Project Developed by Corum and Marketed by CBRE Now Fully Leased, Demonstrating Strong Demand for Centrally Located Class A Distribution Space
CBRE announced today that it has completed a 49,343-square-foot lease for the redistribution company RJ Schinner at the Central 62 distribution center located at 435-495 East 62nd Avenue in Denver, Colorado. CBRE’s Jeremy Ballenger and Tyler Carner represented the property owner/developer, Corum Real Estate Group of Denver. Todd Witty, also of CBRE, represented RJ Schinner, which will relocate from its current Englewood location in September 2018.
“When RJ Schinner was looking to expand its Denver operations, it was important for them to find a central site with close proximity to their existing customers. Central 62 delivered on location, and it also delivered on the Class A building features that will allow the company to continue to operate at the forefront of the wholesale redistribution industry,” said Todd Witty, First Vice President, CBRE Industrial & Logistics, Denver.
Completed in 2017, Central 62 totals 124,024 square feet of Class A industrial space now fully leased to three tenants. In addition to RJ Schinner, tenants include Cambria USA and Brady Industries. The center is located at West 62nd Avenue and I-25 in north central Denver (unincorporated Adams County). Building features include 28-foot clear heights, dock high and drive-in loading, ESFR sprinklers and significant visibility along I-25.
“RJ Schinner’s lease makes Central 62 the latest new industrial construction project in Denver’s North Central submarket to quickly reach full lease-up upon completion. This is a testament to the quality of product Corum develops and the strong demand for centrally located Class A distribution space,” said Jeremy Ballenger, Senior Vice President, CBRE Industrial & Logistics, Denver.
Corum is a Denver-based real estate firm specializing in property management, brokerage, development and asset services for office, retail, multifamily and industrial properties. The firm’s first development project was a warehouse, and today Corum has developed 3.8 million square feet of warehouse facilities for a variety of tenants in partnership with a broad array of capital partners.
“When we embark on a new development it is only after studying the market and identifying a specific need, in this case, the existing demand for high quality distribution space in central Denver. We are very pleased that Central 62 is now fully leased and has met that need for three high-performing companies,” said Eric Komppa, Executive Vice President of Investments, Corum Real Estate Group.
Based in Menomonee Falls, Wisconsin, RJ Schinner is the largest independent redistributor in the U.S. For over 65 years, and three generations the company has been a national leader in the wholesale distribution of disposables for the food service, supermarket and sanitation markets. Including its Denver presence, RJ Schinner operates 16 redistribution centers across the country, totaling more than 1.5 million square feet of warehouse space. The move from Englewood to Central 62 represents an approximate 65 percent increase in Denver-area square footage for the company.
Mike Wentland, Vice President of Operations at RJ Schinner, stated: “We are very excited with the potential of this new location in Denver. The added space will ensure that we are able to house a larger breadth of product, operate more efficiently and will allow us to increase our effectiveness in servicing our Distributor Partners in the area.”