Proposed multi-building development slated for office and industrial use
DENVER (March 7, 2019) – United Properties is pleased to announce that it has acquired an additional 43 acres to expand its successful INOVA Business Park in Centennial.
Located at the intersection of Lima Street and Easter Avenue in Centennial, the 43-acre, multi-building site will be named INOVA Aero and be slated for both office and industrial use, following on the heels of the development of INOVA I and II.
Initial plans for the new site include up to 480,000 sq. ft. of industrial or 300,000 sq. ft. of build-to-suit office space and an additional 225,000 sq ft. of industrial. INOVA Aero represents the last infill site in the southeast market that is west of the Centennial airport and is zoned for these uses, making it an attractive location for many potential tenants, according to Matt Oermann, senior development manager, United Properties.
“We’ve been very pleased with the response to INOVA to date, and we are excited to continue that momentum,” said Oermann. “The flexibility of uses allows us to consider multiple site plans and attract interest from a variety of clients.”
In United Properties’ first phase of development, INOVA Office I and II, tenants responded positively to the proximity and easy access to I-25, higher parking ratios and highly efficient floor plate designs. INOVA Aero will follow a similar template, Oermann said, adding that, “Many tenants still desire parking ratios at 6 per 1,000 and higher. We can provide that, while still being within a mile and half of I-25.”
INOVA Aero’s first phase will have two industrial buildings totaling 157,000 sq. ft. with anticipated completion during second quarter 2020.
Jason Addlesperger and Dave Lee of Newmark Knight Frank handled the transaction and are representing United Properties in leasing and build-to-suit opportunities.
About United Properties
United Properties has been creating deep roots in the commercial real estate industry for more than 100 years. The company imagines new possibilities in real estate to help strengthen communities and create lasting legacies. United Properties provides market expertise for ground-up development, redevelopment and acquisitions of value-add and stable investments. The company invests in and develops office, industrial, retail, mixed-use and senior housing properties. United Properties is owned by the Pohlad Companies and is headquartered in Minneapolis, with an office in Denver. For more information, visit www.uproperties.com or follow on Twitter at @UPDeepRoots.