CBRE Brokers Sale of 1.15-Million-SF Pecos Logistics Park in Denver to J.P. Morgan
14 Dec 2021
Newly Developed Park Sells for Over $300 Million
CBRE announced the sale of Pecos Logistics Park, a new 1.15-million-sq.-ft. Class A industrial development in Central Denver, to institutional investors advised by J.P. Morgan Global Alternatives. Tyler Carner, Jeremy Ballenger, Jessica Ostermick and Jim Bolt with CBRE Capital Markets in Denver represented the seller, Westfield Company.
Westfield Company developed the 66-acre park in two phases. Completed in September 2021, Phase I totals 675,100 sq. ft. across four buildings and was 68 percent leased at the time of sale. Phase II, adding three buildings and 471,000 sq. ft., is slated to deliver in the second quarter of 2022.
“Pecos Logistics Park is a modern, state-of-the-art warehouse park in a prime, supply constrained location, prized for its accessibility to Denver’s growing population,” said Nick Firth, executive director, Real Estate Americas, at J.P. Morgan Asset Management. “We’re pleased to add it to our nationwide industrial portfolio of 75.9 million sq. ft., including 2.8 million sq. ft. of the best industrial space in the Denver market.”
The property is located at 5675-5725 Pecos St. in Denver’s Central submarket, near the interchange of I-25, I-70 and I-76. New developments in the Central submarket are scarce. In a submarket totaling over 60 million sq. ft., only 3.1 million sq. ft. of rentable space has been added since 2000, all of which was either pre-leased or leased immediately upon delivery. The submarket is regularly among the lowest in the metro area for industrial vacancy.
“Pecos Logistics Park is an irreplaceable property with one of the best locations in Denver for capitalizing on the last-mile e-commerce evolution and overall industrial expansion. Two-thirds of Denver’s population is accessible within a 15-mile radius and highway access is unmatched. The quality of tenants that have already committed to the project is proof of its value,” said Mr. Carner, executive vice president, CBRE.
Park amenities include 28-32-ft. clear heights, shared amenity space for tenants, Union Pacific rail access, trailer parking, and at least 3000 amps of power per building. It is also steps away from the Pecos Junction light rail stop.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.