Ryan Cos., PGIM to Develop Denver Industrial Campus
The joint venture between Ryan Cos. and PGIM Real Estate has obtained financing for a two-building industrial project in Broomfield, Colo. Upon completion, Northwest Commerce Center will be a Class A campus totaling more than 343,000 square feet.
Ryan Cos. intends to break ground on the project that was designed by Ware Malcomb. JLL’s Carmon Hicks, Patrick McGettigan and Jason White will head up marketing and leasing. Delivery is expected by the second quarter of 2025.
Outside of Colorado, Ryan recently began construction on a three-building industrial project in Chandler, Ariz. Schrader Farms Business Park is set to be comprise 432,000 square feet and is anticipated to come online in the third quarter of 2025.
Northwest Commerce Center, up close
Northwest Commerce Center will take shape within the 600-acre Verve Innovation Park, a mixed-use campus including aviation, industrial, retail, hotel, flex and corporate spaces. Ryan Cos. acquired the roughly 25-acre site for $10.3 million, Jefferson County public documents show.
Each building will feature a 32-foot clear height, LED lighting, a 4,000-amp electrical service and an ESFR sprinkler system. The development is set to have have 22 trailer parking spots and accommodate a range of industrial tenants and uses.
The site is some 18 miles from downtown Denver, adjacent to The Rocky Mountain Metropolitan Airport and 2 miles from U.S. Route 36. Companies nearby include Medtronic, Ball Aerospace and Covidien.
Metro Denver had some 2.9 million square feet of industrial space underway as of May, according to a recent CommercialEdge report, representing 2.9 percent of stock. The rate was 100 basis point higher than the one recorded on average nationally.
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