ByGeorge Ryan|Nov 10, 2020|Industry News, Local Real Estate, News
By Ken Amundson — October 28, 2020
LOVELAND — McWhinney Real Estate Services Inc., master developer of Centerra, has signed three new tenants for the company’s industrial campus on the northwest end of the complex. The company also
will expand its industrial offerings in Centerra with a new building and a new industrial complex.
McWhinney said that Geary Pacific Supply, NorCo Volleyball Club and an unnamed national home-improvement company have signed agreements.
Geary is an Anaheim, California-based HVAC supplier with operations in eight western states. It has five locations in Colorado, including one in Fort Collins. It will occupy 25,757 square feet in the 123,000-square-foot Building VI, which will be complete in December.
NorCo is a regional volleyball club that offers training and competition for youth athletes. It will use 60,000 square feet of space in Building V and plans to begin operations there in early 2021. NorCo is purchasing a condominium interest in the Class A, 123,000-square-foot building, which features 24-foot clear heights, dock-high loading, ESFR sprinklers and flexible space configurations.
McWhinney did not name the home-improvement company but said it is a Fortune 100 company that will occupy 72,396 square feet of space in Building VI for a distribution facility. There are only two national home improvement companies on the Fortune 100 list: Home Depot Inc. (NYSE: HD) and Lowes Cos. Inc. (NYSE: LOW). That company will begin operations there in March 2021.
During the first quarter of 2021, McWhinney plans to break ground on Building VII, the final building of the Centerra Industrial campus, with delivery slated for the fall, the company said in a press release. Building VII will include 123,000 square feet and features similar to the other buildings on the campus. The industrial campus, situated off Kendall Parkway just south of the Northern Colorado Regional Airport, totals 660,000 square feet of industrial space.
Industrial-class property has been cited numerous times by Realtors and developers as the brightest spot in the commercial real estate sector even before the COVID-19 pandemic roiled the commercial markets. McWhinney plans to continue development in that sector with a new industrial park to be located at Crossroads Boulevard and Rocky Mountain Parkway, directly west of the Centerra Motorplex. The new park on 50 acres will include seven new buildings ranging in size from 43,000 square feet up to 150,000 square feet on both a speculative and build-to-suit basis.
When done, McWhinney will have added a minimum of 13 industrial buildings between its current Centerra Industrial campus and the new industrial district.
“Despite the impacts of COVID-19 on the economy at large, demand for industrial space in Northern Colorado remains relatively steady,” said Clyde Wood, vice president of commercial development for McWhinney. “Our intention is to capitalize on this demand by always having product available. McWhinney’s industrial track record and historical land basis allow us to consistently deliver best-in-class industrial space at competitive rates. We’re confident about our positioning in the market and look forward to accelerating both our speculative and build-to-suit industrial programs.
“We are especially excited about the launch of our next industrial district, which is already in the design development phase. This new campus will offer a broader range of building types and sizes to ensure we can accommodate any significant industrial or flex user in the region,” Wood said.
The new industrial district will support a variety of uses including small to midsize light industrial and flex spaces, large e-commerce distribution centers, and warehouse space with outdoor storage.
Brokers Mike Eyer of CBRE and Kyle Lundy of C3 Real Estate Solutions manage lease transactions for the Centerra Industrial campus on behalf of McWhinney. Eyer and Tyler Rowland of CBRE also represented the home improvement retailer on the tenant side.