Marcus & Millichap is pleased to present the opportunity to acquire the property located at 8021 Spruce Mountain Road in Larkspur, Colorado. The subject property consists of approximately 196.91 acres of land. The asset features about a 41-acre lot zoned as General Industrial (GI) and Light Industrial (LI), roughly 156 acres of agricultural land that can be rezoned for industrial use, and a 6,869-square-foot private residence with five bedrooms and five bathrooms. Sitting adjacent to the house is Perry Park Airport, a private FAA-approved airport, and approximately a 6,300-square-foot airplane hangar. Both the house and airport are currently utilized by the owner and are included in the sale of the property.
Located on the West side of Interstate 25, the property is almost equal distance from Downtown Denver (41 miles) and Downtown Colorado Springs (31 miles), which makes the property’s location prime for the development of a variety of industrial properties such as warehousing, logistics, and manufacturing. An operating Burlington Northern Santa Fe (BNSF) rail line runs north and south along the property between Spruce Mountain Road, providing the opportunity to add a rail spur. The proposed truck stop across the street from the property provides additional infrastructure for industrial space. Given that this property can accommodate the development of up to an estimated 3 million square feet of industrial space, this sale offers investors significant upside in an under-supplied submarket.
The area between Denver and Colorado Springs along Interstate 25 (referred to as the I-25 Corridor in the subject material), is a relatively small submarket, containing only 2.4 million square feet of industrial space. During the third quarter of 2023, the vacancy rate in the I-25 Corridor sat at just 2.4 percent, well below the overall 6.2 percent rate across the markets of Denver and Colorado Springs. Although the overall market area is showing signs of overbuilding, the rise in vacancies is concentrated in big-box warehouses (CoStar). Despite the limited availability and geographic advantages, investors have not taken full advantage of the opportunities in the I-25 Corridor partly due to public and private conservation easements that prevent commercial developments.
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.
Known as Olympic City USA for its world-class training facilities, Colorado Springs the second most populous city in the state of Colorado with 478,961 residents, representing the 48th most populous city in the United States according to the 2020 U.S. Census. Situated just east of the geographic center of the state and 61 miles south of Denver, metro Colorado Springs hosts a population of 755,105. At 6,035 feet, the city sits over one mile above sea level, though some areas of the city are significantly higher. The U.S. military is a staple of the local economy with the presence of Fort Carson, Peterson Air Force Base, and the U.S. Air Force Academy. Colorado Springs is situated near the base of one of the most famous American mountains, Pikes Peak, at the eastern edge of the southern Rocky Mountains.
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: ZAE0050486)
