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 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®.
Media Contacts
Jessie Timmerman
952.837.8516
jessie.timmerman@uproperties.com
Martha Nevanen
952.893.7539
mnevanen@northmarqcompanies.com
About United Properties
United Properties has been creating deep roots in the commercial real estate industry for more than 100 years. The company imagines new possibilities in real estate to help enrich communities and create lasting legacies. United Properties provides market expertise for ground-up development, redevelopment and acquisitions of value-add and stable investments. The company invests in and develops office, industrial, retail, mixed-use and senior housing properties. United Properties is owned by the Pohlad Companies and is headquartered in Minneapolis, with offices in Denver and Austin, Texas.
