Trammell Crow Company and PCCP inked a massive lease deal for a suburban Denver industrial complex that just began construction.
The development giants landed an undisclosed tenant for a full building at Crossroads 25, a 76-acre industrial complex in Thornton set to encompass roughly 1.1 million square feet once complete, the Denver Business Journal reported.
At nearly 410,000 square feet, the deal marks the largest industrial lease in the Denver area since 2024.
Trammell Crow and PCCP purchased the land, at the northeast corner of Interstate 25 and E-470, from an affiliate of Omaha, Nebraska-based Noddle Companies for $18.9 million. Noddle purchased it in 2020 as part of a nearly 200-acre land acquisition for $19.5 million.
The development will eventually span 1.1 million square feet of industrial space. The first phase consists of 828,000 square feet across four buildings. The recent lease brings the four-building phase one to 49 percent leased.
CBRE’s Tyler Carner represented Noddle in the land sale.
The Denver metro’s industrial market had a direct vacancy rate of 9.3 percent in the first quarter, according to JLL. More than 4 million square feet was under construction, and absorption was negative after hefty completions last year.
The first four buildings in Crossroads 25 are expected to be delivered in the third quarter of next year. The complex is projected to be fully complete in 2030.
The previous industrial lease record in the Denver metro area was held by Georgia-based third-party logistics company BroadRange Logistics, which signed a long-term lease for more than 1.1 million square feet at the 76 Commerce Center industrial complex in Brighton. That property’s landlord, Hyde Development, filed suit against BroadRange last week, claiming the logistics firm defaulted on its leases, and Hyde is seeking more than $32 million in damages.
— Chris Malone Méndez
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