Broadrange Logistics expands to Colorado at 76 Commerce Center

BRIGHTON — Brighton’s 76 Commerce Center is now fully leased with the addition of Georgia-based supply chain logistics company Broadrange Logistics LLC.

The commerce center, adjacent to Interstate 76, had only two available buildings out of its 1.7 million square feet of leased space until this week. Broadrange Logistics entered into a long-term lease on the remaining two buildings totaling 1.13 million square feet. The commerce center houses Outrider, Farmers Business Network, Sigma,
Walmart and Great Plains Moving and Storage.

Broadrange specializes in servicing the green-energy sector; a portion of this property will be used for distributing solar panel components, according to a news release. This is the company’s first Colorado location, and they plan to occupy the space starting in September 2024, creating dozens of jobs in the area.

“Denver is a significant location to support our overall strategy as we expand our business to serve customers nationwide,” Ari Milstein, CEO of Broadrange Logistics, said in the news release. “We’re thrilled to call 76 Commerce our home in Denver. We’ve found a great partnership with Hyde Development and Mortenson Properties, who understand our business needs and have helped us identify a long-term solution to help us grow.”

Real estate brokerage CBRE, which represented owners Hyde and Mortenson in the deal, called the deal the largest speculative industrial lease in Colorado. The only other such available space in Colorado was 700,000 square feet, said CBRE broker Todd Witty.

“We had multiple prospects that would take all or a portion of one of the buildings,” CBRE broker Todd Witty said. “This is the only prospect that would take both. What is interesting, if you look at the entire Denver real estate market, the weakness in the market was this type of space of 500,000 square feet or more. There were six available, so the lease of these two buildings cut that by a third. It’s one of the biggest needle movers in terms of overall absorption.”

The space was previously being considered as a location for VSK Energy Inc., which announced in 2023 a plan to bring its business and 900 jobs to the commerce center. Witty said the plan never came to fruition.

Officials from the city of Brighton did not return calls for comment on the project.

According to the release, the Broadrange lease makes up almost half of the total leasing volume that occurred in the second quarter of this year, starting Q3 off on a strong note.

Witty and Daniel Close of CBRE represented the landlords, Hyde Development and its equity partner Mortenson Properties Inc., in the transaction. Sam Dragan and Jim Bolt of CBRE represented the tenant in partnership with Atlanta-based Strategic Real Estate Partners.

CBRE arranged the sale of the first two buildings (Building 4 and 5) in 2022 for Mortenson Properties and Hyde Development, who remain in partnership with the new owners on those assets, the release stated.

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