CBRE announced that two new tenants are joining Eastpark 70, bringing the industrial park in metro Denver’s Airport submarket to full occupancy. Performance Contracting leased the entirety of Building 6, totaling 77,140 sq. ft., while Empire Today leased the remaining 60,350 sq. ft. in Building 5.
CBRE’s Doug Viseur and Todd Witty represented the park’s developer and landlord, Consolidated Investment Group.
“The developers behind Eastpark 70 have stayed attuned to the market and been responsive to tenant needs. Plans for Building 5 originally called for a single-tenant structure, but we saw growing demand for mid-sized space and advised the team to demise the building and make it available to multiple tenants. The result was a quick journey to full lease-up,” said Doug Viseur, senior vice president, CBRE.
Eastpark 70 is a Class A master-planned business park totaling 1.35 million sq. ft. across 13 buildings. Buildings 5 and 6 were completed in October 2022. Plans call for one more building to be added in the future, sized 117,500 sq. ft.
Buildings 5 and 6 are located at 19722 E. 22nd Avenue and 19922 E. 22nd Avenue, respectively, in Aurora, Colorado. Both buildings have dock-high and drive-in loading, ESFR sprinklers, 32-ft. clear heights, and trailer parking.
The park is located just west of Interstate 70 near the intersection with Tower Road, a short distance from other major highways including E-470, I-225, I-270 and I-25.
Metro Denver’s industrial sector saw over 724,000 sq. ft. of positive net absorption in the first quarter of 2023, marking the 52nd consecutive quarter of positive net absorption, according to CBRE research. The Airport submarket, where Eastpark 70 is located, performed the best in the quarter, accounting for 42% of leasing activity and 46% of all positive absorption.
“Although the industrial sector is not immune to economic volatility, it continues to show resiliency. There is strong demand among industrial tenants for high quality, recently constructed buildings, and that is driving much of Denver’s positive absorption,” said Todd Witty, senior vice president, CBRE.
About CBRE Group
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.