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11/08/22
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Prologis Park 70, an existing 5.7 msf industrial park in Aurora, CO, will grow by nearly 1 msf following the acquisition of a 55-acre land parcel by park owner and developer Prologis.
Prologis plans to break ground on the first of the new buildings in the second quarter of 2023. Initial plans offer two design options. The first would consist of four total buildings—two of 325k sf and two of 150k sf. The second design calls for one, larger building of 700k sf and two 150k sf buildings. The new buildings will have either a front park/rear load or cross-dock design with dock-high and drive-in loading, trailer parking, ESFR sprinklers and 36-ft. minimum clear heights.
Jim Bolt and Mike Camp with CBRE are representing Prologis and marketing the new space for lease, sale or build-to-suit development. According to Bolt, demand persists for high quality distribution space as e-commerce, third-party logistics and retailers look to reach Denver’s growing population and accommodate changing expectations around shipping and delivery timelines.
Prologis acquired the land from US Foods, which is a current tenant at the park. Prologis will begin development speculatively with build-to-suit options available. The first buildings are anticipated to be completed in early 2024.
Prologis Park 70 is a Class A industrial park primarily focused on bulk distribution space. Constructed between 2005 and 2019, the park is currently home to 12 buildings (two jointly owned by Prologis and Prudential) and is 100 percent leased. The park is located at Interstate 70 and E-470, about 10 minutes south of Denver International Airport. The land parcel slated for development sits at the intersection of Picadilly Road and Smith Road.
Prologis Park 70 is in metro Denver’s Airport submarket, which is the region’s largest industrial submarket and which, yet again, led the market in net absorption in the third quarter of the year. The Airport submarket recorded more than 1 msf of positive net absorption in the quarter, according to CBRE research, nearly quadruple the next-closest submarket. Year to date, tenants have occupied an incremental 2.3 msf of industrial space in the Airport corridor.
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