Marcus & Millichap is pleased to present the opportunity to acquire the property located along U.S. Highway 36 in Byers, Colorado. The subject property consists of approximately 634.38 acres of land. The asset features one mile of frontage on U.S. Highway 36 with direct access to the site. Located adjacent to Interstate 70, the property sits about 38 miles East of the Denver International Airport. With the neighboring residential development across U.S. Highway 36, the property has access to existing public utilities. Currently zoned AE for Agricultural Estate usage, the property can be rezoned for a variety of commercial uses while being leased out as farmland to generate cash flow during the development process.
The subject property sits within the Southeast Outlying submarket. Retail space dominates the submarket with 4.1 million square feet, with vacancies sitting near record lows at just 1.8 percent in Q3 2024. Despite the tight availability, retail rent growth remained tamed, slowing down to 2.6 percent annually. Industrial space accounts for nearly 3 million square feet, 3.6 percent of which was vacant in Q3, representing roughly half of the overall Denver market average. Industrial rent growth also slowed to 1.8 percent year-over-year. Southeast Outlying contains 1.3 million square feet of office space with a vacancy rate of 4.3 percent in Q3, outperforming the Denver market by 12.9 percentage points. Annual rent growth decelerated to 2.9 percent as office demand slipped into negative territory. There are 4,949 multi-family residential units in the Southeast Outlying submarket. After experiencing a record number of deliveries last year, absorption is playing catch up in 2024, pushing vacancies down 5.8 percentage points to 9.8 percent (CoStar).
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
1144 15th St Suite 2150,
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. © 2024 Marcus & Millichap. All rights reserved. (Activity ID: ZAF0050300)
