DENVER (Aug. 10, 2015) – United Properties, a developer and investor with offices in Denver and Minneapolis, announces it has signed a lease with Beverage Distributors Company, LLC, Inc. for 500,000 sq. ft. and closed on the purchase of 45 acres of additional land from Forest City Stapleton at Enterprise Business Center (EBC) in Stapleton. Located at Interstate 70 and Havana Street in Denver, the class A industrial development will now include eight buildings with more than two million square feet on approximately 100 acres.
With Beverage Distributors preleasing more than 70 percent of one of the three buildings in this next phase, the land purchase and lease have now kicked off the development of an additional 850,000 sq. ft. of commercial space at EBC. “This is one of the largest industrial leases ever signed in Denver, and in our portfolio of properties,” said Kevin Kelley, vice president, United Properties.
Construction will commence on two of the buildings in September with the third built upon market demand.
- A 646,000-sq.-ft. bulk distribution building with 32-foot ceiling heights principally occupied by Beverage Distributors to be complete in the first quarter of 2017.
- A 157,000-sq.-ft. flex building planned with 24-foot ceiling height and a higher degree of office finish to be complete by the end of second quarter of 2016.
“We are thrilled to be in the position to consolidate our operations into this new facility,” said Beverage Distributors President and CEO Joseph Marotta. “This is the culmination of the hard work of all of our associates over the past 40 years here in Colorado. This new facility will serve our business, our supplier partners and our customers for the next 20 years and beyond.”
Beverage Distributors Company, a subsidiary of Charmer Sunbelt, is consolidating its operations from three buildings currently located in Aurora to one state-of-the-art facility in EBC in Denver. Beverage Distributors is the largest distributor of beer, wine and spirits in the state of Colorado and currently employs more than 600 people. Phase one of Beverage Distributors’ new facility will be 70,000 sq. ft. of office space and 434,000 sq. ft. of warehouse space located along I-70 and Central Park Blvd. Phase two includes a 142,000-sq.-ft. expansion of the warehouse as needed over the next five years.
In addition to United Properties, the project team includes brokers Mike Wafer and Tim D’Angelo of Newmark Grubb Knight Frank; architect Powers Brown Architecture; and general contractor Murray & Stafford, Inc. Mike Wafer represented Beverage Distributors in the transaction.
Each of United Properties’ land parcels at EBC has been purchased from Forest City Stapleton, Inc., the master redeveloper for Stapleton. United Properties began construction in August 2013 and the completed buildings total almost 1.2 million sq. ft. With signed and pending leases in those buildings, the development is more than 90 percent leased.
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 50 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 Beverage Distributors Company, LLC
Beverage Distributors Company has served the Colorado beverage market for more than twenty years. Through the combined strength of our selling divisions — Apex Distributing Company, Pinnacle Distributing Company and Summit Distributing Company — BDC has shown consistent growth and earnings, and holds the largest share of the Colorado spirits and wine market. Beverage Distributors is a member of The Charmer Sunbelt Group (CSG), one of the nation’s leading distributors of fine wines, spirits, beer. and other beverages. A group of privately held companies, CSG operates local distributor and/or brokerage houses in 15 markets. CSG is a family-owned business that proudly serves as the critical link between wine and spirit suppliers, and the retail outlets where alcoholic beverage brands are legally and responsibly sold and enjoyed. The vision of Beverage Distributors is to be the distributor of choice for our suppliers, customers, associates, industry, and community.
About Stapleton/Forest City
Stapleton is Denver’s premier sustainable community and one of the largest urban infill projects in the United States. Stapleton integrates a diversity of housing types and prices with a network of parks, schools, and supporting retail and office to create a true live/work environment. Stapleton is served by the Central Park interchange on I-70, which is located adjacent to transit-oriented development Forest City plans to commence at the new Central Park Commuter Rail Station that will link Stapleton to DIA on the northeast and Downtown Denver to the west.