Hyde Development Inks 170 KSF Lease at Denver Facility – Commercial Property Executive
Building 1 at HighPoint Elevated. Image by Kyle Bianchi, courtesy of CBRE
Hyde Development other Mortenson Properties Inc. have landed a new tenant at HighPoint Elevated, a 5.5 million-square-foot industrial park under construction in Aurora, Colo. PrimeSource Building Products has signed a 170,300-square-foot lease and will relocate from its current Denver location to Building 1 of the development.
Construction of Building 1 at HighPoint Elevated began in 2021 as a 542,000-square-foot speculative warehouse. The structure came online in August of last year and is now 70 percent leased, with only 170,294 square feet remaining.
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Over the past 12 months, three other tenants committed to HighPoint Elevated, such as Hawthorne Hydroponics which preleased 37 percent of the space at Building 1. Back in August 2022, Dollar General purchased 75 acres at HighPoint, with the development team slated to build a 919,000-square-foot Class A distribution facility for Dollar General. According to Mile High CRE, Xcel Energy also purchased 10 acres at the industrial park for the construction of a 40,000-square-foot, built-to-suit facility.
A CBRE report for last year’s third quarter showed that the total leasing volume transacted in the metro surpassed 3.9 million square feet, marking a 23.7 percent increase from the third quarter of 2021.
A Class A master-planned industrial park
HighPoint Elevated offers a variety of options, including space for lease, speculative construction or lease, built-to-suit and land-site purchase. Building 1 features 36-foot clear heights, 50 by 54 feet column spacing, an ESFR sprinkler system, dock-high and drive-in loading, and trailer parking. Additional buildings within the park will range from 64,000 square feet to 1 million square feet and are slated to include cold storage facilities, as well. Outdoor storage is available throughout the park.
The industrial property is within three economic benefit zones: a federal opportunity zone, an Adams County Enterprise Zone and a Limon Foreign Trade Zone. The park is located at the southeast corner of East 64th Avenue and E-470, 23 miles from Denver, and 8 miles from Denver International Airport. The surrounding area is home to companies such as Costco, Karcher North America and FedEx.