Invesco JV Scores 57 KSF in Leases at Denver Campus

Building 1. Image by Virtuance, courtesy of CBRE

The duo ownership between Confluent Development, project developer and co-owner, and Invesco Real Estate has signed two leases totaling 57,055 square feet at Building 1 of Central Park Business Center, a Class A, two-building industrial park in Denver.

Trimark is set to occupy 34,255 square feet at the property, while Lifetime Windows expanded its presence at the campus with an additional 22,800 square feet. The CBRE team comprising Senior Vice President Todd Witty, First Vice President Murray Platt and Vice Chairman Jim Bolt is overseeing leasing activity at the industrial park. The recently signed leases brought Building 1 to full occupancy.

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Located at 9525 E. 40th Ave. and 9575 E. 40th Ave., the 246,631-square-foot Central Park Business Center came online last year. Both buildings incorporate front park/rear loads, shared truck courts, four drive-in doors, as well as 29 dock-high doors and more than 140 auto parking spaces on each site. The properties also feature 28-foot clear heights.

Shifting industrial leasing trends in Denver

Situated in the Airport submarket of Denver, the industrial park sits in an infill location, at the junction of Central Park Boulevard and East 40th Avenue, with a frontage along Interstate 70, being exposed to a daily traffic of 190,000 vehicles.

The property offers connectivity to Interstate 25, downtown Denver and Denver International Airport. The park is also within walking distance of the Central Park light rail station, as well as a variety of nearby retailers, restaurants, coffee shops and a daycare center.

CBRE reports that net absorption in Denver reached the fourth-highest level on record last year, with a positive absorption of approximately 5.1 million square feet. In contrast to 2021 absorption, which was primarily driven by large build-to-suit developments, last year’s activity was propelled by smaller tenants occupying spaces in speculative projects, such as Central Park Business Center.

The majority of activity in 2022 took place in the Denver Airport submarket, which recorded a substantial 3 million square feet of positive net absorption, more than half the metro’s total.