Brennan Investment Group has broken ground on Colorado Logistics Park, a five-building industrial park totaling 954,311 SF.

Located at East 112th Avenue and Havana Street in Commerce City, Brennan will develop three Class-A buildings totaling about 558K SF during the first phase of the project.

The buildings feature 36-foot clear heights, parking and loading positions and large yard areas for outdoor storage. The second phase of the project will have two more buildings, totaling 396,311 SF.

Stream Realty Partners will handle leasing for the project.

Overall vacancy for industrial space has hovered between 4.7% and 5.4% since the beginning of 2017, according to Cushman & Wakefield’s second-quarter industrial report. That is an indication that the market is strong, considering more than 13.4M SF has been delivered over the same time frame.

Overall rental rates fell slightly during the second quarter to $8.61 per square foot, a 1.1% decline from the first quarter of 2019 but an 8.7% increase year over year.

Chicago-based Brennan is a private real estate investment company that buys, develops and operates industrial properties in metropolitan markets across the country. The company has acquired more than $4B in industrial real estate since 2010.