Mixed-use campus will offer unique features to office tenants
DENVER (October 29, 2014) – United Properties, a commercial real estate developer and investor, in a joint venture with Principal Real Estate Investors, recently acquired 58 acres of land to develop Dry Creek Corporate Center, a mixed-use office, industrial, hotel and residential campus located just east of Interstate 25 and East Dry Creek Road in Centennial. United Properties plans to develop approximately 650,000 sq. ft. of single and multi-tenant office and industrial buildings. The residential and hospitality portions of the campus will be sold to outside developers. United Properties is planning to begin construction of an 182,000-sq.-ft. multi-tenant office building in spring 2015.
“This is one of the largest fully-entitled parcels of land in the heart of the southeast suburban market,” said Kevin Kelley, vice president, United Properties. “With improving market conditions and low supply, we’re excited to bring this new Class A product to the market.”
Dry Creek Corporate Center is situated near the Dry Creek light rail station, adjacent to Inverness Business Park and Centennial Airport, and is located approximately 20 minutes from downtown Denver. With United Properties seeking LEED certification on all buildings, the buildings will including facilities for bike commuters (dedicated building entries with showers, lockers, repair areas and bike rentals), a dedicated shuttle to transport employees to and from Dry Creek light rail station, and onsite food truck pad sites with covered dining areas.
“We are offering rental rates of under $20 sq. ft. net lease, more than 5/1,000 parking ratios and lower net lease charges than other developments in the area,” said Kelley. “Also, our recent annexation into Centennial allows for a more efficient permitting process.”
United Properties purchased the land for Dry Creek Corporate Center in a joint venture with Principal Real Estate Investors. David Lee, Jason Addlesperger and Mike Wafer of Newmark Grubb Knight Frank will lease the property on behalf of the ownership. Powers Brown Architecture is the lead architect for the vertical development.
About United Properties
United Properties, based in Minneapolis, specializes in commercial real estate development and investment. Since 1975, United Properties has provided development services for the retail, residential, office, medical and industrial sectors. In addition to a large presence in the Minneapolis-St. Paul market, United Properties’ Colorado division develops retail, office and industrial buildings. Formed in 1916, the United Properties investments group acquires, manages, finances and disposes of the company’s real estate investments, which includes nearly 60 office, medical, industrial and retail assets in Minnesota, Wisconsin, Illinois and Colorado. For more information, visit www.uproperties.com or follow on Twitter at @UPDeepRoots.
About Principal Real Estate Investors
Principal Real Estate Investors manages or subadvises $54.3 billion in commercial real estate assets . The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.