Las Vegas Developer Buys Centennial Land for Commercial Condos Near Centennial Airport
Leor Rozen sees big value in little boxes. Ventura Enterprises, the Las Vegas-based family business operated by the 30-year-old, intends to construct a 100,000-square-foot commercial condo complex in Centennial. Ranging across 63 units, the development offers spaces suited for individual auto enthusiasts as well as midsize commercial operations.
It marks the first Colorado development for the company. The developer purchased the 7-acre site at 6507 S. Racine Circle earlier this month for $3 million, working out to nearly $10 per square foot for the land. The seller in the deal is also coming on board to get the development off the ground.
Centennial Site Entitled for GarageCondos Concept
Glenn McWilliams had previously had the site entitled for a similar development, GarageCondos. He will act as a consultant to the development, helping to sell units and manage the property, while also joining as a part-owner and investor in the project.
“It was a very good relationship from the beginning,” said Charlie Cummings, Rozen’s broker.
Operating his own firm, Innovate Commercial Real Estate, Cummings noted that prior to his introduction to McWilliams, he scoured the entire metro area for a suitable parcel, extending his search as far north as Broomfield. This is just a prime location, just north of the airport,
he said of the Centennial site.
On-the-Ground Research and Market Demand
Rozen did some on-the-ground research before closing on the site. He moved to Denver a year and a half ago, and said he has knocked on warehouse doors to see if there is interest from tenants to become landlords.
They were just absolutely ecstatic about the opportunity,
Rozen stated, highlighting a significant void in the market where smaller American businesses lack the ability to buy and occupy their own workspaces.
Property sizes will span from roughly 500 square feet up to 4,000 square feet, carrying price tags between $150,000 and $1.3 million. Larger spaces come with mezzanines, and each box has its own electrical meter. The development has already sold 30% of the units, Rozen said.
At his existing facility in Las Vegas, customers have turned garages into showrooms for collectible cars, converted mezzanines into karaoke bars, added golf simulators, or operated in niche industries like dry ice car detailing.
Expansion Driven by Las Vegas Costs
Rozen said his business was seeking to expand into another market because of increasing land costs in Las Vegas and a lack of development opportunity. Having arrived in the U.S. from Israel four decades ago, his grandfather established the company. Ventura Enterprises specializes in industrial development, but has also built retail strip centers.
The Centennial venture has been dubbed My Dream Storage Co. by Rozen, who anticipates creating additional locations down the road. We like tiny boxes, small boxes and medium boxes,
he said.
