Opus JV Moves Forward With 3.9 MSF Industrial Park – What is a Ground Lease?

, Opus JV Moves Forward With 3.9 MSF Industrial Park – What is a Ground Lease?, Robert Khodadadian

Sun Empire. Image courtesy of Dark Roast Media via CBRE

The Opus Group, in partnership with Principal Real Estate Investors, has started construction on Sun Empire, a 3.9 million-square-foot industrial project in Aurora, Colo. The developers purchased the 316-acre land in July 2022, for $49.7 million, with the assistance of CBRE.

The first phase of the development will consist of two buildings of 624,535 square feet and 204,496 square feet. CBRE’s Senior Vice Presidents Todd Witty and Daniel Close, the same team that oversaw the land acquisition, will be marketing the industrial park for lease, sale and build-to-suit development.

Both Class A buildings of Phase I will be available for lease in early 2024, and will feature drive-in loading and dock-level doors, over 140 trailer parking spots and 660 vehicle parking spots. Building 1A will have a cross-dock design that will feature up to 156,133 square feet floorplates, 110 dock doors and 32-foot clear heights, while the rear-load designed Building 1B will feature floorplates of 51,124 square feet, with 38 dock doors and 40-foot clear heights. With amenities and office capabilities included, both buildings can be leased to a single tenant.

Various rental proposals

Phase I started at the northwest corner of the development site, while future phases can accommodate building sizes between 200,000 and 1 million square feet. Each new development can be a build-to-suit if the completed buildings don’t meet a future tenant’s needs, noted Close.

The project will have as much as 1.4 million square feet of speculative industrial space for lease, build-to-suit for lease or sale, as well as user-land sale. Sun Empire is situated close to interstate 70 and 225, within 29 miles of downtown Denver, while providing easy access to Denver International Airport.

Denver’s availability of industrial space has dropped by 30 basis points on a year-over-year basis, closing 2022 at 7.2 percent. A steady demand and strong leasing activity are expected to further compress the availability rate in the coming quarters, according to research from CBRE.

In December 2022, the partnership broke ground on a three-building speculative industrial development in Phoenix. With Opus serving as developer, architect and designer, the 365,000-square-foot project is expected to be completed in late 2023. Earlier this month, Agilent Technologies Inc. moved forward with its $725 million expansion project in Denver area. The company commenced construction on a 200,000-square-foot building in Frederick, Colo., increasing its manufacturing capacity.

The post Opus JV Moves Forward With 3.9 MSF Industrial Park appeared first on Commercial Property Executive.

 Denver, Development, Industrial, News, West, CBRE, Principal Real Estate Investors, The Opus Group 

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