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10/10/16
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Locally-based Central Development is developing a 55-acre, Class A office/industrial park in the CO city of Centennial. The development, to be called Encompass Business Park, is on South Blackhawk St, between East Arapahoe Rd and East Fremont Ave, at a site formerly known as Centennial East Corporate Center.
Central has purchased Phase I, measuring 25 acres, for $4.5 mil from Jordan-Arapahoe LLC. Central Development’s capital partner on the project is a limited liability company managed on behalf of its clients by Washington Capital Management, Inc. out of Seattle. NGKF’s Kittie Hook and Wade Fletcher represented Jordan-Arapahoe LLC and assisted Central Development in the acquisition, and is handling the marketing, sales and leasing for Encompass.
Central plans to break ground on what they report will be the largest ever individual speculative industrial project in southeast Denver – a 150k sf building. The new Encompass Business Park will offer a total of 13 development sites, ranging from 14k sf to 150k sf, with broad and flexible zoning to accommodate retail, office, flex, industrial, medical and storage uses.
“Encompass Business Park, with its easy access, proximity to business, amenities and a large and educated labor pool, offers one of the best values in the eastern Centennial area,” noted Hook, managing director at NGKF. “Flexible zoning and its shovel-ready nature for buildings of all sizes provide a speed-to-market option for select tenants. One of the last vacant parcels available along Arapahoe Road, once complete, Encompass Business Park will fill a needed niche in an area impacted by limited supply,” added Hook.
Centennial’s high quality of life continues to attract businesses, residents and accolades,” added Centennial Mayor Cathy Noon. “Central Development’s Encompass Business Park will provide the flexibility and ease of access that appeals to today’s users, while also delivering value and service.”
Recently ranked as the 13th “Best Place to Live” in America by USA Today and Money magazine, Centennial was also named the 9th “Best City for 1st Time Home Buyers” by WalletHub and was listed as the Top 5 “Most Customer Friendly City” by Yelp.
Denver’s Southeast (SE) submarket continues to post strong industrial absorption and declining vacancy. It was the only submarket to record positive quarterly absorption without new deliveries for the second quarter of 2016, posting 196.8k sf of positive absorption and bringing the annual total to a positive 274.9k sf. Vacancy fell year-over-year from 8.0% to 4.9%.
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