The Shops at Riverfront Park, a 31.9K SF retail asset located in downtown Denver near Union Station and Commons Park, sold to a local private partnership for $11.8M, or about $370 per SF. The multitenant asset includes the ground floor commercial spaces of three different condo buildings including Riverfront Tower, Park Place Lofts and Promenade Lofts, at the north end of Millennium Bridge.
Cushman & Wakefield’s Jon Hendrickson, Aaron Johnson and Mitch Veremeychik represented the seller, Riverfront Shops LLC, in the transaction.
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SALES
The Colorado Coalition for the Homeless, a Denver nonprofit, announced its purchase of the Clarion Hotel Denver Central, a 215-room hotel in Globeville, for $24M. The nonprofit plans to use the hotel for short- and long-term housing for people experiencing homelessness. The hotel was purchased from the seller, Den 8888 LLC, with American Rescue Plan funds allotted by Denver’s Office of Housing Stability, as well as assistance from other state and local funding sources.
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RCH Properties LLC sold 7208 South Tucson Way, a 22.4K SF office building in Centennial, for $2.4M. Brian Cox of Lee & Associates Denver represented the buyer, Hamilton International Colorado LLC.
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Tag Industrial announced the sale of 4975 Vasquez Blvd. in Denver, a 2.66-acre lot with 1.6K SF of flex space. The sales price was not disclosed but, in a tweet, Tag Industrial said the buyer, a local owner-user, had paid “97 percent of the target price.”
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CONSTRUCTION AND DEVELOPMENT
Fifield Cos. broke ground on Arden Englewood Apartments, a four-story, 302-unit multifamily project in Englewood. The site is a redevelopment of the former Sports Authority headquarters parking lot, which had been vacant since 2016.
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