May 10, 2022 11:30 AM
Newmark announces it has recently completed three leases totaling more than 275,000 square feet at United Properties’ Enterprise Business Center, a 1.95 million-square-foot Class A industrial park in Denver, Colorado. Newmark Executive Managing Director Mike Wafer, SIOR, Director Michael Wafer, Jr. and Director Mike Viehmann serve as exclusive leasing advisors for the property and represented Minneapolis-based United Properties in the transactions.
The recent leasing transactions completed by Newmark are as follows:
- Priority Wire & Cable renewed its 115,829-square-foot lease. The tenant was represented by Cody Sheesley and Ted Dickey of Colliers.
- Elliott Electric Supply signed a new 81,731-square-foot lease. The company was represented by Viehmann with Newmark.
- Dealer Tire renewed its 80,782-square-foot lease, with representation from Matt Burton and Mike Statter of Cresa.
“On behalf of United Properties, we are pleased to renew leases with Dealer Tire and Priority Wire & Cable, and to welcome Elliott Electric Supply to the park,“ said Wafer, Sr. ”Denver’s industrial market is very strong, so we are happy to help these tenants find or maintain suitable warehouse/distribution space in an extremely tight market.”
All three deals were completed in Building 5 of the park, located at 10000-10700 East 40th Avenue in Denver. Building 5 is part of the seven-building Enterprise Business Center, a 1.95 million-square-foot Class A industrial project located in Denver’s most successful master-planned, mixed-use development. Other users in the park include FedEx, Swire Coca-Cola, Breakthru Beverage and Reddy Ice.
Enterprise Business Park features an exceptional location 15 minutes from both Downtown Denver and Denver International Airport (DIA). The property offers immediate access to I-70, as well as proximity to I-270, I-225 and I-25. The park is proximate to 2.4 million square feet of retail space and amenities, more than 7,000 residential units and over 900 acres of parks and open space.
According to Newmark Research, following Denver’s historic 2021 figures, the city’s industrial market exhibited moderated expansion in the first quarter of 2022, with an absorption of 1.1 million square feet. Market-wide absorption was up 44.4% year-over-year. Much of this expansion was attributed to sustained activity in the e-commerce, and food and beverage industries. Vacancy was 6.0%, down from 6.2% the previous quarter and 6.8% in the first quarter of 2021.
About United Properties
United Properties has been creating deep roots in the commercial real estate industry for more than 100 years. The company imagines new possibilities in real estate to help enrich communities and create lasting legacies. United Properties provides market expertise for ground-up development, redevelopment and acquisitions of value-add and stable investments. The company invests in and develops office, industrial, retail, mixed-use and senior housing properties. United Properties is owned by the Pohlad Companies and is headquartered in Minneapolis, with offices in Denver and Austin, Texas. For more information, visit www.uproperties.com and follow on Twitter, LinkedIn and Instagram.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.