ByGeorge Ryan|Jan 26, 2021|Industry News, Local Real Estate, News
By Lucas High — January 22, 2021
LOUISVILLE — Developer and commercial real estate investment management firm Exeter Property Group LLC recently purchased a 7.28-acre property at the Colorado Tech Center business park, where it plans to build a new 100,000-square-foot speculative flex industrial building.
Exeter bought the property at 727 and 769 CTC Blvd., one of the few remaining developable parcels in the park, from Doug D’Apuzzo of Roscoe Development Corp., which had owned the parcel since 2014.Andrew Freemanof Freeman Myre Inc. was the broker in the deal.
“He was planning on developing the site, but activity has picked up at the Colorado Tech Center and land values have gone up,” Freeman said of D’Apuzzo. “So this was a price he was willing to accept to sell the land.”
Exeter, which recently purchased another CTC property elsewhere in the business park, plans to break ground on the spec building this summer and complete the project by early 2022.
Exeter’s plans to construct the spec building 28 feet high, about four feet taller than most of the other buildings at the CTC.
“There seems to be more demand for higher-ceilinged buildings over the last year,” Freeman said, attributing that to tenants’ ability to warehouse more goods with a smaller footprint in a taller building.
“E-commerce [companies are] now rippling into our market, so there are more storage and distribution companies that need higher ceilings,” he said. “With these new high-tech racking systems, It’s much more efficient for them to stack upwards.”