Commerce Yards, a $77.1M Industrial Development Project Coming to Commerce City, Colorado – Financing Arranged by JLL
JLL Capital Markets recently announced it has arranged $77.1 million in total project financing for Commerce Yards, a 466,000-square-foot Class A industrial development located at 9401 Heinz Way in Commerce City, Colorado.
JLL worked on behalf of the borrower, Lincoln Property Company, to secure the financing package, which included JV equity from a confidential partner and a construction loan from First Horizon Bank.
Commerce Yards Industrial Development
The low-coverage warehouse project spans 46 acres and consists of three buildings ranging from 113,000 to 200,000 square feet, with 14 acres of dedicated secured yard space for outdoor storage.
Commerce Yards is strategically positioned at the intersection of 96th Avenue and Heinz Way, providing direct connectivity to Interstate 76, US 85, E-470 and Interstate 25, just 1.5 miles from the I-76 interchange. The location offers proximity to Denver International Airport at 15 minutes and downtown Denver at 20 minutes.
The project serves the I-76 Corridor, which houses 4,200 companies and benefits from a strong blue-collar workforce, with 38.5% of area residents employed in trade, manufacturing and labor-intensive industries.
The development features unique zoning that allows 50% of the site for outdoor storage, creating a yard-to-building ratio significantly higher than typical industrial projects. Each building offers 28 to 32-foot clear heights with rear-load configurations, generous loading positions and 4,000 amps of power. The project is rail-serviceable and located within an Enterprise Zone, offering tax benefits to tenants.
Industrial Construction Project Timeline
Construction is scheduled to begin in April 2026, with completion expected by May 2027. The development targets tenants in construction, machinery and materials, logistics and distribution and energy and utilities sectors, which comprise 77% of the Northeast Denver industrial market
“We’re excited to bring this unique project to market and deliver solutions that truly meet the needs of today’s companies,” said Scott Caldwell, Executive Vice President at Lincoln Property Company.
The JLL Capital Markets team that spearheaded the equity placement process was led by Senior Managing Director Peter Merrion, Director Rob Key and Senior Director Will Mogk. The debt placement was executed by Senior Managing Directors Leon McBroom in Denver and Jim Curtin in Dallas.
"The business plan at Commerce Yards is perfectly designed to capture a hole in the market for brand new warehouse space with dedicated outdoor yard at each building," said Merrion. "There has not been any large-scale development of lower coverage industrial in the Denver market, yet we're consistently seeing tenants seek out a best-in-class warehouse with such a feature. This development directly addresses that unmet demand."
McBroom added, "This deal reflects confidence in both the sponsor's execution capabilities and the fundamental supply-demand dynamics driving the Northeast Denver industrial market."
Author: Grace Lewis - Hotels & Hospitality and Capital Markets PR
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL: For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 113,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Lincoln Property Company: Lincoln Property Company (“Lincoln”) is one of the largest private real estate firms in the United States. Offering a fully integrated platform of real estate services and innovative solutions to owners, investors, lenders and occupiers, Lincoln supports the entire real estate lifecycle across asset types, including office, multifamily, life science, retail, industrial, data center, production studio, healthcare, government, universities, and mixed-use properties, throughout the United States, United Kingdom, and Europe. Lincoln’s combined management and leasing portfolio on behalf of institutional clients includes more than 720 million square feet of commercial space. For more information, visit: www.lpc.com.
About First Horizon: First Horizon Corporation (NYSE: FHN), with $83.2 billion in assets as of September 30, 2025, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states concentrated in the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.
