(To read more on the industrial market, click here.)

|

DENVER-Furniture Row Cos. is having a 625,000-sf warehouse builtnear Interstate 70 in Aurora. The national retailer will use thesite as a national distribution center for its Oak Express andBedroom Expressions Co. stores.

|

The warehouse will be located within ProLogis Park 70, a182-acre master-planned industrial park at the intersection ofInterstate 70 and E-470 that is owned by Prudential Real EstateInvestors and ProLogis Trust. Furniture Row has acquired the landfor its warehouse and is paying ProLogis a fee to design and buildthe facility, ProLogis' Denver market officer Wayne Barrett tellsGlobeSt.com.

|

The building is scheduled for completion in the second half of2007. Concurrently, without any signed tenants, ProLogis isconstructing a 360,000-sf inventory building at the park. The netrental rate for the inventory building will range from $4.50 to$5.00 per sf per year, depending on the size and length of thelease commitment and the cost of the build out.

|

There is currently 683,000 sf of built space at the park,including a 400,000-sf building built by ProLogis and owned by GM,and a 283,000-sf building owned by ProLogis Trust that is 100%leased and anchored by Mastercraft Cabinets. At full build out, thepark will hold 2.5 million sf of industrial space. In addition,ProLogis owns an additional 300 acres on the other side of thehighway on the same road that runs through the middle of Park70.

|

ProLogis typically develops for its own accord and leases outits space. Barrett tells GlobeSt.com that it is selling some of itsland holdings in Denver for several reasons. One, it is not a landconstrained market. Two, some of its clients prefer to own theirown land and buildings. Three, because its land holdings there aresubstantial ProLogis is looking to monetize some of it, Barrettsays.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.