A Denver-based real estate investment and development company is expected to buy Stanley Marketplace, a food hall and mixed-use facility in Aurora.
Magnetic Capital is under contract to purchase the 140K SF building at 2501 Dallas St., Westword first reported. Magnetic Capital is expected to pay $41M for Stanley Marketplace, Axios reported, citing a financing memorandum.
Stanley Marketplace was one of the Denver metro’s first food halls, opening in 2016 in a former aviation manufacturing facility. Flightline Ventures purchased the property and worked with Westfield Co., a Denver-based real estate and development company, to redevelop it into Stanley Marketplace. Westfield owns the marketplace in partnership with Flightline Ventures, according to Axios.
Today, Stanley Marketplace is home to more than 50 businesses, such as Cheluna Brewing Co., Zero Market, Friend Assembly, Maria Empanada, Logan House Coffee Co. and Tattered Cover Kids.
The sale to Magnetic Capital isn’t final, but the expected purchase price includes approximately $36.7M to acquire the property and $4.4M for future tax increment financing revenue, Axios reported.
The firm asked for about $27M from lenders, according to Axios.
If the deal goes through as planned, Magnetic Capital intends to build a larger mixed-use district around Stanley Marketplace, including a 150-room hotel, 300 apartment units across two buildings with ground-floor retail, a new entrance bar and additional outdoor programming, according to Axios.
Magnetic Capital’s portfolio includes a 100K SF office development in Cherry Creek, BrewDog in the River North Art District and 2100 Larimer St. in the Ballpark District. The firm was also part of a team that purchased 2734 Walnut St., which now houses the F1 Arcade in RiNo.
Earlier this year, Magnetic Capital also bought an office building at 421 N. Broadway and the adjacent parking lot with Integra Land Co. for $12.75M. The developers plan to redevelop the office building and parking lot into a 280-unit multifamily development.
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