Chicago-based InterPark is pulling into the airport real estate market with a nearly $19 million land deal.<\/p>\n
The company, which describes itself as the largest operator of parking real estate in the United States, bought a 25-acre lot on the southeast corner of 60th Avenue and Jackson Gap Street late last month for $18.8 million, or about $750,000 an acre or $18 a square foot, according to public records.<\/p>\n
InterPark did not respond to a request for comment. Plans submitted to Aurora indicate the company wants to construct a 2,500-space parking lot for its PreFlight Airport Parking brand.<\/p>\n
The land is a 10-minute drive to the airport and borders another parking lot to the east. It is part of the broader Porteos master development area, spanning 2 square miles from 68th Avenue to 56th Avenue.<\/p>\n
\u201cWe\u2019ve sold most of it, so we only have a couple of hundred acres left,\u201d said Bill Wichterman, managing agent for Porteos.<\/p>\n
Wichterman, who declined to talk about the InterPark transaction, said the remainder of the development will be dedicated largely to hospitality and retail uses that support the large industrial users in the area, which includes Costco, FedEx and Kroger.<\/p>\n
\u201cThis is really the growth engine and the epicenter of industrial, distribution, manufacturing for this area. I think you\u2019re going to see this kind of development continue all the way out to Front Range Airport,\u201d Wichterman said, using the former name for the Colorado Air and Space Port, which lies about 7 miles to the east of InterPark\u2019s site.<\/p>\n
The development group that owns the remaining Porteos properties purchased the land in 2006 and is now under contract to sell its holdings to a new investment partnership, Wichterman said.<\/p>\n