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DENVER-Lowe Enterprises Colorado Inc. has purchased the 28.5-acre site at 5000 Osage St. near the junction of Interstate 70 and 25 from the Keebler Co., based in Elmhurst, IL. Lowe will tear down the 40-year-old, 535,569-sf facility on the site that served as Keebler’s regional baking facility. Lowe intends to redevelop the site into a high-quality warehouse distribution campus with four buildings totaling 540,000 sf. The price Lowe paid wasn’t released, but sources tell GlobeSt.com it was less than $6 million. Asking price was $12.5 million and the buildings and the land are assessed by Denver County at $7.698 million.

Lowe Enterprises has formed a venture with Teachers Insurance and Annuity Assn. for the development of the $30 million project. Two of the buildings in the new development will feature a cross-dock design and 30′ clear heights, while 24′ clear heights, and a front-park/front-load design will distinguish the other two buildings. Building divisibility will range from 12,000 to 20,000 sf and up to 176,000 sf for a larger user.

“We will be offering a mix of different space options to meet the diverse needs of all sizes of prospective tenants,” says Jonathan Bush, EVP of Lowe Enterprises Colorado.

The $30-million development will be constructed in two phases, the first of which will be delivered in early 2004. Despite the current economic slowdown, Lowe remains bullish on the long-term prospects for the Denver economy and especially on the local industrial market, Bush says.

The site’s excellent highway visibility, central location and size attracted Lowe. “There are few urban ‘in-fill’ opportunities of this size and quality in the Denver metro area,” says Bush. “With the metro area growing in all directions, a central location will likely become even more important to warehouse tenants. By bringing much needed new product to the area, our goal is to create the best product in the best location.”Candis Hewitt and Richard S. Hubina of Cushman & Wakefield Inc. represented the Keebler Co. The Kellogg Co. bought Keebler for $4.5 billion last year.

DSP Builders Inc. is the project’s General Contractor; Intergroup Design will work on site planning and architectural design.

This is Lowe’s fourth industrial venture in the Denver metro area. Recently, Lowe was the developer of the six-building 750,000 sf Interpark 70 project at I-70 and Peoria Street and a portion of the 590,000 sf Peoria Business Center.

Lowe Enterprises Colorado is a regional office of Lowe Enterprises, a commercial real estate investment management and development company. Since its founding in 1972, Lowe has developed, acquired or managed more than $6 billion of real estate assets.

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