Newmark Facilitates Industrial Leases Totaling 494,398 Square Feet at Central Park Logistics Center in Denver

March 20, 2024 9:00 AM

Newmark announces the firm has completed two new leases totaling 494,398 square feet at Central Park Logistics Center, a two-building, newly constructed industrial asset in Denver, Colorado. Discount Tire and Marcone Supply, Inc. will occupy 339,000 and 156,000 square feet of space, respectively, filling the entirety of Building 2 at 9400 E 46^th Place.

Newmark Executive Managing Director Mike Wafer, SIOR and Managing Director Mike Wafer, Jr. represented the landlord and developer, Brookfield Properties, in the transactions. The Newmark team was appointed by the New York-based developer in 2021 to lease the entire 695,899-square-foot industrial project, which delivered in July 2022. Wafer, SIOR also served as the tenant advisor for Discount Tire, while Marcone Group was represented by Cresa’s Mike Statter.

“Creating the opportunity for both tenants to sign on to Building 2 was a testament to our team’s ability to creatively navigate the challenges of each requirement and find mutually beneficial solutions,” said Wafer, SIOR. “We are thrilled to have successfully completed these milestone transactions, underscoring the high demand for Class A distribution centers in strategic ‘last mile’ Denver locations. Our sincere congratulations to Discount Tire and Marcone Group on excellent executions.”

Situated on a 32-acre parcel, Central Park Logistics Center is the last sizeable industrial-zoned ground site in the former Stapleton Airport redevelopment area. The LEED-certified buildings feature cross-dock and front load/rear park designs, 32’ to 36’ clear heights, modern truck courts with ample car and trailer parking, speculative offices and a state-of-the-art filtration system. Building 1 is currently 80% leased to Metrie, Inc. and Consolidated Electrical Distributors, Inc., leaving approximately 42,000 square feet of available space within the complex.

Positioned at the northeast corner of Central Park Boulevard and I-70, the center benefits from immediate interstate access and premier highway visibility, as well as close proximity to numerous restaurants and retail options, public transportation and a strong workforce.

According to Newmark Research, demand in the Denver industrial market calmed from its pandemic high, leading absorption and deliveries back to pre-pandemic levels. In the fourth quarter of 2023, the market recorded a healthy 1.9 million square feet of absorption, boosting annual absorption to 3.9 million square feet. Vacancy remained relatively stable from the previous quarter at 8.4%, but will incrementally climb in the short-term as 1.8 million square feet of speculative space is due to deliver.

About Newmark
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. For the year ending December 31, 2023, Newmark generated revenues of approximately $2.5 billion. Newmark’s company-owned offices, together with its business partners, operated from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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