United Properties to Expand INOVA Business Park
DENVER — United Properties recently acquired an additional 43 acres to expand its successful INOVA Business Park in Centennial.
Located at the intersection of Lima Street and Easter Avenue, the 43-acre, multi-building site will be named INOVA Aero and be slated for both office and industrial use, following on the heels of the development of INOVA I and II.
Initial plans for the new site include up to 480,000 square feet of industrial or 300,000 square feet of build-to-suit office space and an additional 225,000 square feet of industrial. INOVA Aero represents the last infill site in the southeast market that is west of the Centennial airport and is zoned for these uses, making it an attractive location for many potential tenants, according to Matt Oermann, senior development manager, United Properties.
“We’ve been very pleased with the response to INOVA to date, and we are excited to continue that momentum,” said Oermann. “The flexibility of uses allows us to consider multiple site plans and attract interest from a variety of clients.”
Tenants responded positively to INOVA Office I and II, in particular the proximity and easy access to I-25, higher parking ratios and highly efficient floor plate designs. INOVA Aero will follow a similar template, Oermann said, adding that, “Many tenants still desire parking ratios at 6 per 1,000 and higher. We can provide that, while still being within a mile and half of I-25.”
INOVA Aero’s first phase will have two industrial buildings totaling 157,000 square feet with anticipated completion during second quarter 2020.
Jason Addlesperger and Dave Lee of Newmark Knight Frank handled the transaction and are representing United Properties in leasing and build-to-suit opportunities.
Renderings courtesy of United Properties