Cushman & Wakefield Brokers Sale of 170 Acres, plus 1-MSF Industrial Lease for Retailer in Colorado
Cushman & Wakefield (NYSE: CWK) facilitated the sale of 170 acres of land on behalf of Schuck Communities and secured a lease for a 1-million-square-foot distribution center for a national home improvement retailer in Commerce City, Colorado. The transactions involved the sale of 158 acres and 12 acres to Becknell Industrial, which will develop the facility. This multi-transaction project underscores the collaboration between quality developers and municipalities to drive economic growth and job creation in the region.
- Successful facilitation of the sale of 170 acres of land, boosting local real estate activity.
- Secured a lease for a significant 1 million square foot distribution center, indicating strong demand for logistics space.
- Collaboration among Cushman & Wakefield, Schuck Communities, and Becknell Industrial highlights effective partnership in real estate development.
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Cushman & Wakefield (NYSE: CWK) recently announced the firm brokered the sale of two land sites totaling 170 acres on behalf of Schuck Communities along with a subsequent lease for a brand new 1-million-square-foot (MSF) build-to-suit distribution location for a national home improvement retailer in Commerce City, Colorado. Becknell Industrial acquired the land and will be developing the facility for the retailer.
The team of Drew McManus, SIOR, Bryan Fry and Ryan Searle of Cushman & Wakefield in Denver handled all three correlating transactions consisting of: the sale of 158 acres to Becknell Industrial, with Cushman & Wakefield representing the seller, DIA Tech Center, LLC; the sale of 12 acres to Becknell Industrial, with Cushman & Wakefield representing the seller, Schuck DIA, LLC; and the lease of 1 MSF to the national home improvement retailer, with CBRE’s Jim Bolt and Mike Camp in collaboration with Drew McManus of Cushman & Wakefield representing the landlord, Becknell Industrial.
The properties are located within Nexus, a master-planned business park located at Tower Rd and East 84th Ave in the eastern Denver suburb. Schuck Communities, a privately held regional real estate company based in Colorado, is the owner of the park and, along with its partner, Chris Thompson, has sold over 400 acres over the past three years in the park.
Brock Chapman, CEO of Schuck Communities, stated, “The success of the two project phases has been remarkable. It’s an excellent example of the positive outcome that can be achieved when a quality developer and a progress-oriented municipality, like Commerce City, work closely together to achieve clear objectives. Creating economic growth and new quality jobs was/is the common goal, and cooperation between Commerce City and Schuck Communities has provided just that. While the location is serving the interests of high quality, job generating employers in the business park, it is also serving the long-term economic interests of all stakeholders in the region.”
“This was a complex multi-transaction with many moving parts requiring all parties involved to work cohesively together to bring to successful fruition, all amidst the pandemic,” said Drew McManus, Managing Director. “We are delighted to see this new exciting development get started that will deliver a meaningful industrial project with a high-quality tenant for the Denver Metro area.”
The location provides easy access to I-70, I-225, E-470 and the Denver International Airport in addition to proximity to an abundant workforce, retail amenities and public transportation. The project is also located among several other major corporate tenants.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of
About Schuck Communities
For more than 50 years, Schuck has been a leader in real estate development projects in the western United States, most in the state of Colorado. Company processes, resources, capabilities, reputation, and extensive experience of its team means projects get planned well, sourced properly, and completed successfully. Schuck Communities continually seeks strategic alliances with others who provide complementary strengths in an effort to maximize the value added to real estate investments and development projects. When assessing investment and development opportunities; risk, liquidity, stability, yield, market strength and growth are balanced to optimize financial returns and community enhancement outcomes. Schuck Communities pursues a growing and diversified portfolio of real estate development and investment properties in select western markets. www.schuckcommunities.com
About Becknell Industrial
Becknell Industrial specializes in the development, investment and management of industrial properties across the United States. Vertically integrated, Becknell is responsible for every aspect of the project providing the decision-making authority and expertise to meet client expectations for a high-performance facility delivered on time and on budget. More information about Becknell is available at becknellindustrial.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210311005940/en/
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