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Northstar Commercial Partners and Red Starr Investments to Develop 315k sf Warehouse Project in Broomfield, CO

11/07/17

Northstar Commercial Partners (NCP) has teamed up with Red Starr Investments to redevelop 800 Hoyt Street in Broomfield, CO into a $37 mil Class A industrial property. The new project is slated to consist of two warehouse buildings totaling 315.7k sf of space.

NCP plans to demolish the existing 110k sf structure at the site to build a new industrial park on the 20-acre environmentally remediated site. The new Class A buildings will feature ceiling heights of 32 feet.

David Eyzenberg and Diana Davidson of New York City-based investment banking firm Eyzenberg & Company secured the Harrison, N.Y.-based Red Starr as the equity partner in the venture. Eyzenberg points out that the project is in an extremely supply-constrained area where demand for the product is high.

The property is located in the Broomfield submarket of the Northwest Denver metro market. Eyzenberg noted, "Local leasing experts report a nearly 4% vacancy rate at the end of the third quarter, and many expect further absorption over the next 12 months."

The overall Denver economy recorded an unemployment rate of 2.1%, according to the Metro Denver Economic Development Corporation. Its robust and diversified economy continues to lure new companies and highly educated workforce. The Broomfield submarket in particular is experiencing steady growth and offers many retail amenities for both office and industrial tenants.

Founded in 2000, privately-held NCP acquires, rehabilitates and leases vacant commercial real estate buildings nationwide. The firm targets investments that promote job creation and provide a significant benefit to the surrounding community. Its founder offers nearly three decades of operational experience in the Denver Metro area.






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