MEAD – Up to seven industrial buildings totaling 850,000 square feet are planned on a 55-acre tract southeast of the intersection of Interstate 25 and Colorado Highway 66 between Longmont and Platteville.
Mark IV Capital, a 50-year-old private investment firm that is headquartered in Newport Beach, California and has an office in Broomfield, recently acquired the land at 4480 Elevation Drive in the Elevation25 Business Park in Mead from Tolleson, Arizona-based Silver Point Development LLC in an off-market transaction.
Phase 1 of the Elevation25 Business Park project, consisting of two industrial buildings, was recently completed by Silver Point in partnership with Denver-based Walker Dunlop Investment Partners and financed by Denver-based CIBC Bank. Ground had been broken for those two buildings in February 2022.
Mark IV plans to complete development on the land for a variety of uses, according to Jeff Dean, its senior vice president, who heads the firm’s Colorado office.
“Our firm has identified an exciting opportunity to expand our Colorado footprint while helping to meet the area’s growing demand for top-tier industrial and logistics space,” said Dean in a prepared statement. “We own a distribution facility in Loveland and have been interested in investing in additional property in Mead and Weld County for quite some time. This transaction provided us with the ideal scenario to further engrain ourselves in the Colorado market and to deliver speculative and build-to-suit space, outdoor storage, and a five-acre park open to the public in an excellent location.
“As Colorado’s second-fastest-growing county, Weld County is ideal for long-term investments like Elevation25,” he said. “In addition, this property aligns well with our company’s proven investment strategy of holding acquisitions for years and even decades.”
Silver Point and Walker Dunlop have developed and will retain ownership of Elevation25’s 94,076-square-foot Building 1 and 109,676-square-foot Building 2, which were completed in November and substantially leased. Mark IV plans to break ground on the next phase, roughly 170,000 square feet of speculative product, late this year. The available space will range from 20,000 to 200,000 square feet, with the tenant profile including distributors and logistics, technology and energy-sector companies.
Drew McManus, Ryan Searle, Bryan Fry and Shannon McBroom of Cushman & Wakefield represented both Mark IV and Silver Point in the off-market transaction. Mark IV has additionally selected McManus and his team to manage the leasing of Elevation25.
“Mark IV’s reputation for development, ownership and commitment to the region and state were significant factors in our ability to complete this transaction off market,” said McManus. “We’re excited to see Mark IV continue to build upon the momentum that Brad Cushard and Stuart Platt at Silver Point have created.”
Mark IV also has developed projects in the Phoenix, Las Vegas and Dallas-Fort Worth areas as well as in California.