Trammell Crow, Clarion Finish Phase 1 of Metro Denver Industrial Park

March 16, 2023

104th Commerce Park, Phase 1

104th Commerce Park, Phase 1. Image courtesy of Trammell Crow Co.

Trammell Crow Co. and joint venture partner Clarion Partners LLC have completed the 571,000-square-foot first phase of their 104th Commerce Park, a Class A industrial park in Commerce City, Colo., in metro Denver.

The 89.6-acre property is on 104th Avenue, just east of the intersection of State Highway 85 and I-76.

Phase 1 consists of two industrial buildings, of 272,700 and 298,300 square feet, with features including 32- to 36-foot clear heights, multiple truck docks, and on-site parking for vehicles, trailers and outside storage.

Ground was broken in September 2021. The full project plan calls for five Class A buildings totaling 1.2 million square feet.

READ ALSO: Top 5 Emerging Industrial Markets

The park’s second phase is expected to begin as soon as this fall. Plans include three industrial buildings of 262,600, 193,400 and 132,400 square feet, as well as a yard area available for lease. The developers report that the park’s zoning allows for a wide range of industrial and e-commerce uses, including outside yard capability and substantial trailer storage.

The development team includes general contractor Murray & Stafford, architect Ware Malcomb and Langan Engineering.

The CBRE industrial team of Tyler Carner, Jeremy Ballenger and Daniel Close is handling the park’s marketing and leasing.

Surging rents

In a prepared statement, Erik Hagevik, principal with Trammell Crow and head of the firm’s Denver office, said, “The northeast I-76 corridor has continued to see strong demand for industrial space.”

Average industrial space rent in metro Denver jumped by 16.7 percent year-over-year in the fourth quarter, to $9.25 per square foot, triple net, according to a report from CBRE. That surge was driven in part by a 7.2 percent availability, resulting in turn from 11.2 million square feet of leasing in 2022.

Earlier this month, a joint venture of Opus Group and Principal Real Estate Investors began construction on Sun Empire, a 3.9 million-square-foot industrial park in Aurora, Colo. The two-building first phase of the 316-acre project is scheduled for completion early next year.

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