JAGreen Development has teamed up with New York-based Raith Capital Partners to develop AEROS Logistics Center, a business park totaling 2 million square feet of Class A industrial space in Aurora, Colo.
The joint venture partners acquired a 157-acre site for the project, situated along East 56th Avenue, south of Denver International Airport. The purchase price was $12.5 million, Adams County records show.
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Cushman & Wakefield represented the buyers in the transaction. The brokerage team included Senior Director Aaron Valdez, as well as Managing Directors Alec Rhodes and Tyler Smith.
The master-planned development
The partnership has also selected Cushman & Wakefield to market the project. The business park is expected to incorporate a wide variety of uses, such as logistics, distribution, manufacturing as well as data centers. The design of the master-planned development is currently underway.
The master plan could potentially include two 1 million-square-foot structures with a cross-dock design, or it could be divided to serve tenants requiring smaller spaces.
AEROS Logistics Center will take shape near the intersection of Monaghan Road and East 56th Avenue. The industrial park will be some 3 miles from Colorado E470 Tollway, less than 7 miles from the Colorado Air and Space Port, within 8 miles of Interstate 70 and roughly 6 miles south of Denver International Airport.
In November, Majestic Realty announced plans to extend its more than 5 million-square-foot business park dubbed Majestic Commercenter less than 9 miles away. The three new structures will total 806,630 square feet.
The Denver metro closed the first quarter with nearly 6.7 million square feet of industrial development underway, representing 2.7 percent of the total stock, CommercialEdge data shows. The market had an additional 4.9 percent of the total inventory in the permitting and planning stages.