United Properties Acquires 24 Acres and Expands EBC Development in Stapleton
By Gabriel Circiog, Associate Editor
United Properties recently announced that it will expand its industrial development Enterprise Business Center. The Minneapolis-based developer and investor has acquired an additional 24 acres east of its EBC development from Forest City Stapleton Inc., the master developer for the redevelopment of Stapleton.
“We’ve had a tremendous amount of activity at EBC, which spurred our acquisition of additional land for more industrial development,” says Kevin Kelley, vice president, United Properties.
Situated near the southwest corner of Interstate 70 and Havana Street in Denver, the second phase of the EBC development is planned to feature a 467,000-square-foot bulk cross-dock industrial building.
The first phase of the Class A industrial development is currently under construction and upon completion will feature four buildings with 700,000 square feet of space. Around 600,000 square feet of that space is already leased or is pending final lease.
United Properties broke ground on the first two buildings in 2013 and Swire Coca-Cola USA has taken up all 257,000 square feet of one industrial building. Approximately 55 percent of the other 231,000-square-foot building is leased to Tire Rack and United Properties is in final negotiations with another tenant for 50,000 square feet of the remaining space. Tire Rack and Swire Coca-Cola USA are scheduled to move into the first two building in the summer of 2014.
United Properties recently started construction on the second set of industrial buildings at EBC, featuring a total of 100,000 square feet each. Two leases have been signed and one tenant will occupy an entire building while the other building is 44 percent pre-leased. The two tenants will move into the two new buildings in November 2014.
Click here for more market data on Denver.
Photo Courtesy of: www.uproperties.comTags: Acquisitions/Dispositions, Commercial, Consumer Type, Denver Lead Story, Developers, Development, economy, Enterprise Business Center, Finance/Investment, Forest City Stapleton Inc., Industrial, Investors, leasing, Local, Managers, National, operations, Owners, Professional, property management, Property Type, Regional, Swire Coca-Cola USA, Tire Rack, United Properties