Comunale Inks Northern Colorado’s Largest Industrial Lease of 2023 at Mulberry Connection in Fort Collins, CO

 Kylie Pazzaglini

FORT COLLINS, CO – Commercial real estate investor and developer Comunale Properties (“Comunale”) has completed Northern Colorado’s largest industrial lease of the year, securing a full-building commitment for Building 2 that now fully leases Mulberry Connection – the first Class A speculative industrial project to deliver in Fort Collins, Colorado, in 20 years.

 

The 93,000-square-foot lease was completed by a manufacturing user that provides prefabrication, construction, analytics and automation services to industrial manufacturing and processing operations across the globe.

 

The project’s core and shell general contractor was Alcorn Construction and the project architect was Grey Wolf Architecture. Travis Ackerman and Kylie Pazzaglini with Cushman & Wakefield are the exclusive leasing brokers.

Travis Ackerman

Prior to the Building 2 lease, ASCH, which designs, builds and installs custom cabinets and countertops for multifamily homes across the U.S., expanded into the final speculative suite at Mulberry Connection’s Building 1.

 

Comunale also signed pre-leases at Building 1 earlier this year to two tenants: Gustave A. Larson, a leading regional distributor of HVACR equipment, and Winlectric,a national full-service electrical wholesaler.

 

 With these leases, Building 1 at Mulberry Connection is now fully occupied and operational. Building 2 is undergoing significant tenant improvements for a planned tenant move-in by mid-2024.

 

“In addition to being a developer, we are an investor-operator with a long-term-hold strategy and a commitment to creating the market’s highest quality industrial assets for our portfolio,” said John Comunale, President of Comunale Properties.

 

 “Mulberry Connection’s success is owed to a singular focus on execution and a lot of hard work in activating a great site with tremendous highway visibility, in a market where development is very difficult. 

 

John Comunale

"We’re proud and excited to have these buildings filled with excellent tenants who needed Class A space and quick access to the growing Fort Collins labor pool and consumer base. It is a great validation of our investment thesis.”

 

Located on 13 acres fronting Interstate 25 at 3874 and 4036 Redman Dr., the 164,200-square-foot, two-building Mulberry Connection provides prime highway visibility and unparalleled access to all major Northern Colorado cities.

The project features 28’ to 32’ clear heights, 22 dock-high and 8 drive-in doors, modern ESFR systems, generous power, and interstate-fronting signage opportunities.

 

 It also offers extensive trailer parking and 0.58 acres of additional yard space, both increasingly critical components of light industrial tenant operations.

 

Sprink Construction has completed all existing tenant spaces at Mulberry Connection Building 1 and is now managing the office, manufacturing and warehouse buildout at Building 2.

 

 CONTACT:

 

Stacey Hershauer

focusAZ 

 P 480.600.0195

www.focusaz.com

 

Lincoln Property Company Purchases Class A Salt Lake City Distribution Facility

201 Commerce Center, Building 6 totals
307,940 SFon 17.9 acres with 32 ft. clear height,
 excellent truck circulation and abundant loading.

  

Rebecca Perlmutter

 

San Francisco –- CBRE National Partners arranged the sale of a Class A distribution facility in Salt Lake City, Utah to Lincoln Property Company, a global, full-service real estate firm. The price was not disclosed.

Darla Longo

Rebecca Perlmutter, Brett Hartzell, Tom Dischmann, Matt McAfee, Darla Longo, Barbara Perrier, Joe Cesta, Paige ,Morgan Michael Longo and Eric Cox of CBRE National Partners represented the seller.

 

Barbara Perrier

“The combination of a strong workforce, excellent quality of life and a well-built, very functional distribution building attracted strong investor demand and resulted in a successful sale,” said Perlmutter, Vice Chairman at CBRE. 

Paige Morgan

The Class A distribution facility known as 201 Commerce Center, Building 6 totals 307,940 sq. ft. on 17.9 acres with 32 ft. clear height, excellent truck circulation and abundant loading. The building is 100% leased to four tenants with below market rents and 2.6 years of weighted average lease term remaining.

Michael Longo 

“We are very pleased to add this highly functional, multi-tenant building to our client’s portfolio,” said Gary Kobus, Senior Managing Director at Lincoln Property Company. “Salt Lake City is rapidly-growing and a target market for us going forward.

Gary Kobus

"This building’s location and access will allow our tenants to continue to benefit from the many favorable attributes that Salt Lake City has to offer.”

Brett Hartzell

The West Valley submarket of Salt Lake City had a vacancy rate of 2.2% in the third quarter this year, below the 4.6% market average, according to CBRE Research.

Tom Dischmann

Leasing activity was strong in Q3, with year-to-date leasing volume reaching nearly 9 million sq. ft. in 2023, positioning it as the second-highest year in leasing activity in the market’s history.

Matt McAfee,

“This sale is reflective of the continued strong investor demand in the solid, dynamic market that is Salt Lake City,” said CBRE Vice Chairman Brett Hartzell. 

CONTACTS:

 

Olivia Vallone (she/her)
Communications Specialist

CBRE | Corporate Communications
C +1 847 691 9144
Olivia.Vallone@cbre.com | LinkedIn

 

Samantha Cheung

+1 415 772 0138

Samantha.Cheung@cbre.com

 

JLL Capital Markets’ Peter Yorck to join its Southeast multi-housing team

 

Peter Yorck 

ATLANTA, GA,-–  JLL Capital Markets announced Senior Managing Director Peter Yorck has joined its Southeast multi-housing investment sales team, based in the Atlanta office, after spending eight years with JLL/HFF in both the Los Angeles and San Francisco offices.

 

John Weber

 In his new role, Yorck will grow institutional multi-housing sales for the greater Atlanta and Nashville markets.

Yorck will be working alongside partners on the Southeast multi-housing investment sales team, which include Senior Managing Director John Weber, Managing Director Bill Shippen, Senior Director Vic Ciancetta and Director Nick Brown.

 

Investor interest has proven to be strong throughout the Atlanta market, and specifically, from 2021 through 2022, the area saw north of $36 billion in multi-housing investment sales transactions close.

Bill Shippen

“We are excited to welcome Peter to Atlanta as he is a perfect cultural fit with a proven track record of success,” said Senior Managing Director Richard Reid, who co-leads the Atlanta and Nashville offices for JLL Capital Markets.

 

“Given the positive living trends in the Southeast, we look forward to Peter and the team furthering the growth of our multi-housing investment sales business.”

 

In the past 30 months, Yorck has executed an investment sales transaction volume of approximately $2 billion in LA County alone, including Thea at Metropolis, the largest sale in LA County history.

Vic Ciancetta

Throughout the course of his career, he has been involved in more than $6 billion of investment sales and capital markets transactions.

 

“My family and I could not be more excited about the opportunity to relocate to Atlanta. I look forward to continuing to work with incredible partners in Atlanta and Nashville and to further grow our institutional multi-housing business within this very important segment of the overall market,” said Yorck.

 Nick Brown

Prior to joining HFF in 2015, Yorck served five years as an Infantry Officer in the U.S. Army, deploying twice to Afghanistan. He served in Army Special Operations with the 3^rd Ranger Battalion as well as with the 101^st Airborne Division.

 

Yorck earned his bachelor’s degree from Princeton University.

 

  

Contact:

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com