55-acre business park coming to Centennialhttp://centraldevelopment.com/wp-content/uploads/Encompass-Park.jpg 907 548 Central Development Central Development http://centraldevelopment.com/wp-content/uploads/Encompass-Park.jpg
Colorado-based company Central Development LLC has purchased 25 acres in Centennial that will kick off the development of a 55-acre business park, joining several other large developments in Arapahoe County.
To be called the Encompass Business Park, the complex is located along South Blackhawk Street between East Arapahoe Road and East Fremont Road, near the Denver Broncos’ Dove Valley headquarters complex. The parcel was formerly called Centennial East Corporate Center.
Central Development purchased the land for the first phase of development, a 150,000-square-foot speculative industrial building, from Jordan-Arapahoe LLC for $4.5 million.
Central Development intends to purchase the remaining 30 acres in the future, according to Newmark Grubb Knight Frank, the commercial real estate company that facilitated the land sale and that will manage leasing.
“Flexible zoning and its shovel-ready nature for buildings of all sizes provide a speed to market option for select tenants,” said Kittie Hook, managing director at NGKF. “One of the last vacant parcels available along Arapahoe Road, once complete, Encompass Business Park will fill a needed niche in an area impacted by limited supply.”
Industrial space across metro Denver has been at record-high occupancy rates for two years, which in turn has driven record-high rental rates. The southeast suburban market is no different, with a vacancy rate of 4.9 percent, according to NGKF.
“Consistent low vacancy throughout the market has led to new construction providing an attractive path to provide high-quality space for entry for new tenants or space for existing tenants to expand,” said Wade Fletcher, managing director of NGKF.
But the new business park is expected to include more than industrial space.
“The new Encompass Business Park will offer a total of 13 development sites, ranging from 14,000 square feet to 150,000 square feet, with broad and flexible zoning to accommodate retail, office, flex, industrial, mechanical and storage uses,” said Jeremy Records, principal at Central Development.trial developments that have been announced in recent months, including new projects in Aurora and Westminster.
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