This morning Trammell Crow Company (TCC) announced it has acquired a 36-acre property at East 55th Avenue and Washington Street near the I-25 and I-70 interchange. This land will be used for an industrial development named Crossroads Commerce Park. Once built-out this property is slated to include up to 1 million square feet of space in multiple buildings. The property sits in both Denver and Adams counties.
Trammell Crow stated that ground-up construction begins next week. Principal Real Estate Investors is TCC’s capital partner in Phase I of the Crossroads project
“We are excited to partner with Trammell Crow Company on this rare, institutionally sized, central Denver industrial site. The central Denver market continues to be tight with around a 2 percent vacancy rate and we expect leasing velocity to be strong,” said Kevin Anderegg, Assistant Managing Director in Asset Management with Principal.
The site was bought from Globeville I, LLC., an EnviroFinance Group company.
”Redevelopment of this site has been a long time coming and TCC’s planned development, and the jobs it will create, are a huge win for Denver and Adams Counties,” said Cameron Bertron, Executive Vice President with EnviroFinance Group.
Ann Sperling, Senior Director with TCC Denver’s office stated, “situated in both Adams County and the City and County of Denver, the site allows for a wide range of building sizes and uses. Our goal is to make Crossroads a prime location for companies with showroom, distribution, warehouse and light manufacturing needs, looking to locate or expand in the Denver market.“
The Newmark Grubb Knight Frank team of Mike Wafer and Tim D’Angelo brokered the land sale and will also handle the marketing of the site on Trammell Crow Company’s behalf.
According to TCC it has invested over 2 billion in Front Range projects over the last 10 years.