Comunale Properties – 2021 Year In Review
Comunale entered the Phoenix, AZ market in Q2 2021 after purchasing roughly 17 acres of developable land in the Chandler submarket. Following the land acquisition, construction commenced on the 201,221 SF Class A, in-fill distribution building, which is scheduled to be delivered in Summer 2022.
Comunale achieved 100% occupancy at Central Connection; a two (2) building 194,711 SF Class A industrial park, within 30 days of completion, the fastest lease-up for a multi-tenant spec industrial project in Central Denver for 2021. Following the lease-up, Comunale refinanced into a permanent loan with a regional bank at an attractive rate.
Comunale closed on 13 acres of industrial-zoned land in Fort Collins, CO. Following the land purchase, Comunale broke ground on the two (2) building infill, Class A warehouse park. The project is scheduled to deliver in Summer 2022, bringing much-needed Class A industrial product to the Northern Colorado market.
Comunale acquired 2845 Newpark, a 41,271 SF industrial warehouse in Barberton, OH, in Q4 2021. The property is adjacent to three (3) properties currently owned by Comunale and leased to a single tenant. This same tenant has agreed to lease 2845 Newpark, expanding their footprint to over 165,000 SF and roughly 25 acres.
Comunale finished the year with 41 properties owned and operated in five (5) states. Six (6) new team members were hired in 2021, adding to the vertically integrated platform, which offers investment, management, development and construction services. Sprink Construction, Comunale’s construction division, continued to grow its Design-Build activities, completing spaces for tenants such as Peloton, Harley Davidson, Xero Shoes, Epicurean Fine Foods and more.