Two More Buildings Break Ground at Eastpark 70
Two more buildings are joining Eastpark 70, a Class A industrial development in northeast Aurora. The project by Consolidated Investment Group—an Englewood-based company that actively invests in real estate, capital markets, private equity and philanthropyal—already totals 900,000 square feet across four buildings. Building 5 will total 158,900 square feet and Building 6 will total 77,100 square feet. Both buildings broke ground on June 1.
“Eastpark 70 offers outstanding value and flexibility to metro Denver’s industrial users. The buildings are designed to accommodate a wide variety of user sizes and our park offers excellent highway access via Tower Road. You only need to look at the roster of current Eastpark 70 tenants to understand the project’s appeal,” said Mr. Viseur, senior vice president, CBRE.
Consolidated Investment Group developed 900,000 square feet in four buildings at the park between 2016 and 2019. The remaining 75,000 square feet of space in Building 3 was leased in June 2021, bringing the park to 100 percent occupancy. Eastpark 70 tenants include industry leaders UPS, Wayfair and Benjamin Moore, among others.
Located just southeast of the intersection of Interstate 70 and Tower Road, Building 5 is divisible down to 40,000 square feet and Building 6 is divisible down to 30,000 square feet. Both buildings are speculative builds and include 32-foot clear heights, ESFR sprinklers, dock-high and drive-in loading, trailer parking and office space available to suit. Eastpark 70 is zoned M-1 industrial with approval for outside storage. Building 5 is scheduled for completion in January 2022 and Building 6 is scheduled to deliver soon thereafter.
Consolidated Investment Group’s real estate investments include office and land, with a core focus on multifamily and industrial investment and development projects. The firm has developed each portion of Eastpark 70 speculatively. Upon completion, the 105-acre industrial park has the potential to contain nearly 1.4 million square feet of Class A distribution and manufacturing space.
“We have been pleased with the leasing activity to date and believe buildings 5 and 6 will meet an underserved segment of the market for new stand-alone buildings of 150,000 square feet or less,” said Heidi Brendemihl, Acquisition and Development manager, Consolidated Investment Group.
Metro Denver’s industrial sector had a strong start to 2021 with more than 976,000 square feet of positive net absorption, according to CBRE research. This was more than double the first quarter of 2020 and marked the 44th consecutive quarter of positive net absorption in the market.