Central Development Celebrates Full Lease-Up of 950 Vapor TrailCentral Development Celebrates Full Lease-Up of 950 Vapor Trail http://centraldevelopment.com/wp-content/uploads/Central-Development-Celebrates-Full-Lease-Up-of-950-Vapor-Trail-1024x597.jpg 1024 597 Central Development Properties Central Development Properties http://centraldevelopment.com/wp-content/uploads/Central-Development-Celebrates-Full-Lease-Up-of-950-Vapor-Trail-1024x597.jpg
Strong Performance Reflects Prime Product Fit in a Robust Industrial Submarket
Denver-based Central Development is celebrating an important milestone in the history of any new development: 950 Vapor Trail, a speculative 58,500 SF industrial building located in the booming Colorado Springs Airport (COS) area, is now fully leased. The rapid lease-up of the build-to-suit at Aerotech Commerce Center – one of the last remaining lots in the highly desirable northern airport area – occurred before construction was complete, reflecting strong and ongoing market demand for new, well-located industrial product near Colorado Springs.
With its location in the Powers Boulevard Corridor minutes from COS, Peterson Air Force Base, and I-25, 950 Vapor Trail is an ideal distribution/warehouse solution for its new tenants, US Building Supply, Redstone Technical, and Vital Records Control. “We filled a void in the market for medium-sized tenants supporting the area,” says Central Development principal and co-founder Jeremy Records. “These businesses need local resources for receiving and distributing product. They chose the location for the same reasons leaders like FedEx and Amazon have built or leased nearby facilities.”
Records assesses that 950 Vapor Trail may be the easiest and most efficient project Central has ever completed. The project originated after Carrier West, which has a trusted relationship with Records, sought the developer’s help in securing a build-to-suit near COS, where land was increasingly scarce. Central found the Vapor Trail site, but Carrier West didn’t need the entire lot – so, after completing Carrier West’s tilt-up concrete building in 2021, Central began constructing a second speculative building at 950 Vapor Trail in early 2022. Records enlisted NAI Highland brokers Randy Churchill Dowis and Paul Engel to find tenants and DB Marketing to create a marketing website, and permitting, construction, and leasing proceeded smoothly. Says Dowis, “The Central Development team truly delivered a unique high cube distribution product to the COS submarket. Architectural features and overall design and functionality set us apart from our competition. Efficiency – coupled with quality construction and design – led to us achieving over 50% pre-leasing activity and signed leases long before the core and shell were finished. We look forward to working with Central again.” Records also points to Central’s unique combination of corporate-level capabilities underpinned by local decision making, which makes it easier for tenants to get deals done quickly.
Central Development worked with Intergroup Architects to design both of Vapor Trail’s tilt-up concrete buildings, which earned Tilt-Up Achievement Awards from the Tilt-Up Concrete Association in 2022 and 2023. Several of their past collaborations have also won awards, including speculative industrial park buildings Highfield 5 (2017) and 3 (2015) and Gordon Holdings’ office/manufacturing facility (2013).
Central Development is all-in on industrial for the near future, with $75M currently in design or under construction. Their next big project is a 14-acre, high-visibility, I-25-adjacent large-scale retail showroom in another exceptional location a half-hour north of Colorado Springs. Rock Commerce Center – likely to attract home furnishing, building supply/service, HVAC, and indoor or motor sports businesses – will be similar to Vapor Trail in the critical support it offers the region’s business community.