DENVER—HFF has arranged equity and construction financing for the development of Central 62 Distribution Center, a 124,600-square-foot, class A, spec industrial warehouse and distribution facility to be located here.
HFF worked on behalf of the developer, Corum Real Estate Group, to arrange the joint venture equity partnership with a pension fund advisor. In addition, HFF secured the construction loan for the partnership through a local bank.
Central 62 Distribution Center will be situated on a 7.57-acre site at the northeast corner of East 62nd Avenue and Interstate 25, the primary north-south interstate running through the western part of the Rocky Mountains. Five miles from Denver's CBD, the center is near the 70th Avenue interchange and provides access to other major freeways, including Interstates 70, 71, 76 and 270. The center is proximate to rail access and is 24 miles from Denver International Airport. Designed by Ware Malcomb architects, the center will consist of a one-story, multi-tenant building with 28' clear heights and 22 dock-high doors. When completed in 2016, Central 62 Distribution Center will be one of the only class A industrial buildings in Denver's northeast submarket.
The HFF equity and debt placement team representing the borrowers was led by Josh Simon.
"Corum was able to find an unbelievable industrial development site in the heart of central Denver," Simon said. "Given the site attributes and the scarcity of industrial opportunities in the market, we had a tremendous amount of interest from capital creating a highly competitive environment to capitalize the deal."
Corum Real Estate Group is a Denver-based real estate firm specializing in property management, brokerage, development and asset services. Corum develops, acquires, manages and owns office, retail, industrial, multifamily and investment properties.
HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.
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