76 Commerce Center is located along Interstate 76 north of Denver International Airport. (Courtesy Mortenson Properties and Hyde Development)
Paul Hyde hadn’t seen much activity on his largest warehouse offerings.
“There were very few, if any, deals over 250,000 square feet the last two-and-a-half years. They just weren’t out there, they were on the sidelines,” the Minneapolis developer said.
Then, Georgia firm Broadrange Logistics came along. Last week, Hyde announced the group leased two warehouses by DIA, totalling 1.13 million square feet. That’s 26 acres of space, and represents the largest speculative lease in Colorado history, according to CBRE.
It’s a moment of relief for Hyde’s firm Hyde Development and partner Mortenson Properties, which are seeing their big bet on large warehouse space pay off.
“We’re very excited both for ourselves to fill the space but it’s also a great indicator for the market,” he said.
Hyde’s development, 76 Commerce Center, sits along I-76 east of Brighton. It spans 155 acres over four buildings, and includes walking trails, recreational space and even a bike repair station. Completed in 2023, the latest deal makes the entire campus fully leased. The other two buildings are occupied by Walmart, Farmers Business Network and others.
Broadrange holds and distributes inventory for firms that can’t do it themselves. The firm is the sixth-fastest-growing logistics company in the nation, according to Hyde. Broadrange, which declined to comment, specializes in green energy products. A portion of its new space will be dedicated to solar panel distribution.
The company has a warehouse in almost every state in the country, per its website. Notably lacking is the I-25 corridor, where the company doesn’t have space from New Mexico on up through Montana and Idaho.
Todd Witty and Daniel Close of CBRE represented the landlords in the transaction. Sam Dragan and Jim Bolt of CBRE represented the tenant in partnership with Atlanta-based Strategic Real Estate Partners.
There’s been an arms race of sorts happening out by DIA for huge warehouse space.
“What’s going to happen is pretty soon there won’t be many of these buildings that are a year or two old … and pretty soon we’re gonna be building again,” Hyde said.
The developer, also active in Minneapolis and Fargo, also has a 5.5 million-square-foot project ongoing south of DIA dubbed “HighPoint,” complete with an onsite brewery and 16 warehouses, which includes a Whole Foods distribution center. Hyde Development also purchased the three-building, 600,000-square-foot Peoria business center in Montbello for $74 million, the firm announced earlier this year.
“You have to be able to take risk and take the risk to build speculative … there has to be clothes on the hanger in order to sell them,” Hyde said.
76 Commerce Center is located along Interstate 76 north of Denver International Airport. (Courtesy Mortenson Properties and Hyde Development)
Paul Hyde hadn’t seen much activity on his largest warehouse offerings.
“There were very few, if any, deals over 250,000 square feet the last two-and-a-half years. They just weren’t out there, they were on the sidelines,” the Minneapolis developer said.
Then, Georgia firm Broadrange Logistics came along. Last week, Hyde announced the group leased two warehouses by DIA, totalling 1.13 million square feet. That’s 26 acres of space, and represents the largest speculative lease in Colorado history, according to CBRE.
It’s a moment of relief for Hyde’s firm Hyde Development and partner Mortenson Properties, which are seeing their big bet on large warehouse space pay off.
“We’re very excited both for ourselves to fill the space but it’s also a great indicator for the market,” he said.
Hyde’s development, 76 Commerce Center, sits along I-76 east of Brighton. It spans 155 acres over four buildings, and includes walking trails, recreational space and even a bike repair station. Completed in 2023, the latest deal makes the entire campus fully leased. The other two buildings are occupied by Walmart, Farmers Business Network and others.
Broadrange holds and distributes inventory for firms that can’t do it themselves. The firm is the sixth-fastest-growing logistics company in the nation, according to Hyde. Broadrange, which declined to comment, specializes in green energy products. A portion of its new space will be dedicated to solar panel distribution.
The company has a warehouse in almost every state in the country, per its website. Notably lacking is the I-25 corridor, where the company doesn’t have space from New Mexico on up through Montana and Idaho.
Todd Witty and Daniel Close of CBRE represented the landlords in the transaction. Sam Dragan and Jim Bolt of CBRE represented the tenant in partnership with Atlanta-based Strategic Real Estate Partners.
There’s been an arms race of sorts happening out by DIA for huge warehouse space.
“What’s going to happen is pretty soon there won’t be many of these buildings that are a year or two old … and pretty soon we’re gonna be building again,” Hyde said.
The developer, also active in Minneapolis and Fargo, also has a 5.5 million-square-foot project ongoing south of DIA dubbed “HighPoint,” complete with an onsite brewery and 16 warehouses, which includes a Whole Foods distribution center. Hyde Development also purchased the three-building, 600,000-square-foot Peoria business center in Montbello for $74 million, the firm announced earlier this year.
“You have to be able to take risk and take the risk to build speculative … there has to be clothes on the hanger in order to sell them,” Hyde said.
