(Read more on the industrial market.)
DENVER-FedEx Home Delivery, the residential delivery service of FedEx Ground, has leased 140,000 sf at Denver Commerce Center for the next 10 years, according to the owner of the industrial park, IBC Holdings. The space it leased is a portion of the former Sysco Foods facility.
Denver Commerce Center is located at the confluence of interstates 70 and 25 in central Denver. The FedEx lease is for a 320,000-sf building at 1105 W. 48th St.
FedEx will relocate to the building from a 50,000-sf facility located at 13801 E. 33rd Pl. in Aurora. The triple-net asking lease rate for the space FedEx leased was approximately $5.95 per sf per year, according to local industry sources.
R.C. Myles and Tyler Smith of Fuller Real Estate and Tim D'Angelo of TD Industrial Properties represented IBC Holdings in the transaction. John Beggy with Fischer & Company of Pittsburgh represented FedEx.
Smith tells GlobeSt.com that FedEx leased the front half of the 320,000-sf building and tenant improvements are underway. "Sysco added on to the building through the years," says Smith. "FedEx took the original building."
IBC Holdings LLC is a real estate investment and development firm with projects in Colorado, Oklahoma, Portland, OR and Salt Lake City. Denver Commerce Center is a master-planned redevelopment project with four separate facility components. In addition to the distribution facility that will be partially occupied by FedEx Home Delivery, Denver Commerce Center includes a two-story showroom facility, freezer and cooler facility and an 80,000-sf office/warehouse facility.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
