Phoenix-Based ViaWest Group Enters Denver Market
Phoenix-based ViaWest Group, a full-service commercial real estate investment, development, and property management firm, will construct its first project in Denver, just north of downtown. The 134,400-square-foot Class A industrial facility will be named the Downtown Distribution Center. The building will be situated on 9.32 acres at 5601 Franklin Street and is scheduled for delivery in Q2 2023.
“We are thrilled to enter Denver’s infill market with the development of a modern facility that will meet the needs of today’s industrial users,” said ViaWest’s Market Leader Tom Glissmeyer. “This location, strong market fundamentals, and the first-class development and leasing teams involved are all reasons to be excited about this project. We view Denver as a great long-term investment market and are eager to find other quality locations for future projects.”
Downtown Distribution Center will feature modern design and functionality for today’s logistics/distribution occupiers, including 32’ clear height, 28 docks high and 2 drive-in doors, heavy power, ESFR Sprinklers, ample trailer and auto parking, clerestory windows, and Class A office space built to spec.
Cushman & Wakefield’s Drew McManus, SIOR, Bryan Fry and Ryan Searle brokered the sale of the land to ViaWest and will be handling the leasing of the new project.
“Downtown Distribution Center will offer tenants an outstanding Central Denver location at the convergence of four interstates I-25, I-70, I-76 and I-270 with immediate access to I-25. This infill location is about as good as it gets for industrial occupiers desiring to be located in Central Denver,” said Executive Managing Director Drew McManus. “Just minutes from downtown Denver and close to the National Western Complex, the project provides immediate proximity to an abundant workforce, public transportation, numerous nearby retail amenities, and is less than 30 minutes from Denver International Airport.”
The central Denver property is also located in Unincorporated Adams County with low sales tax rates benefiting occupiers of industrial space.
According to Cushman & Wakefield’s latest Q1-2022 market report, Denver’s overall industrial market vacancy was 5.9%, its third consecutive quarterly decline. The market also registered more than 1.2 million square feet of positive net absorption (occupancy growth) during the first quarter. Meanwhile, following a record-breaking year in 2021 with 14.2 million square feet (msf) of leasing activity, Q1 2022 reported 1.9 msf in leasing activity.