TCC and PREI Ink Two New Deals at Crossroads Commerce Park
TCC and PREI Ink Two New Deals at Crossroads Commerce Park
June 23, 2016
DENVER, CO – June 23, 2016 – Trammell Crow Company (TCC), along with capital partner Principal Real Estate Investors (PREI), announce that two new leases have been signed in Building 1, a 169,000-square-foot industrial building located within Crossroads Commerce Park (Crossroads) at the southwest corner of 55th Avenue and Washington Street in Unincorporated Adams County. Lennox Industries, Inc. and gloProfessional’s combined deals bring the building’s occupancy to 52 percent. Both tenants plan to occupy this summer.
Lennox Industries, Inc. (Lennox), based in Richardson, TX, has been servicing the Denver market for many years, and operates as a subsidiary of Lennox International, Inc. to offer residential and commercial heating, ventilation, air conditioning and refrigeration systems for a wide array of customers. As one of the first tenants in the newly-constructed Building 1, along Washington Street at Crossroads, Lennox sees this convenient location, with its accessibility to the I-25 and I-70 interstates, as an opportunity to expand its service level to contractors in and around the Denver marketplace. Lennox will occupy approximately 50,000 square feet of the new 169,000-square-foot building. Founded in 1890, the company serves customers and businesses across the U.S. and internationally.
gloProfessional, a Denver-based skincare and cosmetics company known as will soon occupy 33,000 square feet of the same Building 1 along Washington Street. This headquarters relocation from Denver’s Baker neighborhood to Crossroads allows gloProfessional to occupy new space to house their office, call center, and product warehouse/distribution needs. Part of the Swander Pace Capital group portfolio, the private-equity firm acquired gloProfessional in 2013. The company’s award-winning products are sold through dermatologists and other physician groups, professional licensed estheticians, select specialty retailers, and through the gloprofessional.com portal as well as through exclusive distributors in 37 other countries worldwide.
Crossroads Commerce Park is a modern, master-planned development of nearly 1 million square feet of Class A industrial space in multiple buildings. The flexible site plan at Crossroads provides for building sizes from 17,000-to-376,000 square feet with cross dock, front park/front load and front park/rear load designs. TCC and PREI purchased the initial 36 acres in July 2015 and commenced construction on three speculative industrial buildings equaling 672,000 square feet at Crossroads. Lennox and gloProfessional will together occupy portions of the 169,000 square feet. Building 1; and the 376,000-square-foot Building 2, is actively being sought after by several tenants. American Tire Distributors will occupy Building 3, a 127,000-square-foot building by mid-2016.
Ann Sperling, Senior Director within TCC's Denver Business Unit said, “We welcome Lennox and gloProfessional to our industrial project, and are thrilled they selected Crossroads for their Denver operations. TCC and PREI are very pleased with the level of interest and activity overall, both for the large facilities about to be delivered to the marketplace, as well as the high demand for the smaller build-to-suit opportunities at the south end of the Park.”
The Newmark Grubb Knight Frank team of Mike Wafer and Tim D’Angelo represented Trammell Crow Company and PREI in the transactions. Tyler Smith, Alec Rhodes and Aaron Valdez from Cushman & Wakefield represented Lennox and Garrett Johnson and Matt Burton from Cresa Partners represented gloProfessional. Murray & Stafford is the general contractor, and Ware Malcomb is the architect for Crossroads Commerce Park.
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired more than 2,600 buildings valued at more than $60 billion and over 565 million square feet. As of March 31, 2016, TCC had $7.1 billion of projects in process and $3.1 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential, through its operating subsidiary High Street Residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development or providing incentive-based fee development services.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). For more information visit www.TrammellCrow.com.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $63.2 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®. For more information, visit www.principal.com.
About Lennox Industries, Inc.
Lennox Industries, Inc. manufactures residential and commercial heating, ventilation, air conditioning, and refrigeration (HVACR) systems. The company was founded in 1890 and is headquartered in Richardson, Texas with manufacturing locations in Marshalltown, Iowa; and Stuttgart, Arkansas. It has a parts distribution center Des Moines, Iowa; and a business unit in Nashville, Tennessee. Lennox Industries, Inc. operates as a subsidiary of Lennox International, Inc. For more information visit: www.lennoxcommercial.com.