Target Leases Prologis Facility in Denver

Distribution building. Image courtesy of marcinjozwiak via pixabay

Prologis leased its Broadway Distribution Center, a 141,524-square-foot industrial development in Denver, to Target Corp. Steve Hager, Matt Trone and Joey Trinkle with Cushman & Wakefield represented the landlord, along with Prologis Vice President & Market Officer Keiffer Garton.

Target will use the upcoming warehouse as a sortation center to facilitate quicker orders and reduce shipping costs, according to Bisnow. The retail giant plans to open two other such centers in the Chicago area.

Prologis Broadway Distribution Center is coming online at 6300 N. Broadway in Central Denver, close to interstates 25, 70 and 270. The location is some 1.5 miles from BNSF Railway Intermodal and less than 4 miles from Union Pacific Intermodal.

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Steve Hager, managing director of Cushman & Wakefield, said in prepared remarks that the building was fully preleased before completion. Designed by Powers Brown Architects to achieve LEED certification, the facility is set to feature a 32-foot clear height, ESFR sprinklers and LED lighting, as well as ample trailer and auto parking.

CommercialEdge data shows the Denver industrial market had some 13.4 million square feet under construction as of August. The metro’s planned and prospective projects added up to nearly 41.6 million square feet.

Prologis portfolio expansion

According to the same data provider, Prologis’ current Denver footprint totals nearly 11 million square feet of industrial space across completed and under construction projects.

However, the REIT’s national footprint is always growing. In June, Prologis announced plans for the development of a 1 million-square-foot business park in Plano, Texas. The industrial campus would come online on a 64.4-acre site that was acquired last December from GI Partners.

At a bigger scale, Prologis is massively expanding its U.S. footprint with the purchase of Duke Realty. The deal is valued at $26 billion and adds 153 million square feet of industrial space to its portfolio. The acquisition has sparked many expert conversations, reflecting on what the marriage of two industrial REITs means for the industrial sector at large.