3PL Firm Signs Colorado’s Largest Industrial Lease
BroadRange Logistics has signed the largest industrial lease recorded so far in Colorado. The third-party logistics firm committed long-term to more than 1.1 million square feet at 76 Commerce Center, a 1.7 million-square-foot campus in Brighton. This also marks the firm’s first location in the state.
The company will occupy Buildings 1 and 3 at the property owned by Hyde Development and Mortenson Properties Inc. starting September. CBRE arranged the deal on behalf of both parties, with Strategic Real Estate Partners also representing the tenant.
BroadRange, which specializes in servicing the green energy sector, will use part of the space to distribute solar panel components. The firm also signed a 1 million-square-foot lease in Fort Pierce, Fla., in a deal that also was the largest in the state year-to-date at the time.
CBRE Senior Vice Presidents Todd Witty and Daniel Close worked on behalf of the landlords. Senior Associate Sam Dragan and Vice Chair James Bolt, in partnership with Strategic Real Estate Partners, represented the tenant.
A fully-leased industrial campus
Completed last year, the 546,000-square-foot Building 1 features 106 dock-high loading doors, 123 trailer stalls and 2,522 square feet of office space. Building 3, delivered in 2021, totals 526,000 square feet and includes 108 dock loading doors, 144 trailer spots and 2,479 square feet of office.
Additionally, each cross-dock building has 36-foot clear heights and four drive-in doors. The two facilities came online with help from a $42 million loan originated by Bell Bank and a $30.1 million loan from First National Bank of Omaha, CommercialEdge shows.
The properties are at 22250 and 22500 E. I-76 Frontage Road, 5 miles from downtown Brighton and within 25 miles from downtown Denver. In addition, Denver International Airport is some 20 miles away.
The four-building 76 Commerce Center occupies 155 acres. Buildings 4 and 5 came online in 2020 and 2018, respectively, and are fully leased to five tenants, including Walmart and Outrider. The two assets changed hands in 2022.
Denver’s industrial sector holds steady
Metro Denver’s industrial vacancy rate stood at 8.4 percent as of May, 280 basis points above the national average, according to a CommercialEdge industrial report. The market’s rents during the same month averaged $8.35, marking a 4.6 percent growth year-over-year.
In January, Silver Point Development landed two tenants at its 1 million-square-foot industrial project in Mead, Colo. Leanin’ Tree and Renee’s Garden Seeds committed to 109,676 and 27,777 square feet, respectively, within Elevation25.
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