Marcus & Millichap is pleased to present the opportunity to acquire the property located at 9780 Havana Street in Commerce City, Colorado. The subject property consists of approximately 2.74 acres of land. The asset features 600’ of frontage along State Highway 2 and is equipped with connections to city water and sewage. Zoned as Medium-Intensity Industrial District (I-2), the property can be used for outdoor storage and accommodate development for light and medium industrial uses and medium-intensity manufacturing operations (Commerce City). Located near the intersection of Havana Street and 96th Avenue, the property sits less than 2 miles from Interstate 76 and a 20-minute drive to Denver International Airport (DIA) via Colorado E-470.
The subject property is well positioned in the DIA submarket containing a sizeable 16.4 million square feet of industrial space. Offering large areas of developable land at low costs, DIA has become one of the fastest-growing submarkets in metro Denver. Since the beginning of the pandemic, the inventory has expanded by 5.5 million square feet, representing an expansion of 50 percent. Large speculative developments have caused a spike in the vacancy rate in recent years, sitting at 16.7 percent as of Q3 2023. Despite the growing availability, rent growth has remained strong, up 7.8 percent annually during this time. Unlike most industrial submarkets in metro Denver, demand has remained strong in the DIA in 2023, already absorbing the second most space on record through the first three quarters at over 880,000 square feet. Among small industrial properties up to 50,000 square feet, the vacancy rate remains near record lows at 1.6 percent in Q3 (CoStar). Given that construction activity for these properties is essentially non-existent, the development of small industrial in the DIA will likely outperform its big-box counterpart as vacancies continue to mount on the larger end of the spectrum.
Denver-Aurora-Lakewood metro is home to three million people among 10 counties. Known as the Mile High City, Denver, which is also a county, serves as the state’s capitol and largest city, with approximately 742,800 residents. Metro Denver houses 10 Fortune 500 companies, including Newmont Goldcorp, Arrow Electronics, and DISH Network. Aerospace, financial services, and health care are some of the industries that have driven economic growth in the new millennium. The passage of Amendment 64 in November 2012, created a new industry in marijuana, largely consisting of young thriving businesses. Metro Denver provides a high quality of life with rural and urban amenities. Rocky Mountain National Park is less than two hours driving from the metro area, and the city houses franchises for all four major sports.
BROKER OF RECORD
ADAM LEWIS
Denver Broker of Record
1225 17th Street, Suite 1800
Denver, CO 80202
Tel: (303) 328-2050
Adam.Lewis@MarcusMillichap.com
License CO: ER100091205
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2023 Marcus & Millichap. All rights reserved. (Activity ID: ZAE0050516)
