Newly Constructed Industrial Property Leased in 90 Days
I am thrilled to announce that after precisely ninety days on the market, a successful lease has been executed for the exceptional property located at 7103 South Dillon Court in Englewood, Colorado. This impressive 11,880-square-foot building sits on 1.42 acres in south Denver's highly desirable Dove Valley submarket.
The newly constructed facility offers remarkable features, including five oversized drive-in doors, a 24-foot clear height, a heavy-duty air recycler for indoor vehicle maintenance, a full-length floor drain, screened fencing for the paved outdoor storage yard, and a superbly designed office space with modern finishes.
My esteemed colleague C.J. Toohey and I had the pleasure of serving and collaborating with the gracious landlord, and we are genuinely grateful that ownership selected Henry Group Real Estate to represent this listing.
The national credit tenant is a transportation service with a fleet of over thirty coaches that provides private group transit around Colorado and beyond. The space offers an ideal setting for the company to perform maintenance and storage of their machines while delivering high-image office space and plenty of parking for the staff and customers they serve.
A special thank you goes to Ryder Fink of Madison Commercial Properties for his excellent cooperation in representing the tenant for this five-year lease commitment. Through teamwork and communication, we were able to craft a deal that was beneficial to both parties.
Denver has a healthy appetite for high-image industrial
We set lofty goals in bringing this listing to the market. For such an impressive asset, I wanted to ensure I was providing my client with the best resources available to meet his goals. To achieve this, I called on the support of my colleague, CJ Toohey, to co-list the property with me. CJ specializes in industrial real estate and offered guidance and insights that proved invaluable as we crafted our marketing presentation and arranged our lease comparables to present to the owner.
As a team, we scoured the market for both on- and off-market lease comps to support our pricing guidance. Our research revealed this property to be truly unique, with no actual comps available in the Denver market or surrounding areas.
The attention to detail in the design and top-tier quality of construction were things we could not find in the marketplace. We were bold in our pricing guidance and ultimately delivered a very strong, qualified tenant with a thriving business that could support the commitment to the five-year lease.
We launched the listing on November 15, 2023, making sure to offer transparency to our client, the landlord, that we expected the holidays to be relatively slow on leasing inquiries and activity. As brokers, our goal is always to manage our clients' expectations starting at the very beginning of the deal process. As such, we informed ownership that we anticipate six to nine months for the property to be leased to a quality tenant.
We invested the time and resources necessary to ensure this offering made an impact the moment it hit our listing platforms and mailing lists. It's not every day you come across an industrial property as easy on the eyes as this one.
I believe in the power of marketing., especially when it's done well. To show this listing in the best light possible and help it stand out against the basic industrial offerings, we had the property professionally photographed, and a video tour was produced. I initially received some pushback for doing this, as most industrial listings don't get the red carpet treatment. I took a risk, but these extra steps helped significantly reduce both the number of showings and the time the property sat on the market.
Starting on day one and consistently throughout the holiday season, we saw heavy activity on this listing. The phone rang multiple times a day, and we received our first letter of intent to lease in December, just twenty-three days after we launched.
We negotiated terms with two different parties. Ultimately, the owner declined to lease to our first prospect as the capital requirements were insufficient to support the lease commitment.
By the third week of January 2024, we had exchanged a series of letters of intent with the second group, whose background and financials were able to satisfy ownership, and we moved to lease. On February 15, 2024, the tenant took possession of the property and has now settled into their new space.
