DENVER (July 16, 2013) – United Properties, a developer and investor with offices in Denver, purchased 38.2 acres from Forest City Stapleton, Inc. (now Brookfield Properties), and broke ground on the first phase of the Enterprise Business Center this month. The 710,850-sq.-ft., Class A industrial development is located near the southwest corner of Interstate 70 and Havana Street in Stapleton.
Phase one of Enterprise Business Center will be a 514,500-sq.-ft. cross-dock distribution building suited for tenants seeking 125,000 sq. ft. of space or more. The building’s state-of-the-art design includes concrete tilt wall panels, 32 feet interior clear height, ESFR sprinkler system, T-5 lighting, white “cool” roof and truck parking, and will be able to accommodate security fencing. Construction will be complete in February 2014, with occupancy available as early as the end of March 2014.
When fully developed, Enterprise Business Center will include three industrial buildings. After the phase one building, United Properties plans to develop two flex industrial buildings of approximately 100,000 sq. ft. each. These buildings will have 24 feet clear height and target tenants seeking at least 25,000 sq. ft. of space with a higher office finish requirement.
“Our first building offers modern, high bay, Class A distribution space with ample truck parking in a central location with easy access off Interstate 70,” said Kevin Kelley, vice president/regional director-Colorado, United Properties. “No other existing or planned project offers our combination of location, quality and modern design.”
“The overall market vacancy for Class A modern distribution space for users seeking at least 125,000 sq. ft. is virtually negligible,” said Mike Wafer, Newmark Grubb Knight Frank; Wafer and Tim D’Angelo serve as the listing agents for the project. “Given this lack of vacancy and our prime location, there is no existing or proposed property that competes with Enterprise Business Center.”
“We are delighted to have United Properties choose Stapleton for this dynamic new warehouse and distribution center,” said John S. Lehigh, president, Forest City Stapleton, Inc. (now Brookfield Properties), the master developer for Stapleton. “In taking advantage of Stapleton’s excellent access to a network of regional highways and the visibility that comes with locating its Enterprise Business Center in one of the nation’s most celebrated, mixed use, urban communities, United Properties has displayed the vision that has made it so successful in creating high quality commercial real estate development.”
United Properties has hired Murray & Stafford as the general contractor for phase one construction. The project team for the first phase also includes architect Ware Malcomb and engineer Jansen Strawn.
With direct access to Interstate 70 and situated within one of the most successful master-planned redevelopments in the country, Enterprise Business Center is positioned near shopping, recreation, entertainment and dining.
About United Properties
United Properties, based in Minneapolis, Minn., specializes in commercial real estate development and investment. Since 1975, United Properties has provided development services for the retail, residential, office, medical and industrial sectors. In addition to a large presence in the Minneapolis-St. Paul market, United Properties’ Colorado division develops retail, office and industrial buildings. Formed in 1916, the United Properties investments group acquires, manages, finances and disposes of the company’s real estate investments, which includes nearly 60 office, medical, industrial and retail assets in Minnesota, Wisconsin and Colorado. For more information, visit www.uproperties.com.
ABOUT BROOKFIELD PROPERTIES
Brookfield Properties is a fully-integrated, global real estate services company, providing industry-leading portfolio management capabilities across the real estate investment strategies of Brookfield Asset Management — a global alternative asset manager with over $330 billion in AUM*.
Brookfield Properties develops and manages premier real estate with a focus on maximizing the tenant experience in addition to the investment and operational performance of the asset. We also focus on integrating leading-edge real estate technologies which enables us to be at the forefront of innovation and sustainability – benefiting not only our tenants and business partners, but also the communities in which we operate.
For more information about our approach to operating and developing best-in-class real estate, please visit www.brookfieldproperties.com.
*Please note: AUM numbers will change with each quarterly earnings call and should matchbrookfield.com. $330B is current.