Lovett Delivers Denver Industrial Facility
Lovett Industrial has wrapped up construction on Broadway Logistics Center, a 201,329-square-foot Class A industrial building in Denver. Cushman & Wakefield is spearheading the leasing efforts.
The company closed on the 15-acre site in September 2022 and construction on the speculative project began two months later. Texas Capital Bank provided a $23.4 million construction note that same year, CommercialEdge data shows.
Broadway Logistics Center features 32-foot clear heights, a 6-inch reinforced concrete slab, 130-foot truck courts, 57 dock-high doors and four grade-level doors. The property also includes 204 auto parking spots and 50 trailer parks. Additionally, the rear-load facility has roughly 2,250 square feet of Class A office space.
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Located at 6795 Broadway inside Denver’s North Central industrial submarket, the property is 7 miles from downtown Denver. Interstates 25, 76 and 270, as well as U.S. Route 36, are less than 2 miles away, while the Denver International Airport operates some 23 miles northeast.
Cushman & Wakefield Executive Managing Director Drew McManus, alongside Senior Directors Bryan Fry and Ryan Searle, handle leasing on behalf of the owner.
Lovett’s new industrial developments
Lovett is active in more than 15 markets across the U.S., with a portfolio of some 16 million square feet of completed, acquired and under-construction warehouses, as well as north of 10 million square feet in the planning and permitting stages.
Just last month, the company received approval to develop a 298,000-square-foot industrial project in Chino, Calif. Lovett paid $40 million for the development site and construction is expected to begin later this year.
In May, Lovett began construction on another urban infill project. Lake Forest Bank & Trust Co. issued an $18.4 million construction loan for the 282,000-square-foot industrial business park in Charlotte, N.C.
Metro Denver’s industrial pipeline shrinks, vacancy goes up
Metro Denver witnessed 1.5 million square feet of industrial space coming online during 2024’s second quarter, according to a Cushman & Wakefield report. This quarter’s industrial deliveries outshined the space that came online during the first three months of the year—879,806 square feet—but fell short of 2023’s second quarter figures, which are close to 2 million square feet.
As of June, Greater Denver’s pipeline held nearly 5 million square feet of under-construction industrial space, the lowest since 2019, the report goes on to show. The metro’s net absorption year-to-date through June amounted to 755,157 square feet.
Despite robust absorption, metro Denver’s industrial vacancy rate stood at 8.0 percent in June, 110 basis points higher over the year. However, the North Central submarket fared better, its availability rate clocking in at 5.2 percent that month.
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