Today, the Denver office of Newmark Grubb Knight Frank announced Corum Real Estate Group has acquired 7.5 acres near the intersection of I-25 and 62nd Avenue. Construction is now underway at the site on Central 62, a 124,000 square-foot industrial warehouse. The property sits in unincorporated Adams County approximately 10 blocks to the north of the Denver city line.
Associate Director Matt McClintock and Senior Managing Director Jeff McClintock of NGKF handled the transaction.
“The central industrial area is drum tight, currently under 2 percent vacancy, and the Central 62 development fills a current gap in the market,” explained Matt McClintock. “This new industrial construction fronting I-25 is the first in decades, and as land values skyrocket in RiNo and along Brighton Boulevard, centrally located companies need new options.”
Sold by local owners Tony and Lou Ficco, the land was an alfalfa farm for decades.
“This land has been in our family, in our blood for nearly 75 years, since 1941,” commented Tony Ficco. Originally spanning ten acres, the highway department required 2.5 acres in 1963 to build Interstate 25. “Now that the family is focused on managing multihousing and commercial property holdings, the time was right to sell the remaining 7.5 acres.”
Corum Real Estate is comprised of a father and son team, Mike Komppa and Eric Komppa, as is the McClintock team at NGKF.
Eric Komppa of Corum stated, “Working with another father-son team was a unique experience for Mike and me. We had a lot of fun putting the pieces of this deal together, and with the activity we’re already seeing, we expect to see a successful lease-up of the building.”