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Eastpark 70. Image courtesy of CBRE
Developer and landlord Consolidated Investment Group has secured 137,500 square feet in new leases at Eastpark 70, a 13-building, 1.3 million-square-foot business park in Aurora, Colo. CBRE brokered the deal on the ownership’s behalf.
Performance Contracting signed a 77,140-square-foot lease to occupy the entire Building 6 within the campus, while Empire Today inked an agreement to occupy the remaining available 60,350 square feet in Building 5. The closing of these leases resulted in the industrial park reaching full occupancy.
READ ALSO: Industrial Leasing Trends for 2023
UPS, Benjamin Moore, JFC International and Empire Flooring are among the other tenants at Eastpark 70, according to CommercialEdge,
Buildings 5 and 6 reached completion in October of last year. Both have dock-high and drive-in loading, ESFR sprinklers, 32-foot clear heights and trailer parking. The developer plans the construction of an additional 117,500-square-foot building.
Located at 19722 E. 22nd Ave. and 19922 E. 22nd Ave., the two buildings are located just west of Interstate 70, near the intersection with Tower Road, offering connectivity to other thoroughfares including toll road E-470, as well as interstates 25, 225 and 270.
The site is zoned as I-1 Aurora and has received approval for outside storage. Downtown Denver and Denver International Airport are both some 16 miles away. Additionally, Eastpark 70 is adjacent to Subaru and Amazon facilities.
Denver’s industrial sector shows resilience
CBRE Senior Vice Presidents Doug Viseur and Todd Witty brokered the lease on behalf of Consolidated Investment Group. Earlier this year, the same brokers were part of the team that represented a partnership between Confluent Development and Invesco Real Estate in signing two leases totaling 57,055 square feet at Building 1 of Central Park Business Center, a Class A, two-building industrial park in Denver. The leases brought that building to full occupancy as well.
The industrial sector in metro Denver recorded positive net absorption of 724,000 square feet in the first quarter of 2023, according to CBRE research. This achievement marked the 52nd consecutive quarter of positive net absorption.
Among Denver’s submarkets, the Airport submarket, where Eastpark 70 is situated, outperformed others by accounting for 42 percent of leasing activity and 46 percent of the total positive absorption in the quarter, the same source shows.
Despite the industrial sector being susceptible to economic fluctuations, it demonstrates continued resilience, said Witty in a prepared statement. The demand for modern industrial buildings remains robust among tenants, which is a significant factor contributing to Denver’s positive absorption, he added.
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