Charter Communications Scales Up to 122 KSF in Denver

8560 Upland Drive. Image courtesy of Stream Realty Partners

Charter Communications, which brands its services as Spectrum, has renewed and expanded its lease at Compark Business Park in Englewood, Colo., with an additional 58,487 square feet. The expansion brings the tenant’s commitment to 122,000 square feet. The industrial facility is owned by CWCapital and Kenai Capital Advisors.

Stream Realty Partners Executive Managing Director Tyler Reed, Managing Director Peter Beugg and Executive Vice President Dominic DiOrio represented the landlord. CBRE assisted the tenant.

The Charter expansion became possible as the adjacent space became available. The other tenant occupying the remainder of the building is AVI-SPL, a provider of collaboration and audio-video technologies.

Denver industrial: A very dynamic market

In the fourth quarter of 2022, the leasing volume in metro Denver reached more than 2 million square feet, with an annual volume of 11.2 million square feet, a CBRE report shows. Due to steady tenant demand, the average achieved rate increased 16.7 percent year-over-year.

Just this week, Invesco, in a joint venture with Confluent Development, inked two leases totaling 57,055 square feet at Building 1 of Central Park Business Center in Denver. Earlier this year, a larger lease transaction took place, as Hyde Development and Morten Properties Inc. landed a tenant at High Point Elevated, a 5.5 million-square-foot industrial park under construction in Aurora, Colo. PrimeSource Building Products signed a 170,300-square-foot lease.

A Class A facility southeast of Denver

Compark Business Park last traded in 2020, when Kenai Capital acquired the asset for $23.2 million from Hendricks Commercial Properties, according to CommercialEdge data. The facility became subject to A $26.5 million loan with a maturity date set for 2030, originated by H.I.G. Capital, the same data provider shows.

The single-story Class A flex building came online in 2001, encompasses 149,143 square feet and sits on 8.4 acres. The property offers accommodating ingress and egress options, dock-high loading doors, drive-in doors, ESFR fire sprinklers, dock levelers and bumpers and features 24-foot clear height. The facility includes 327 parking spaces.

Compark Business Park is located at 8560 Upland Drive, 21 miles southeast of downtown Denver and has access to Interstate 25. Companies in the surrounding area include Amazon, FedEx and UPS.