May 22, 2023 9:00 AM
Newmark announces it has arranged a new 22,689-square-foot lease on behalf of MTM Transit, LLC–an industry leading transit provider helping transit agencies meet the transportation needs of their communities –at 280 West 62nd Avenue (the “Property”) in Denver, Colorado. The tenant signed a long-term lease to occupy the industrial outdoor storage (IOS) property, solidifying its paratransit operation in Denver. Newmark Managing Director Mike Viehmann represented the tenant on the lease transaction.
Given the nature of its business concept, MTM Transit had specific requirements for the site, including outdoor storage that could suitably accommodate a 100-passenger van fleet, proximate location to strong population bases and granted convenient access to Denver’s major freeways. In knowing the local landscape, Newmark identified an IOS property and successfully engaged with ownership prior to it coming to market.
“This transaction not only speaks to the continued demand for modern and functional IOS properties within the Denver market, but also the challenges faced when sourcing an asset under increasingly constricted supply levels,” said Viehmann. “Nevertheless, we embraced the opportunity that led to the identifying and securing of this true win-win outcome.”
“Newmark’s notable expertise of the local market paired with their ability to harness relationships, provided an exceptional customer experience with a level of trust unparalleled in the industry,” said Ben Schandle of MTM Transit, LLC.
Situated on a 4.06-acre parcel of land, 280 West 62nd Avenue is a modern, 22,000-square-foot facility primely located at the epicenter of Denver’s Central submarket. Originally built-to-suit for CenturyLink’s fleet operations, the property underwent numerous site improvements, including floor drains, a sand and oil trap separator, nearly three acres of storage yard that is fully fenced in and gated, 14 oversized grade-level drive-in doors and a wash bay, among others. Above all, the property grants convenient access to Interstates 25, 70, 76 and 270, along with US-36.
According to Newmark Research, the Denver Industrial market remained robust in the first quarter of 2023, posting 747,830 square feet of net absorption and a 7.8% vacancy rate at the close. Despite witnessing negative net absorption in Q1 of 2023, which can be attributed to the large move-out by Planterra Foods, the Central submarket maintained strong fundamentals and reported a 5.61% total vacancy rate.
About MTM Transit
MTM is the nation’s most trusted and qualified partner for healthcare, transportation, and logistics solutions. Since 1995, MTM has managed NEMT for state and county governments, managed care organizations, health systems, and other programs involving transportation for the disabled, underserved, and elderly. Leveraging technology to streamline processes and improve the user experience for all stakeholders, MTM’s wide spectrum of services help clients improve health outcomes, promote independence, reduce costs, and increase satisfaction. In 2009, MTM’s leadership established MTM Transit, an affiliate that provides direct paratransit and fixed route transit services. Every year, MTM and MTM Transit collectively remove community barriers for 15.4 million people by providing more than 20 million trips in 35 states and the District of Columbia. MTM and MTM Transit are privately held, woman-owned business enterprises
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, 2022, Newmark generated revenues of approximately $2.7 billion. As of March 31, 2023, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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