Comunale Properties has signed a twenty-year lease agreement which includes developing a 93,000 square foot space for a manufacturer in Colorado's largest industrial leasing transacton this year under a deal brokered by Cushman & Wakefield.
The commitment for Building 2 of its Mulberry Connection development underwrites the first Class A speculative industrial project in Fort Collins in two decades.
Exclusive responsibility for project leasing at the development site lies with Cushman & Wakefield.
The lease was signed with ASCH which offers prefabrication, construction, analytics, and automation services to industrial manufacturing and processing operations worldwide.
Before the lease of Building 2, the manufacturer specialized in custom cabinets and countertops for multifamily homes across the United States.
Earlier this year, Comunale secured pre-leases at Building 1 of the development with two additional tenants: Gustave A.
Larson, a regional distributor of HVACR equipment, and Winlectric, a national full-service electrical wholesaler.
Consequently, Building 1 at Mulberry Connection is now fully occupied and operational.
Building 2 is currently undergoing substantial tenant improvements in preparation for a planned move-in by mid-2024.
John Comunale, President of Comunale Properties, says: "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.
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."
Denver, Colorado-based Comunale is actively seeking investments in growth markets, including value-add opportunities that leverage their expertise in industrial redevelopment and repositioning.
It boasts prime highway visibility, with features such as 28' to 32' clear heights, 22 dock-high and 8 drive-in doors, modern ESFR systems, generous power, and interstate-fronting signage opportunities.
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,
The project also provides extensive trailer parking and 0.58 acres of additional yard space, catering to the crucial needs of light industrial tenant operations.
Sprink Construction has successfully completed all existing tenant spaces at Mulberry Connection Building 1 and is currently overseeing the office, manufacturing, and warehouse buildout at Building 2.
The project's core and shell general contractor was Alcorn Construction, and the project architect was Grey Wolf Architecture.
Travis Ackerman, representing Cushman & Wakefield, serves as the exclusive leasing broker.
Matt Haskell, who worked with URealty, Inc., represented the tenant, comments: "We were pleased to get our client into such a well-designed and sizable space where they can continue to grow their business.
Mulberry Connection offered them a prime location in Fort Collins, modern finishes, and the hard-to-find yard space in this market."
Comunale, headquartered in Colorado, specializes in Class A infill industrial development, the acquisition, and repositioning of light industrial buildings.
Their industrial portfolio spans over 1.4 million square feet across 40 properties and maintains an occupancy rate of over 99 per cent.
The company's primary focus is on its Private Capital CoreTM long-duration income strategy, targeting functional infill, small-bay, last-mile industrial properties, particularly in high-growth Southwest and Southeast markets.
As part of this strategy, Comunale has recently acquired three properties and has one more under contract, expected to close next month.
All these properties are fully leased and are situated in high-demand submarkets, aligning with Comunale's emphasis on modern infill properties.
Denver, Colorado-based Comunale is actively seeking investments in growth markets, including value-add opportunities that leverage their expertise in industrial redevelopment and repositioning.
