7:00 AM
Trammell Crow Company (“TCC”) announces its acquisition of prime commercial infill land located at East 55th Avenue and Washington Street near the I-25/I-70 interstate “crossroads” in unincorporated Adams County and the City of Denver for its new industrial project, Crossroads Commerce Park. When completed, the Park will comprise up to 1 million square feet in up to ten (10) buildings. Site work on the project has already commenced and building construction starts this week. The first phase includes three speculative industrial buildings equaling 640,000 square feet. A fourth building of approximately 60,000 square feet will commence soon after with a building user. Future phases will include individual buildings on a build-to-suit basis for users for sale or lease.
The site is being purchased from Globeville I, LLC, an EnviroFinance® Group (“EFG”) company, who has overseen the horizontal land development and is readying the site for new development. “We have been diligently working with EFG, as well as Principal Real Estate Investors, Adams County, the City of Denver, and various State agencies to bring this project to this stage,” said Bill Mosher, Senior Managing Director with TCC Denver.
“Redevelopment of this site has been a long time coming and TCC’s planned development, and the jobs it will create, are a huge win for Denver and Adams Counties,” said Cameron Bertron, Executive Vice President with EFG.
Principal Real Estate Investors is TCC’s capital partner in Phase I of the Crossroads project, and is very enthusiastic in investing in the Denver industrial market. “We are excited to partner with Trammell Crow Company on this rare, institutionally sized, central Denver industrial site. The central Denver market continues to be tight with around a 2% vacancy rate and we expect leasing velocity to be strong,” said Kevin Anderegg, Assistant Managing Director in Asset Management with Principal.
Ann Sperling, Senior Director with TCC Denver, is pleased with the level of activity from tenants and users due to the limited supply in Central Denver and pent-up demand, “situated in both Adams County and the City and County of Denver, the site allows for a wide range of building sizes and uses,” adding, “our goal is to make Crossroads a prime location for companies with showroom, distribution, warehouse and light manufacturing needs, looking to locate or expand in the Denver market.”
The Newmark Grubb Knight Frank team of Mike Wafer and Tim D’Angelo brokered the land sale and will also handle the marketing of the site on Trammell Crow Company’s behalf. Murray & Stafford is the general contractor, and Ware Malcomb is the architect for the project.
With this acquisition, Trammell Crow Company continues to invest in Colorado’s Front Range, having developed a long history in industrial, office, residential, healthcare and public-private projects, including over $2 billion in projects over the past 10 years.
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of March 31, 2015, TCC had $5.5 billion of projects in process and $3.6 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential and mixed-use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development, or providing incentive-based fee development services.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). For more information visit www.TrammellCrow.com.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $59.3 billion in commercial real estate assets . The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®. For more information, visit www.principal.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.