Silver Point Lands Two Tenants at Denver Industrial Park
Silver Point Development has signed two leasing agreements totaling 137,453 square feet at its two-building Class A industrial project in Mead, Colo., in Denver’s Greeley submarket. The two tenants are Leanin’ Tree—for 109,676 square feet—and Renee’s Garden Seeds—for 27,777 square feet. Avison Young negotiated the agreement on behalf of the landlord.
Elevation25 is an industrial park, currently under development and planned to include seven more buildings. The leasing agreements brought the first two buildings—completed in October last year—to full occupancy.
Located at 4460 Elevation Drive, Building I totals 94,076 square feet and features ample column spacing, 28-foot clear heights, speed bays, 26 dock-high doors, four drive-in doors and 145 vehicle parking spots. Renee’s Garden Seed will occupy space here, joining the roster that also includes M&M Thrift Management Co. and Premier Manufacturing and Supply Chain Services Inc.
Building II is at 4480 Elevation Drive and comprises 109,676 square feet. Its features include 28-foot clear heights, speed bays, four drive-in doors, 26 dock-high doors and 166 vehicle parking spots. Leanin’ Tree will fully occupy this building.
The developer financed this first phase of development with a $23.1 million construction loan from CIBC Bank USA, according to CommercialEdge.
The properties are situated on a 12-acre lot, providing easy access to the I-25 Corridor and are located 24 miles from Boulder, Colo., 32 miles from Denver and 38 miles from Denver International Airport. Avison Young’s team of Principal Dawn McCombs and Associate Ryan Almaleh are the exclusive leasing agents for Elevation25.
A speculative development
Elevation25 is planned to total 1 million square feet and is the only high-bay speculative industrial project in the I-25 Corridor area. Weld County has attracted significant companies in recent years and its population is expected to grow with 30 percent in the next five years, according to Avison Young. Other industrial users near Elevation25 include FedEx, Weatherford, McLane Co., UPS and Home Depot.
Silver Point Development commenced construction in early 2022. Its first phase initially included a five-building project totaling 578,240 square feet on 37 acres, while the second phase was expected to include four building on 36 acres, totaling 422,000 square feet, according to local authorities. In December 2023 the developer sold 54 acres—slated to include the remaining seven building—to Mark IV Capital. Silver Point Development will continue to own and operate the first two buildings.
Recent developments in Denver’s industrial pipeline
Denver had 8.1 million square feet of industrial space underway as of December, a recent CommercialEdge report shows. Among Western markets, Denver placed third in terms of new space under construction, behind Phoenix (42.5 million square feet) and the Inland Empire (19.4 million square feet).
Significant developments in the metro include Hines’ Quantum 56, a Class A six-building industrial park that will bring 868,360 square feet of space in North Central Denver. In joint venture with EnviroFinance Group, the developer commenced construction in August last year. JLL has been tapped as exclusive leasing agent.
In May, LaPour Partners received City Council’s approval for the development of Arista 36, a 359,800-square-foot industrial campus in Broomfield, Colo. The three-building project will be marketed for lease by Stream Realty Partners, with completion scheduled for 2025.
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