Candelas Innovation Park, a newly developed industrial site in Arvada, has landed its first tenant, an aerospace company that has leased more than 61,000 square feet in Building 1.
“This transaction highlights the continued demand for modern Industrial space in the West and Northwest submarkets, while reinforcing Arvada’s prominent role in the region’s advanced manufacturing sector,” said Jeremy Kroner, Senior Vice President at CBRE, who, along with Vice Chairman Jim Bolt, represented the landlord, OCC Industrial.
OCC Industrial, a Denver-based real estate developer and investor, purchased the 31.64-acre parcel of land in 2023 from Cimarron Commercial for just over $4 million, according to a special warranty deed filed with Jefferson County.
At the southeast corner of Colorado 93 and Colorado 72, Candelas Innovation Park will consist of four industrial buildings, covering approximately 350,000 square feet.
Located at 19850 State Highway 72 in Arvada, Colorado, Candelas Innovation Park will be a four-building, Class A industrial development. (Floor plans from CBRE brochure)“We are thrilled to welcome our first tenant to Candelas Innovation Park,” said Megan O’Brien, CEO of OCC Industrial.
“This lease affirms our original vision — to deliver best-in-class industrial space in a prime location between Golden and Boulder, where Colorado’s innovation talent is deeply concentrated. ”
Phase One of the development wrapped up this year with the completion of Buildings 1 and 2, both built as speculative suites.
Building 1 spans approximately 82,947 square feet, while Building 2 covers around 100,238 square feet.
Building 2 offers flexible leasing options and can be divided into spaces as small as 19,583 square feet.
Buildings 1 and 2 also offer 28-foot clear heights, 44 dock-high doors, 16 drive-in stalls and a combined 353 parking spaces. The park features EV charging stations, native landscaping and an LEED certification.
Phase Two is expected to be completed in the next 12 months, with Buildings 3 and 4 anticipated to measure more than 62,000 square feet and nearly 111,000 square feet.
“With its proximity to major research institutions and the emerging Elevate Quantum campus, Candelas Innovation Park is uniquely positioned to attract leading tenants in quantum technology, aerospace, engineering, and advanced manufacturing,” O’Brien said.
“Our first tenant, a recognized leader in aerospace innovation, is a perfect fit and sets the tone for the caliber of companies we aim to cultivate at the park.”
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Businesses in this zone are eligible for one or several state income tax credits.
In 2024, there were 12.6 million square feet of industrial leases signed in the Denver metro area, a 47.8% increase from 2023, according to CBRE research. New leases or expansions accounted for 65.8% of total activity last year.
Representatives from OCC Industrial and CBRE did not respond to requests regarding the identity of the private tenant.
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