DENVER—Taylor Consulting, a Houston-based basketball consulting firm, with a new real estate investment subsidiary, plans to jump into Denver's warehouse market, saying the Colorado's cannabis industry is driving up demand.
“Colorado's cannabis industry is poised to expand just as fast as the available real estate will allow,” said Taylor CEO Scott Wheeler. “Tenants are competing hard for spaces, and we believe there may be an opportunity in Denver and other markets to capitalize on the enormous demand from the rapidly emerging cannabis sector.”
Since voters in Colorado legalized cannabis in 2012, growers and distributors have snatched up much of the newly-available warehouse space in Denver, which is a major Western logistics hub. Cannabis producers require large spaces to grow, package and store their products, and the Wall Street Journal reported earlier this week that these “cannabusinesses” have accounted for nearly a third of all the new warehouse leases in Colorado over the past 18 months.
Taylor says it sees an opportunity for its real estate division, Third Avenue Development.
The company has sold numerous West Texas properties this year, and is looking for diversified real estate opportunities across the nation. Along with potential properties in Colorado, the company is looking at potential properties in Nevada, where recreational adult-use cannabis is on the state's ballot for 2016. The company says it is also planning to scout New York, Vermont, and other states where adult-use cannabis legislation is a possibility.
Third Avenue Development, a premier hybrid real estate investment and development company, is building an emerging portfolio of real estate assets for investment, rehabilitation and resale.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
