A Coca-Cola distributor has leased a 257,351-square-foot warehouse under construction at United Properties’ Enterprise Business Center at Stapleton in Denver, in a deal negotiated by Newmark Grubb Knight Frank.
It is one of two speculative warehouses under construction at the new Class A industrial park near Interstate 70 and Havana Street that will eventually have about 1.1 million square feet of space.
“This large commitment to a speculative buildings, scheduled for completion in the spring 2014, underscores just how strong demand for industrial space has become in the Denver area,” Mike Wafer, NGKF’s executive managing director, said in a news release. “This is the first time we’ve seen preleasing of speculative warehouses in more than a decade.”
Wafer and Senior Managing Director Tim D’Angelo are marketing the Enterprise Business Center and represented Minneapolis-based United Properties in the negotiation. Joe Cantalamessa of Cantalamessa Partners of Littleton, Colo., represented the tenant.
Swire Coca-Cola USA, a subsidiary of Swire Pacific Ltd, is one of the largest Coca-Cola distributors in the United States. It expects to operate its beverage distribution for the Denver metropolitan area from the new site once the warehouse is completed in May.
In July, United Properties bought 38.2 acres from Forest City Stapleton, Inc., the wholly owned subsidiary of Forest City Enterprises that has developed the master-planned community of Stapleton. It immediately began construction of two speculative warehouses that will total about 489,000 square feet when completed. Once it is fully built out, Enterprise Business Center will have five buildings, including two flex buildings that will be built along 40th Avenue, and a 231,345-square-foot distribution center that is under construction to the west of the Swire building, and a newly planned 469,000-square-foot distribution building on the neighboring 24 acres.
Construction of the flex buildings is scheduled to being in the first quarter of 2014, according to a United Properties release. Wafer told Commercial Property Executive that the two flex buildings, “will break ground next year and are designed for heavier office and flex uses.”
He said they will be 90,950 square feet and 105,400 square feet when completed.
“Denver’s industrial vacancy rate of 6.1 percent is close to an all-time low,” Wafer added. “The recent, unprecedented rush for industrial buildings, particularly in the city and county of Denver, make a compelling case for high-quality speculative construction projects, including Enterprise Business Center.”
Stapleton is located about 15 minutes from Denver International Airport and 10 minutes from downtown Denver.
United Properties’ Colorado division develops retail properties as well as office and industrial buildings.