Silver Point Development Plans to Break Ground on Elevation25’s First Two Buildings

Denver-based Silver Point Development in partnership with an affiliate of Walker & Dunlop Investment Partners recently purchased 37 acres for Phase I of Elevation25, a five-building speculative industrial warehouse project totaling 578,240 square feet. The project is near the intersection of Weld County Road 9½ and Highway 66 in Mead, CO.

Silver Point Development plans to break ground on the first two buildings of the project later this month which are anticipated for completion in fall 2022. Building 1 which totals 94,076 square feet is 40 percent pre-leased to Premier Manufacturing with 56,642 square feet of remaining space. Building 2 which totals 109,676 square feet is currently available.

The developer is poised to acquire an adjacent 36-acre land parcel within the next three years for development of Phase 2 of Elevation25. Phase 2 would include four buildings totaling approximately 422,000 square feet, bringing the entire project to 1 million square feet upon completion.

Dawn McCombs and Kevin Hann of Avison Young’s industrial services team in Denver represented the buyer. Clayton Pristou of Avison Young’s Denver-based structured finance group arranged acquisition and construction financing with CIBC Bank USA on behalf of the ownership. McCombs and Hann have also been tapped by Silver Point Development to head up leasing.