LLC,a Chicago-based private real estate investment firm that acquires, develops and operates industrial properties on a national basis, has purchased approximately 61.40 acres of land at the intersection of East 112th Avenue & Havana Street in Commerce City for a phased speculative industrial development project. Groundbreaking is scheduled for the second quarter of 2019 and completion is targeted for the second quarter of 2020.
In phase one, Brennan will construct three Class A industrial buildings totaling approximately 557,000 square feet. The buildings will reflect varying designs to meet a wide variety of user requirements and will feature first class amenities that exceed market standards including 28′ to 36′ clear heights, abundant automobile parking and loading positions, including ample yard areas for outside storage.
The second phase of the project reflects two additional buildings totaling 396,000 square feet with vertical construction planned upon stabilization of phase one.
“When assessing the dynamics of industrial users serving the Denver market, this location’s intrinsic logistic value was compelling,” said Brian Roach, managing principal at Brennan Investment Group. “Users will benefit from reliable transportation routes and from a large labor pool in the surrounding area. Transportation and labor are the key considerations for any user seeking industrial space.”
Brennan and New York Life Real Estate Investors, on behalf of an institutional client, formed a joint venture to acquire, construct, and lease the project.
“We continue to increase our investments in demographically strong markets. Brennan is nearing completion of a 150,000-square-foot building in Denver, as well as two buildings totaling 310,000 square feet in the Salt Lake City market. We also have projects underway in Central Florida, Atlanta, and in Chicago’s O’Hare market,” said Scott McKibben, chief investment officer at Brennan Investment Group.
Stream Realty Partnerswas selected to be the exclusive leasing agent for the project. Tyler Reed, Peter Beugg, Dominic DiOrio, and John Torp will lead the marketing effort.
Brennan Investment Group, a Chicago-based private real estate investment firm, acquires, develops, and operates industrial properties in select major metropolitan markets throughout the United States. Since 2010, Brennan Investment Group has acquired over $3 billion in industrial real estate. The company’s current portfolio spans 28 states and encompasses nearly 40 million square feet.