JLL Capital Markets has arranged $77.1 million in total project financing for Commerce Yards, a 466,000-square-foot Class A industrial development located at 9401 Heinz Way in Commerce City, scheduled to break ground in April 2026.
JLL worked on behalf of the borrower, Lincoln Property Company, to secure the financing package that included JV equity from a confidential partner and a construction loan from First Horizon Bank.
The low-coverage warehouse project spans 46 acres and consists of three buildings ranging from 113,000 to 200,000 square feet, with 14 acres of dedicated secured yard space for outdoor storage.
Commerce Yards is strategically positioned at the intersection of 96th Avenue and Heinz Way, providing direct connectivity to Interstate 76, US 85, E-470 and Interstate 25, just 1.5 miles from the I-76 interchange. The location offers proximity to Denver International Airport at 15 minutes and downtown Denver at 20 minutes.
The project serves the I-76 Corridor, which houses 4,200 companies and benefits from a strong blue-collar workforce, with 38.5% of area residents employed in trade, manufacturing and labor-intensive industries.
The development features unique zoning that allows 50% of the site for outdoor storage, creating a yard-to-building ratio significantly higher than typical industrial projects. Each building offers 28- to 32-foot clear heights with rear-load configurations, generous loading positions and 4,000 amps of power. The project is rail-serviceable and located within an Enterprise Zone, offering tax benefits to tenants.
The development targets tenants in construction, machinery and materials, logistics and distribution and energy and utilities sectors, which comprise 77% of the Northeast Denver industrial market.
“We’re excited to bring this unique project to market and deliver solutions that truly meet the needs of today’s companies,” said Scott Caldwell, executive vice president at Lincoln Property Company.
The JLL Capital Markets team that spearheaded the equity placement process was led by Senior Managing Director Peter Merrion, Director Rob Key and Senior Director Will Mogk. The debt placement was executed by Senior Managing Directors Leon McBroom in Denver and Jim Curtin in Dallas.
“The business plan at Commerce Yards is perfectly designed to capture a hole in the market for brand new warehouse space with a dedicated outdoor yard at each building,” said Merrion. “There has not been any large-scale development of lower coverage industrial in the Denver market, yet we’re consistently seeing tenants seek out a best-in-class warehouse with such a feature. This development directly addresses that unmet demand.”
McBroom added, “This deal reflects confidence in both the sponsor’s execution capabilities and the fundamental supply-demand dynamics driving the Northeast Denver industrial market.”
Construction completion of the project is expected by May 2027.
