A new 55-acre office and industrial development will be replacing the former Centennial East Corporate Center in, you guessed it, Centennial.
Colorado-based Central Development purchased Phase I of the project — a 25 acre site — from Jordan-Arapahoe LLC for $4.5 million. Development has already begun on what Central Development has dubbed Encompass Business Park.
The industrial development will feature 13 multi-use buildings, ranging from 14,000 to 150,000 square feet, and has flexible zoning to accommodate retail, office, industrial, medical and storage facilities.
In a press release, Newmark Grubb Knight Frank said the park will be the largest in southeast part of the metro area. It stretches from Arapahoe to Fremont, just east of South Potomac.
Central Development and its marketing and sales partner, Newmark Grubb Knight Frank, chose Centennial for its proximity to a highly educated work force and to business and travel amenities, as well as the market’s high demand for industrial business space.
The first quarters of 2016 saw more than 270,000 square feet occupied by tenants and vacancy decrease from 8 percent to 4.9 percent year-over-year.
“Consistent low vacancy throughout the market has led to new construction providing an attractive path to provide high quality space for entry for new tenants or space for existing tenants to expand,” Wade Fletcher, managing director at NGKF, said in a statement.
According to Kittie Hook, managing director of NGKF, Encompass Business Park will occupy one of the last available plots on Arapahoe Road.
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