EastGroup Properties Buys Rockefeller Group's 25 Commerce Park in Thornton for $94.5 Million

EastGroup Properties, Inc. has acquired 25 Commerce Park, a fully leased, three-building industrial campus in Thornton, Colo., from Rockefeller Group for $94.5 million, CBRE announced Oct. 23. CBRE arranged the sale of the 453,550-square-foot Class A property, which sits in Denver's North I-25 Corridor.

EastGroup Properties Adds Denver Logistics Campus

25 Commerce Park is located at 15003-15107 Grant Street, at the intersection of Interstate 25 and E-470. The campus comprises three buildings at 15003, 15055 and 15107 Grant Street. Rockefeller Group completed the project in 2025. At the time of sale, the property was 100% leased to four tenants.

The price equates to approximately $208.57 per square foot, based on the $94.5 million sale price and the property's 453,550 square feet. Rockefeller Group sold the asset through RG Commerce Park LLC.

EastGroup acquired the property as part of its expansion in high-growth industrial markets across the United States. CBRE said the transaction reflects continued institutional demand for high-quality logistics assets in the area.

CBRE Arranges Sale for Rockefeller Group

CBRE's Jeremy Ballenger and Tyler Carner represented the seller, Rockefeller Group. CBRE's Todd Witty and Daniel Close leased the project before it was marketed for sale. Grey Wolf Architecture designed the campus, and Golden Triangle Construction built it.

The property's specifications include modern building depths, high-clear warehouse space, ESFR sprinkler systems, extensive dock-high loading, trailer parking and site circulation designed for distribution, logistics, manufacturing and e-commerce users. The site provides access to Denver, Northern Colorado, Denver International Airport and the broader Mountain West region.

Executives Comment on the Transaction

"From the outset, we believed 25 Commerce Park would be well-positioned to serve the needs of regional and national occupiers seeking high-quality industrial space in the North Denver market," said Matt Bruns, director of Rocky Mountain Development for Rockefeller Group. "We are pleased to complete this transaction with EastGroup Properties, one of the nation's leading industrial real estate owners. Their strong reputation and growing presence in Colorado make them an ideal owner for the property as they continue to expand their industrial portfolio in the region and across the country."

Ballenger, a CBRE executive vice president, said the property offered "the combination of modern product, long-duration leases, embedded rent growth, and strategic access to the region's primary freight network created a compelling investment opportunity." He added that the sale "demonstrates the depth of institutional capital targeting newly delivered, high-quality industrial assets with strong tenancy and long-term growth potential."

Ryan Collins, executive vice president and head of the Western Region at EastGroup Properties, said: "We're excited to add 25 Commerce Park to our growing Denver portfolio. This acquisition further strengthens our presence in Denver and aligns well with our strategy of acquiring quality industrial properties in high-growth markets. We also enjoyed working with Rockefeller Group and appreciate their efforts in making this a successful transaction."

Denver Industrial Market Context

The North submarket had approximately 1.82 million square feet of industrial space under construction, the largest development pipeline among Denver-area industrial submarkets, according to CBRE Research.

Metro Denver industrial vacancy stood at 7.8% in the second quarter of 2026, with average asking rent of $10.09 per square foot per year. CBRE's first-quarter data put asking rent in the North submarket at approximately $11.36 per square foot. CBRE also reported 3.6 million square feet of net absorption in Denver during 2025. About 3.3 million square feet was under construction in the first quarter of 2026, of which roughly 1.1 million square feet was preleased.

EastGroup's Portfolio and Strategy

EastGroup is a self-administered equity real estate investment trust that develops, acquires and operates industrial properties in high-growth markets, with an emphasis on Texas, Florida, California, Arizona and North Carolina. The company focuses on distribution space for location-sensitive customers, primarily in the 20,000- to 100,000-square-foot range, clustered near major transportation features in supply-constrained submarkets.

As of Sept. 30, 2026, EastGroup's portfolio was 97.3% leased and 96.5% occupied and included approximately 65.7 million square feet across 557 industrial properties. Its development and value-add program included 21 projects totaling 4.061 million square feet. In the third quarter, the company began construction on four development projects and one redevelopment project totaling 998,000 square feet, with projected total costs of $162.2 million.

About Rockefeller Group and CBRE

Rockefeller Group develops, owns and operates properties across the United States, with a portfolio spanning office, multifamily, industrial and mixed-use projects across six geographic regions, as well as ownership interests in and management of approximately six million square feet of office space in Manhattan.

CBRE Group, Inc. (NYSE: CBRE), headquartered in Dallas, describes itself as the world's largest commercial real estate services and investment firm, with more than 155,000 employees serving clients in more than 100 countries.

Sources

• Rockefeller Group: EastGroup Properties Acquires Rockefeller Group's 25 Commerce Park in Thornton, Colo.