Westfield Nabs Large Industrial Site
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Westfield Co. has purchased a 45-acre property on the northwest corner of Pecos Street and West 56th Avenue, which it plans to develop as industrial space.
The property is among the last remaining large-scale development opportunities in central Denver.
“It’s an incredibly rare opportunity, offering a blank canvas for top-of-the-line industrial development,” said CBRE Senior Vice President Tyler Carner, who, with Jeremy Ballenger and Jessica Ostermick, represented seller Rocky Mountain Prestress. “Surrounded by I-76, I-70 and I-25, it provides ideal access to both customers and labor and is perfectly positioned to capitalize on the growing Denver population base.”
Rocky Mountain Prestress will relocate within the metro area and continue to supply precast/pre-stressed concrete structures throughout the Front Range.
The central submarket in which the property is located is Denver’s second-largest industrial market. The submarket’s vacancy rate, averaging 3% over the past 10 years, is among the lowest in the region. The property is within walking distance of the Gold Line Pecos Station light-rail stop, and downtown Denver is less than 5 miles to the south. A newly completed flyover bridge on Pecos Street provides direct access between the property and Interstate 76.
“The location is truly remarkable from a distribution standpoint, providing superior highway access that is only minutes from downtown in the heart of metro Denver,” Westfield Vice President of Industrial Matt Mitchell said.
Marketed as Denver’s Last Mile, the property aligns with a national trend occurring in the retail and industrial sectors for distribution users to locate closer to their consumer populations.
“Last-mile locations, which are those urban infill sites strategically located near the population core, are increasingly important as consumer demand and e-commerce growth alters the traditional supply chain,” Ballenger said. “As more purchases move online and consumers continue to crave quick, convenient shipping and delivery, this will drive sustained high demand for centrally located industrial space.”