Chicago-based Lincoln Property Co. paid $13.5M for Highfield Building 5, a 101K SF newly delivered industrial property at 14150 Grasslands Drive in Englewood.
Completed in June 2014 by a partnership between Denver-based Confluent Development and Bradbury Properties, Highfield Building 5 is 100% leased to two tenants: Charter Communications and Gateway Classic Cars. Initially launched as a speculative project, Building 5 reached full occupancy within 12 months of breaking ground.
“The opportunity to acquire Highfield Building 5 attracted tremendous interest from both private and institutional capital,” said CBRE Industrial & Logistics Senior Vice President Jeremy Ballenger, who, along with Jim Bolt and Tyler Carney, represented the sellers. “Investors are drawn to Denver’s positive market dynamics — including job and population growth — as well as the outlook for the industrial sector in general.”
Spanning 100 acres at full build-out, Highfield Business Park will include up to 1M SF of buildings. The site is just southeast of Centennial Airport, about 3 miles or less from major transportation thoroughfares, including E-470, Interstate 25 and the southeast light-rail network. The submarket continues to report solid industrial market fundamentals, including a 6.4% vacancy rate despite new construction.
Building on the momentum within the Highfield Business Park and across the southeast Denver region, Confluent and Bradbury have continued their partnership at the site. They broke ground on a 115,500 SF build-to-suit project for data center provider EdgeConneX in August. In November, they launched a third project within the park — a 92K SF speculative industrial facility. Both are slated to deliver this spring. There are still 52 acres available for development within the park.
“We’re thrilled with the successful sale of this high-quality industrial asset,” Confluent President and CEO Marshall Burton said. “The sale represents the strength of Highfield Business Park as an industrial hub primed for continued expansion.”