Prologis to Add 1 MSF at Denver-Area Industrial Park

Prologis Park 70. Image courtesy of CBRE

Prologis Park 70, in Aurora, Colo., which already totals 5.7 million square feet of industrial space, will soon add new space. Prologis has acquired a further 55 acres that will enable the future development of approximately 1 million square feet, CBRE announced.

Prologis acquired the land from US Foods, a current tenant at the park. A dollar figure was not disclosed.

The park is at I-70 and E-470, about 10 minutes south of Denver International Airport. The additional acreage is at the southeast corner of Picadilly Road and Smith Road, contiguous with the previous western boundary of Park 70, a Prologis spokesperson told Commercial Property Executive.

Prologis reportedly plans to break ground in the second quarter of 2023 and begin development speculatively, with build-to-suit options available. The first buildings are anticipated to be completed in early 2024.

Current plans include two options. The first would consist of four buildings: two of 325,000 square feet each and two of 150,000 square feet each. The second option is for one building of 700,000 square feet and two of 150,000 square feet each.

CBRE Vice Chairman Jim Bolt and Executive VP Mike Camp are marketing the new space for lease, sale or build-to-suit development on Prologis’s behalf.

The new buildings will have either a front park/rear load or a cross-dock design with dock-high and drive-in loading, trailer parking, ESFR sprinklers and 36-foot minimum clear heights.

Prologis Park 70 is a Class A industrial park focused on bulk distribution space. Built between 2005 and 2019, it’s currently home to 12 buildings (two owned jointly by Prologis and Prudential) and is fully leased.

Taking flight

The Airport submarket is the region’s largest industrial submarket and continues to lead in net absorption, CBRE stated, citing data showing more than 1 million square feet of positive net absorption in the third quarter. Year to date, industrial space absorption in the Airport corridor has totaled 2.3 million square feet.

Just this past month, two new players entered the metro Denver industrial space market, one by buying and the other by building.

Lovett Industrial broke ground on Lovett 76 Logistics Center, a 613,758-square-foot project in Brighton, Colo., the company’s first industrial development in the Denver area.