CENTENNIAL, CO—United Properties, a commercialreal estate developer and investor, in a joint venture withPrincipal Real Estate Investors, recently acquired58 acres of land to develop Dry CreekCorporate Center, a mixed-use office, industrial, hoteland residential campus. The site is located just east ofInterstate 25 and East Dry CreekRoad in Centennial.


United Properties plans to develop approximately 650,000square feet of single and multi-tenant office andindustrial buildings. The residential and hospitality portions ofthe campus will be sold to outside developers. United Propertiesplans to begin construction of an 182,000 squarefeet multi-tenant office building in spring2015.
“This is one of the largestfully-entitled parcels of land in the heart of the southeastsuburban market,” said Kevin Kelley, vicepresident, United Properties. “With improving market conditions andlow supply, we're excited to bring this new Class A product to themarket.”
Dry Creek Corporate Center is situated near the Dry Creeklight rail station, adjacent to Inverness BusinessPark and Centennial Airport, and islocated approximately 20 minutes from downtown Denver. With UnitedProperties seeking LEED certification on allbuildings, the buildings will include facilities for bike commuters(dedicated building entries with showers, lockers, repair areas andbike rentals), a dedicated shuttle to transport employees to andfrom Dry Creek light rail station, and onsite food truck pad siteswith covered dining areas.
“We are offering rental rates of under $20 squarefeet net lease, more than 5/1,000 parking ratios and lowernet lease charges than other developments in the area,” saidKelley. “Also, our recent annexation into Centennial allows for amore efficient permitting process.”
United Properties purchased the land for Dry Creek Corporate Centerin a joint venture with Principal Real Estate Investors.David Lee, Jason Addlesperger and MikeWafer of Newmark Grubb Knight Frank will lease theproperty on behalf of the ownership. Powers BrownArchitecture is the lead architect for the verticaldevelopment.
United Properties, based inMinneapolis, specializes in commercial real estate development andinvestment. United Properties investments group acquires, manages,finances and disposes of the company's real estate investments,which includes nearly 60 office, medical, industrial and retailassets in Minnesota, Wisconsin, Illinois andColorado. Principal Real Estate Investors managesor subadvises $54.3 billion in commercial realestate assets.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.