Central Development Plans 55-Acre Colorado Business Park
- Oct 10, 2016
By Ioana Neamt
Denver—Central Development, a Colorado-based, family-owned development company, will acquire the former Centennial East Corporate Center in Centennial, Colo., and turn it into a new, 55-acre office and industrial project, NGKF announced recently.
The developer has acquired the 25-acre Phase I of the Center for $4.5 million from Jordan-Arapahoe LLC. Kittie Hook and Wade Fletcher of NGKF represented the seller and assisted the buyer in the transaction. The team will also be in charge of marketing, sales and leasing efforts for the new development, which will be dubbed Encompass Business Park.
“Encompass Business Park, with its easy access, proximity to business, amenities and a large and educated labor pool, offers one of the best values in the eastern Centennial area,” Kittie Hook, managing director at NGKF, said in a statement. “Flexible zoning and sits shovel-ready nature for buildings of all sizes provide a speed-to-market option for select tenants.”
Upon completion, the business park will become the largest individual speculative industrial project in southeast Denver, featuring a 150,000-square-foot building, according to Jeremy Records, principal at Central Development. The project will incorporate a total of 13 development sites ranging from 14,000 to 150,000 square feet, with flexible zoning allowing retail, office, flex, industrial, medical and storage uses. Central Development is teaming up on the project with a limited liability company managed on behalf of its clients by Washington Capital Management Inc.
“One of the last vacant parcels available along Arapahoe Road, once complete, Encompass Business Park will fill a needed niche in an area impacted by limited supply,” added Hook.
Image courtesy of NGKF