This Week's Denver Deal Sheet: $20M JV Investment Powers United Properties' Inova Industrial Project
United Properties has landed a $20M joint-venture equity investment to kick off the first phase of Inova, a 442K SF Class-A industrial development in Centennial. The five-building, rear-load project will rise on 43 acres near Interstate 25, with the first phase consisting of two standalone buildings totaling 255K SF. A 5-acre pad for a future 44K SF build-to-suit is also included.
The project’s second phase calls for two 94K SF buildings.
The site, positioned between Dry Creek and Arapahoe roads, offers immediate access to the interstate and proximity to Centennial Airport and the Denver Tech Center.
Cushman & Wakefield arranged the capitalization and will lead leasing efforts. The firm’s Mountain West national industrial advisory group represented United in the deal.
Inova marks United’s second major development in the area, following the nearby Inova Business Park.
PEOPLE
Atlas Real Estate promoted Eric Thorsen to chief investment officer. Thorsen, who joined the Denver-based firm in 2012, will now lead investment strategy, acquisitions, asset management and capital allocation as Atlas grows its single-family rental and build-to-rent portfolio. He’s been involved in more than $2B in SFR deals over his tenure.
***
Kristen Brantley has been named broker and employer relationship manager for Aurora master-planned communities Painted Prairie and Windler. Brantley previously spent eight years at Remax as a senior franchise development consultant, working with brokers across 10 states. In her new role, she’ll lead outreach efforts to brokers and employers across the Denver metro.
LEASES
Mercer Advisors leased 12K SF of Class-A office space in the Tabor Center at 1200 17th St. SVN Denver Commercial’s Brian McCririe represented the tenant.
***
AvAirPros signed a 3K SF industrial lease at 6860 Argonne St. Hunter Courtney and Kristen Bowman of Colliers represented the tenant, while Corey Murray of SVN Denver Commercial represented the landlord.
***
Brown Gren Abraham & McCracken extended its 17K SF office lease at Belcaro Place, 3801 E. Florida Ave. Newmark’s Peter Staab represented the tenant.
***
Continental Battery Systems extended its 16K SF industrial lease at Crossroads Commerce Park, 610 E. 55th Ave. Newmark’s Mike Wafer and Mike Wafer Jr. represented the landlord.
***
Tyler Technologies signed a new 10K SF office lease at 410 17th St. Grace Lessard, Whitney Hake and Jamie Gard of Newmark represented the landlord, while JLL represented the tenant.
***
Exolaunch extended and expanded its 5K SF office lease at 2930 Umatilla St. Reed McLaughlin, Thomas Lee and Jonathan Tilton of Newmark represented the landlord, and JLL represented the tenant.
***
Core Progression Denver leased 3K SF of office space at 9600 W. Jewell Ave. in Lakewood. Elizabeth Leder of SVN Denver Commercial represented the landlord, Hercules Handyman Holdings.
***
Entrada Consulting Group took 1K SF of office space in The Garrison, 610 Garrison St., in Lakewood. Gibbons White represented the tenant, while Elizabeth Leder and Peter O'Bryan of SVN Denver Commercial represented the landlord.
CONSTRUCTION & DEVELOPMENT
Toll Brothers opened two new residential communities, including one in metro Denver. The company recently held the grand opening of its Painted Prairie development in Aurora, where the sales office is already open.
