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June 25, 2024
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Xcel Energy Acquires 10 Acres in Colorado for 40k sf Build-to-Suit


Xcel Energy acquired 10 acres at HighPoint Elevated, a 5 msf industrial park in development in Aurora, CO, from the project’s developers—Hyde Development and Mortenson—for $2.7 mil. Hyde and Mortenson will partner on the construction of a 40k sf, build-to-suit facility for Xcel Energy with approximately five acres of yard space.

Construction on the Xcel Energy facility will begin in the first quarter of 2023. The land site located at the northwest corner of 66th Ave and Denali St, near Denver International Airport, will be the future home of an Xcel Energy service center/office and warehouse facility with outside storage.

CBRE’s Daniel Close, Todd Witty, Tyler Carner, Jeremy Ballenger and Jessica Ostermick represented Hyde Development in the sale to Xcel Energy and are marketing HighPoint Elevated for lease and sale opportunities with build-to-suit and speculative construction options available.

Xcel Energy is the third tenant to commit to HighPoint this year. In August, Dollar General announced plans for a 919k sf, build-to-suit facility at HighPoint. In the same month, construction was completed on Building 1, which delivered 37% pre-leased to Hawthorne Hydroponics.

According to Paul Hyde, principal at Hyde Development, the firm ranked as the top commercial real estate developer in Denver last year, developing nearly 1.1 msf across the metro area in 2021.

HighPoint Elevated broke ground in 2021 and will include up to 5.5 msf of industrial and logistics space at full build-out. Building 1 totals 542k sf with 340.6k sf remaining available. The building is divisible to 170.3k sf with 36-ft. clear heights, 50-by-54-ft. column spacing, an ESFR sprinkler system, dock-high and drive-in loading, and trailer parking. Additional buildings will range from 64k sf to 1 msf with at least one building slated for cold storage. Outdoor storage is available at several sites throughout the park.

Metro Denver’s industrial development pipeline increased slightly in the third quarter, according to CBRE research. There is 8.9 msf of industrial space currently underway, with the bulk of activity (5.3 msf) concentrated in the Airport submarket.

HighPoint Elevated is located at the southeast corner of East 64th Ave and E-470, six minutes from Denver International Airport. Retail space will run through the middle of HighPoint Elevated, along East 64th Ave, providing walkable retail options for tenants and visitors with outdoor seating areas. 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.

HighPoint is 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.

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