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The Opus Group Spends $49 Mil on 316 Acres of Development Land in the Denver Airport Area

7/22/22

The Opus Group acquired 316 acres of undeveloped land between Interstate 70 and Denver International Airport in Aurora, CO for $49.7 mil. Opus, in a joint venture with Principal Real Estate Investors, plans to build a 3.9 msf industrial park at the site called Sun Empire.

The first phase of development at Sun Empire is scheduled to break ground in the third quarter of 2022. It will include two Class A buildings of 624k sf and 205k sf in size. Later phases of construction will be influenced by tenant requirements. The park can accommodate building sizes ranging from 200k sf to 1 msf. Each building is slated to include substantial trailer parking as well as dock and drive-in loading.

The site is located at East 56th Ave and Harvest Rd, within metro Denver’s Airport submarket. It is a five-minute drive from Denver International Airport, two minutes from E-470, eight minutes from I-70 and approximately 25 minutes from downtown Denver.

CBRE’s Todd Witty and Daniel Close represented Opus in the acquisition and will market the project for lease, sale and build-to-suit development. Tyler Carner, Jeremy Ballenger and Jessica Ostermick, also with CBRE, advised on the capital raise, helping to source Principal Real Estate Investors as the joint venture partner.

“User requirements have become more specialized, with many companies needing large sites for bulk distribution centers that can accommodate a heavy amount of trailer parking. The Sun Empire site provides the utmost flexibility in offering speculative buildings for lease as well as build-to-suit and land sites for sale where the tenant can customize their space,” commented Close.

Denver’s Airport submarket remained the highest performer across all primary industrial metrics in the metro area in the second quarter, according to CBRE research. The Airport submarket accounted for 54% of all industrial leasing activity and 41% of all positive net absorption. The submarket has recorded nearly 1.3 msf of positive net absorption year-to-date, which is triple any other Denver submarket’s year-to-date figure.




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