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104th Commerce Park, Phase 1. Image courtesy of Trammell Crow Co.
Trammell Crow Co. and joint venture partner Clarion Partners LLC have completed the 571,000-square-foot first phase of their 104th Commerce Park, a Class A industrial park in Commerce City, Colo., in metro Denver.
The 89.6-acre property is on 104th Avenue, just east of the intersection of State Highway 85 and I-76.
Phase 1 consists of two industrial buildings, of 272,700 and 298,300 square feet, with features including 32- to 36-foot clear heights, multiple truck docks, and on-site parking for vehicles, trailers and outside storage.
Ground was broken in September 2021. The full project plan calls for five Class A buildings totaling 1.2 million square feet.
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The park’s second phase is expected to begin as soon as this fall. Plans include three industrial buildings of 262,600, 193,400 and 132,400 square feet, as well as a yard area available for lease. The developers report that the park’s zoning allows for a wide range of industrial and e-commerce uses, including outside yard capability and substantial trailer storage.
The development team includes general contractor Murray & Stafford, architect Ware Malcomb and Langan Engineering.
The CBRE industrial team of Tyler Carner, Jeremy Ballenger and Daniel Close is handling the park’s marketing and leasing.
Surging rents
In a prepared statement, Erik Hagevik, principal with Trammell Crow and head of the firm’s Denver office, said, “The northeast I-76 corridor has continued to see strong demand for industrial space.”
Average industrial space rent in metro Denver jumped by 16.7 percent year-over-year in the fourth quarter, to $9.25 per square foot, triple net, according to a report from CBRE. That surge was driven in part by a 7.2 percent availability, resulting in turn from 11.2 million square feet of leasing in 2022.
Earlier this month, a joint venture of Opus Group and Principal Real Estate Investors began construction on Sun Empire, a 3.9 million-square-foot industrial park in Aurora, Colo. The two-building first phase of the 316-acre project is scheduled for completion early next year.
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