Comunale Sells Record-Setting Central Connection Industrial Development to EverWest
Project’s success supports Comunale’s continued expansion in high-growth Sun Belt markets
Denver-based Comunale Properties (“Comunale”) has completed the sale of Central Connection, a 194,711-square-foot, Class A industrial development spanning two buildings at 1550 and 1210 E. 73rd Ave., in the heart of Denver’s North Central infill submarket. The project was purchased by EverWest Real Estate Investors (“EverWest”), also based in Denver.
At the time of its delivery in 2020, Central Connection broke records for the fastest lease-up of a Central Denver speculative industrial project, achieving 76% pre-lease status and 100% occupancy just one month after completion. The project was developed by Comunale and institutional investors advised by J.P. Morgan Asset Management.
“Central Connection reflects Comunale’s history and expertise in developing small bay, last-mile industrial parks in dense infill markets,” said Comunale President John Comunale. “The process was not easy, requiring the assembly of multiple sites from different sellers, an industrial rezoning and significant offsite improvements, but the effort was worth the results. Central Connection is an exceptional showing for our first joint-venture with J.P. Morgan, delivered under budget thanks to the hard work of our entire project team.”
Central Connection is leased to Peloton, Epicurean, Outpost, Alpha and Carlisle, who fully occupy a 153,264-square-foot Building 1, and Newcomb Spring Corp., who fully occupies a 41,446-square-foot Building 2. All leases were managed by T.J. Smith and Nick Rice of Colliers International, who served as the project’s exclusive leasing brokers.
Jeremy Ballenger, Jim Bolt, Tyler Carner and Jessica Ostermick of CBRE National Partners represented Comunale and J.P. Morgan in the property sale.
“The successful sale of Central Connection allows us to continue our expansion in high-growth markets across the Sun Belt,” said Comunale. “We are actively scaling our investment platform and growing our portfolio while others remain on the sidelines. As a long-term holder of industrial real estate, we view this as an attractive time to add new infill properties to our portfolio.”
The success of Central Connection led to a second Comunale – J.P. Morgan joint venture in metro Phoenix, where the companies are completing the 201,000-square-foot, Class A Chandler Connection industrial project, located in the booming Chandler Airport industrial submarket in Chandler, Arizona. Comunale’s expanded acquisition program includes additional development deals now in active negotiations, including new projects expected to roll out soon in Phoenix and Charlotte.