Cushman & Wakefield revealed that it acted as the exclusive advisor to United Properties in securing a joint venture equity investment of approximately $20.06 million for Phase I of INOVA. This new Class A industrial development spans 442,450 square feet and is being built in Centennial. INOVA will feature five planned shallow-bay, rear-load industrial buildings across nearly 43 acres, with each structure positioned on its own parcel.
United Properties and its new joint venture partner will launch the project with an initial groundbreaking on Phase I totaling 255,250 SF, comprised of two standalone buildings of 141,480 SF and 113,770 SF on two parcels. There is also an additional vacant ±5.01-acre pad site that can house a fifth 43,700 SF freestanding building, which is being targeted for a build-to-suit user. Phase II is currently planned to be two 93,600 SF front park rear load buildings for a total of 187,200 SF.
“We’re thrilled to announce our new partnership and begin development on INOVA. Situated in the highly sought-after Southeast submarket, which has seen strong leasing activity and tenant demand over the past three years, the project benefits from an amenity-rich area and excellent access to I-25, positioning it for long-term success. Thanks to the Cushman team for their successful efforts, which have allowed for this project to move forward,” said Mindy Rietz, Vice President at United Properties.
A Cushman & Wakefield industrial capital markets team of Will Strong, Michael Matchett, Molly Hunt, Jack Stamets, and Madeline Warren of the firm’s National Industrial Advisory Group—Mountain West represented United Properties in the equity transaction. The firm’s Tyler Smith, Alec Rhodes and Aaron Valdez also provided local advisory on the assignment and will represent the venture in leasing the project.
“INOVA presented a special partnership opportunity to own and develop a core best-in-class industrial project in the high-demand southeast Denver industrial submarket. The property’s superior location provides exceptional accessibility to Interstate 25, a main artery for logistics and distribution services within the Denver Metro as well as connecting to other key markets in and out of state. Adding to the project’s desirability, Southeast submarket industrial fundamentals have benefited from solid demand, new high-image industrial buildings, and a strong labor market,” said Michael Matchett.
INOVA’s site location is immediately east and in between the two intersections of I-25 and Dry Creek Road and I-25 and Arapahoe Road, just south of the Denver Tech Center and immediately west of Centennial Airport. Located just 16 miles south of downtown Denver, the location provides tenants same-day accessibility to the entire Denver population via I-25.
“Centennial is home to some of the world’s most advanced industrial tenants in industries like aerospace, Department of Defense, and high-tech manufacturing to name a few. These industry types demand a highly educated workforce and strong demographics with INOVA can easily provide given its immediate access to some of Denver’s premier suburban neighborhoods. The area also offers critical housing options with nearly 1,500 apartments recently constructed in the area,” added Tyler Smith.
INOVA will be United Properties’ second business park development in the submarket. It is preceded by the highly successful initial phase of the INOVA Business Park development, which is located just a half mile to the west.
