Site of Future Master-Planned Industrial Development in Thornton Sells for $4M
THORNTON— Approximately 67 acres of industrial zoned land in Thornton has sold for $4 million to a newly formed joint venture between RMS Properties Company and Bow River Capital. The development team is planning a master-planned industrial development at Washington Street and 148th Avenue.
Matt Trone, SIOR, Steve Hager, managing directors, and Joey Trinkle, associate, of Cushman & Wakefield Denver represented the seller, Regal Properties, Ltd., in the transaction. The Hager, Trone, Trinkle team have also been retained to exclusively market the new development named 25 North.
“This land sale was a unique opportunity for the joint venture to acquire a large premium land site in the high growth North I-25 Denver area that has limited existing industrial product,” said Trone.
25 North will be comprised of approximately 900,000-square-feet of Class A buildings with interstate visibility and quick accessibility to I-25, E-470 and Northwest Parkway.
“Combining I-25 visibility and great highway access with new state-of-the-art speculative buildings and build-to-suit opportunities, the 25 North development provides the perfect setting for companies looking to establish, consolidate and grow operations in one convenient and strategic location,” added Hager.
Construction of Phase I has commenced and will include two speculative buildings totaling approximately 220,000 square feet. The site’s zoning allows for a variety of office, flex, warehousing, manufacturing and outdoor storage uses. Further, 25 North will offer new speculative development and land for build-to-suits, with buildings ranging in size between 50,000 to 250,000 square feet.
“We are pleased to be under construction on Phase I, given the number of associated regional components, that needed to be resolved before our project could move forward. The City of Thornton was instrumental in helping to resolve the majority of the issues and worked with us to accommodate the aggressive schedule we needed to meet,” explained Randy Schwartz, principal of RMS Properties Company.