According to Avison Young, Phase I of Elevation25, a two-building, 203,742-square-foot Class A industrial development situated on 12 acres in Mead, Colo., is now fully leased. Leanin’ Tree, an independent greeting card company, signed a 10-year, full-building lease totaling 109,676 square feet at 4460 Elevation Drive, and Renee’s Garden Seeds, a vegetable, flower and herb seeds company, signed a 7-year, 27,777-square-foot lease at 4480 Elevation Drive.
Avison Young Principal Dawn McCombs, and Associate Ryan Almaleh, who are exclusive leasing agents for the project, represented the owner/developer, Silver Point Development.
M&M Thrift Management Company, LLC and Premier Manufacturing and Supply Chain Services, Inc. also occupy 4480 Elevation Drive. The two buildings completed construction in October 2023.
“We are pleased to have secured full lease-up on these buildings within a very compressed timeframe and well ahead of the project projections,” said McCombs. “Our original thesis for this location was proven by strong tenant attraction from the older Longmont submarket and other under-served surrounding towns that were seeking modern facilities situated along the I-25 corridor.”
Elevation25 is the only high-bay warehouse speculative industrial development in the immediate area and is just two turns from I-25, heading northbound or southbound. It is strategically located equidistant to three of the region’s major markets – Denver, Boulder, and Loveland/Fort Collins, the pro-business/pro-growth County of Weld has been growing in popularity, attracting major companies over recent years for distribution and logistics including Amazon, Home Depot, UPS, FedEx, and PODS. The Elevation25 project will seek to capitalize on the 30% population growth projection in this northern corridor submarket over the next five years.
“Carbon Valley which is comprised of the cities of Firestone, Frederick, Dacono and Mead, is one of the fastest-growing areas in Weld County due to its affordability, pro-growth business attitude, central location and accessibility,” added Almaleh. “Additionally, the sales tax in Mead is 5.9%, which is lower than the average sales tax in Colorado of 6.975% and the mill levy is lower than much of its surrounding competition which means a lower total gross rent for industrial there.”
The success for Phase I was a critical factor in the December 2023 sale of 54 acres which are slated for the development of seven more buildings at Elevation25. Mark IV Capital acquired the land with construction anticipated to begin this fall. With Principal Brad Cushard taking on a larger role with a national development company in 2022, the project team chose to exit the development on a high note and sell the remaining land to Mark IV Capital. Silver Point will maintain the two buildings in its portfolio.
The contributions of the key players including Silver Point Development, Walker & Dunlop Investment Partners, Alcorn Construction, Intergroup Architects, and Avison Young as the leasing and land acquisition team, all lent to the creation and successful lease-up of this significant industrial project.
“The success of the project was driven in part by a significant amount of research to determine why businesses would choose Mead. Access to employees has become increasingly important and employees are focused on working at businesses close to where they reside,” noted Cushard. “Equally important is the focus of businesses which look for high-quality facilities to attract talent and at the same time provide a cost-effective solution to their real estate needs to ensure success well into the future. We could not be happier with the work Dawn and Ryan did to lease up our project.”