Brennan Investment Group, LLC, a private real estate investment firm that acquires, develops and operates industrial properties on a national basis, has purchased approximately 61.40 acres of land at the intersection of East 112th Avenue & Havana Street in Commerce City for a phased speculative development project. The site is well located approximately 11 miles north of downtown Denver and in close proximity to Interstate 76 and E-470. The project will also benefit from its proximity to Interstate 80, the primary trans-continental logistics corridor in the United States. Brennan and New York Life Real Estate Investors, on behalf of an institutional client, formed a joint venture to acquire, construct, and lease the project.
In phase one, Brennan will construct three Class A industrial buildings totaling approximately 557,000 square feet. The buildings will reflect varying designs to meet a wide variety of user requirements and will feature first class amenities that exceed market standards including 28’ to 36’ clear heights, abundant automobile parking and loading positions, including ample yard areas for outside storage. Groundbreaking is scheduled during the second quarter of 2019 and completion is targeted for the second quarter of 2020. The second phase of the project reflects two additional buildings totaling 396,000 square feet with vertical construction planned upon stabilization of phase one.
“When assessing the dynamics of industrial users serving the Denver market, this location’s intrinsic logistic value was compelling,” said Brian Roach, Managing Principal at Brennan Investment Group. “Users will benefit from reliable transportation routes and from a large labor pool in the surrounding area. Transportation and labor are the key considerations for any user seeking industrial space.”
Scott McKibben, Chief Investment Officer at Brennan Investment Group, stated, “We continue to increase our investments in demographically strong markets. Brennan is nearing completion of a 150,000 square foot building in Denver, as well as two buildings totaling 310,000 square feet in the Salt Lake City market. We also have projects underway in Central Florida, Atlanta, and in Chicago’s O’Hare market.”
Stream Realty Partners was selected to be the exclusive leasing agent for the project. Tyler Reed, Peter Beugg, Dominic DiOrio, and John Torp will lead the marketing effort.