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11/13/23
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Whole Foods Market has inked a build-to-suit deal for a 137k sf distribution facility at HighPoint Elevated, a Class A industrial park currently under construction near Denver International Airport in Aurora, CO. The industrial facility – Building 2 at the new park -- will be used to distribute product to Whole Foods Market stores across the region.
At full build-out, HighPoint Elevated will encompass up to 5.5 msf of Class A industrial and logistics space. Hyde Development and Mortenson are developing the project, which has already attracted several creditworthy tenants, including Dollar General, Xcel Energy, Scott’s Miracle Grow, and PrimeSource Building Products.
Whole Foods Market will use Building 2 as a distribution center under a long-term lease, with the possibility for future expansion. The building is located at the intersection of Denali Rd. and 60th Ave. in a designated opportunity zone near affordable housing and a qualified labor pool.
Buildings at HighPoint Elevated will range from 64k sf to 1 msf with at least one building slated for cold storage. Building 1, the first to deliver at the park, totals 542k sf and is 75% leased. It has 36-ft. clear heights, 50 ft by 54 ft column spacing, an ESFR sprinkler system, dock-high and drive-in loading, and trailer parking. Building 4 is currently pad and permit ready totaling 429.5k sf. Other tenants have commissioned build-to-suit facilities at the park, including Dollar General, which has a 919k sf distribution center underway.
HighPoint Elevated is located at the southeast corner of East 64th Ave and E-470, a 20-minute drive from downtown Denver, and is situated within three economic benefit zones: a federal opportunity zone, an Adams County Enterprise Zone and a Limon Foreign Trade Zone. Infrastructure improvements are underway to widen East 64th Ave to four lanes at the park (six lanes west of E-470) and to add a full interchange at East 64th and E-470, giving tenants the option to bypass I-70 to reach the metro’s northern and southern suburbs.
Todd Witty, Daniel Close, Tyler Carner, Jeremy Ballenger and Jessica Ostermick of CBRE represented Hyde Development in the lease to Whole Foods Market, represented by Steve Hager of Cushman & Wakefield. The CBRE team is actively marketing HighPoint Elevated for lease and sale opportunities with build-to-suit and speculative options available. According to CBRE, Hyde Development, ranks as the top commercial real estate developer in Denver, developing nearly 1.5 msf across the metro area in 2022.
Last year saw a record number of mega-warehouse leases nationwide, according to CBRE research. Sixty-three industrial leases for 1 msf or more were signed in 2022, up from 57 in 2021. Traditional retailers/wholesalers accounted for the majority of the 100 largest industrial leases in the U.S. last year, followed by third-party logistics operators and e-commerce companies.
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