DENVER – United Properties, an industry leading commercial property investment company in Minnesota and Colorado, has established itself as one of the most active retail developers in the Denver area. In recent months the developer has built a pipeline of 20 acres of retail, primarily through the combination of developing free-standing retail pad sites along the perimeter of larger industrial developments.
“Based on my background developing retail centers, I have always been drawn to sites that offer excellent visibility and access along major commercial arterials,” said Kevin Kelley, executive vice president of Denver commercial development at United Properties. “Most industrial tenants also want convenient access to major thoroughfares as well, so it turns out that retail and industrial generally want similar site attributes but at a different scale.”
This growth area for the commercial real estate development company reflects shifts in both retail and industrial development trends.
“We’re calling this the ‘next gen mixed-use,’ which are sites that blend light industrial, office and retail in one development,” said Alicia Rhymer, vice president of retail development at United Properties. “Workers want more convenience, and retailers want to be where the customers are – we just put the two of them together.”
United Properties has three current projects at various stages of development that reflect this next generation of mixed-use developments:
Coming Soon: United Properties recently closed on a site at 38th Avenue and Tower Road in Aurora to develop Tower Business Center; three acres of the site will be used for retail pad sites, complementing 450,000 square feet of industrial space. 7-Eleven and Ronny’s Car Wash have each signed on for one-acre pad sites at this location. An additional pad is still available.
Under Construction: Enterprise Business Center (EBC), located at East 40th Avenue and Central Park Boulevard in Stapleton, features 3.3 acres of retail in front of this large flex/industrial development. Retail tenants for this site will include a drive-thru Starbucks, Cheba Hut, F45 Training, Fuzzy’s Taco Shop and a New Horizon Academy. The retail component of EBC is slated to be complete in September 2018.
Moving In: In April, 7-Eleven and Swisslog moved into United Properties’ Interpark development, a flex/industrial project that will comprise 240,577 square feet across two buildings, once it’s completed in 2018. Located just off US-36 in Broomfield, the project is United Properties’ first development in the northwest corridor. Five acres of additional retail pads are still available.
At 87th Parkway and Indiana Street in Arvada, United Properties is currently developing more than six acres of commercial land, consisting of 7-Eleven and Starbucks, to be completed July 2018. Nearly four acres of additional retail pads are still available.
Rendering courtesy of United Properties