There are two major industrial projects planned for the northern metro area

In the northern part of metro Denver, industrial real estate activity has increased thanks to two major projects.

A Georgia-based logistics company has signed a long-term lease totaling 1.127 million square feet at the 76 Commerce Center in Brighton along the Interstate 76 corridor.

BroadRange Logistics, which specializes in providing services to the green energy sector, leases the remaining two of the four buildings in the 155-acre regional distribution center. The buildings are located at 22250 and 22500 E. 1-76 Frontage Road.

And in Broomfield, Ryan Companies US Inc., a national commercial real estate company, and PGIM Real Estate, the real estate investment and financing arm of Prudential Financial Inc., have formed a joint venture to develop a project called the Northwest Commerce Center. The companies announced the financial close on Tuesday.

The Broomfield project will consist of two buildings totaling approximately 30,000 square feet within the Verve Innovation Park and adjacent to the Rocky Mountain Metropolitan Airport.

The Denver office of real estate firm JLL said multiple leases have been signed for industrial space along the Interstate 25 corridor. JLL reported that activity in the first two quarters of 2024 indicates occupiers are looking to lease Class A space, which typically means new. The overall vacancy rate in Metro Denver’s industrial real estate market was 9% in the second quarter.

According to real estate firm CBRE, BroadRange’s signed lease for the buildings at the Brighton location accounts for nearly half of metro Denver’s total industrial leasing volume for the second quarter. The company reported that a total of 2.5 million square feet of industrial space had been leased, up 2.6% quarter-over-quarter.

“Denver is a key location to support our overall strategy as we expand our operations to serve customers across the country,” Ari Milstein, CEO of Broadrange Logistics, said in a statement.

The industrial park will be BroadRange’s first location in Colorado. The company plans to move into the buildings in September and expects to create dozens of jobs in the area. Part of the building will be used for the distribution of solar panel components.

Todd Witty and Daniel Close of real estate firm CBRE represented the landlords, Hyde Development and their equity partner Mortenson Properties Inc., in the transaction. Sam Dragan and Jim Bolt of CBRE represented the tenant in partnership with Atlanta-based Strategic Real Estate Partners.

“BroadRange was attracted to 76 Commerce Center for a number of reasons, including its location in the affordable city of Brighton, which provides a large labor pool for businesses in the I-76 corridor,” said Witty.