A Texas-based real estate development company and a California investment manager purchased a 76-acre property in Thornton with plans to develop a 1.1M SF industrial park.

Trammell Crow Co. and joint venture partner PCCP acquired the property at the northeast corner of Interstate 25 and E-470 for $18.9M, according to the Denver Business Journal.

The two entities plan to develop a six-building, Class-A industrial park called Crossroads 25 on the site. A groundbreaking for the first phase of development, which will include 828K SF of industrial space across four buildings, took place last week, CBRE said in a statement on Monday.

Crossroads 25 is 49% preleased, with one of the first four buildings, totaling 409K SF, signed to an undisclosed tenant. The prelease is the Denver metro’s largest new industrial lease since 2024, according to CBRE, which is leading leasing efforts.

“The full building prelease is a shining example of the solid, continuing demand for Class A distribution space in this fast-growing distribution corridor,” CBRE Executive Vice President Tyler Carner said in a statement.

Still, the Denver metro’s Class-A industrial space reported a 13.1% vacancy rate in Q1, as compared to an 8.6% vacancy rate across all property types, according to CBRE’s latest industrial report.

The average industrial lease in the Denver metro in the first quarter of 2026 was 48K SF, on par with leasing averages seen in the fourth quarter of 2025, according to CBRE’s Denver Industrial Figures report for Q1 2026.

The North submarket, which CBRE says sits along I-25 and is roughly bordered by E-470 and I-270/U.S. 36, fared well last year with more than 1.2M SF of positive net absorption, or 7.9% of the submarket’s entire net rentable area. The submarket’s total vacancy rate in the first quarter of 2026 is 11.8%, according to CBRE.

“The North I-25 corridor is not only one of Colorado’s most vital freight routes, but it is also the fastest-growing region in the state,” TCC Denver Market Leader Megan Kranichfeld said in a statement. “Its proximity to a uniquely diverse labor pool offers a distinct, long-term advantage for tenants as they evaluate their real estate needs.”

The first four buildings at Crossroads 25 are expected to deliver in the third quarter of 2027, according to CBRE.

Denver-based Ware Malcomb designed the development. Murray & Stafford is the general contractor. Simmons Bank provided construction financing for the first phase of the project, according to CBRE.

Crossroads 25 is just north of Target Corp.’s newly opened food distribution center at 15450 Washington St. The Thornton food distribution center is the national retailer’s ninth and largest facility of its kind, the company said in a statement.