TCC and PCCP Acquire 76-Acre Site and Break Ground on Phase 1 of Crossroads 25 in Thornton, Colorado

Trammell Crow Company (“TCC”), a leading commercial real estate developer, and JV partner PCCP, LLC (“PCCP”) today announced the acquisition and groundbreaking of a 76-acre site in Thornton, Colorado, where it will develop Crossroads 25, a six-building, Class A industrial park strategically located at the intersection of Interstate 25 and E‑470.

At full buildout, Crossroads 25 will total approximately 1.1 million square feet across six buildings. Phase 1, totaling approximately 828,000 square feet across four buildings, is expected to deliver in the third quarter of 2027.

Building 4, consisting of 409,000 square feet, has been fully preleased. This is the largest new industrial lease to be signed in the Denver metro area since 2024. Buildings 1, 2, and 3, consisting of 157,562 square feet, 171,242 square feet, and 90,096 square feet, respectively, are available for lease. The 32-foot clear front-park, rear-load buildings feature highway visibility from E-470 and I-25, heavy power at 4,000 amps per building, oversized drive-in doors, and trailer parking. These building features are increasingly important, especially for modern manufacturing users.

CBRE’s Tyler Carner, Jeremy Ballenger, and Keiffer Garton represented the site’s seller in the transaction. The CBRE team will also lead leasing efforts on behalf of TCC and PCCP. Simmons Bank has provided construction financing for Phase 1. Ware Malcomb designed the project, while Murray & Stafford will serve as the general contractor.

“We were glad to work on a successful disposition of this incredibly well-located industrial site in the heart of north I-25,” said Carner, an Executive Vice President at CBRE. “Further, we are looking forward to working with TCC to lease the Crossroads 25 development to completion. The full building prelease is a shining example of the solid, continuing demand for Class A distribution space in this fast-growing distribution corridor.”

In 2025, the North submarket, with just over 15 million square feet of inventory, recorded over 1.2 million square feet of positive absorption. This represents 7.9% of the entire net rentable area of the submarket, according to CBRE Research data. In comparison, an average of 1.4% of the net rentable area was absorbed across all submarkets in the Denver metro area in 2025.

“Developing within one of the Denver metro’s most dynamic industrial submarkets presented a compelling opportunity for TCC. The North I-25 corridor is not only one of Colorado’s most vital freight routes, but it is also the fastest-growing region in the state. Its proximity to a uniquely diverse labor pool offers a distinct, long-term advantage for tenants as they evaluate their real estate needs. These elements reinforce our conviction in this project," said Megan Kranichfeld, Denver Market Leader for TCC. "A project of this scale requires a tremendous collective effort. I am proud of our dedicated project team, including the City of Thornton, Ware Malcomb, Murray & Stafford, CBRE, PCCP, and Simmons Bank. Their hard work and collaboration have been integral to bringing this vision to life.”

Crossroads 25 is designed to accommodate a range of modern distribution, logistics, and manufacturing users, offering immediate access to key regional and national transportation routes. The project reflects TCC’s continued commitment to delivering high-quality, strategically located industrial developments that meet evolving tenant demand.

About PCCP
PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $29.3 billion in assets under management on behalf of institutional investors as of December 31, 2025. With offices in New York, San Francisco, Los Angeles, Atlanta, and Seoul, PCCP has a 28-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $47.8 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services. The company has more than 155,000 employees serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, critical infrastructure); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.