This Week's Denver Deal Sheet
Source Market + Hotel owner Stockdale Capital Partners has purchased a 140K SF portion of The Shops at Northfield for $8M, BusinessDen reports. This site is currently occupied by Macy’s.
The Los Angeles-based firm purchased most of the Central Park shopping center last year, a $71M deal that excluded portions of the property owned and occupied by Macy’s and Target. Macy’s will continue to operate at the Northfield location under a new lease with Stockdale. The company recently announced it would close its store in the Fort Collins Foothills shopping district.
SALES
New York-based Abacus Property Group purchased a 1.4-acre parcel on Grant Street between East 17th and 18th avenues from Wells Fargo Bank for $11M, Denver Business Journal reported. According to city records, the firm plans to build a seven-story, 259-unit multifamily building at the site, which currently is home to a Wells Fargo bank branch and a park.
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Armstrong Capital Development announced the sale of Parker Keystone, a 16.6K SF shopping center in Parker, for an undisclosed price to a “publicly traded REIT.” Marcus & Millichap’s Cory Gross arranged the sale.
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NorthPeak Commercial Advisors announced the sale of 7858 and 7946-8012 Woodmen Center Heights, a 10K SF retail property in Colorado Springs, for $4.8M.
THIS AND THAT
Denver City Council announced the $9M purchase of 12033 East 38th Ave., 3835 Peoria Street and 3805 Peoria St., a site that includes a four-story hotel and two adjacent parcels. Denver’s Department of Housing Stability plans to issue a request for proposals for the redevelopment of the site, which will include converting 95 of the hotel’s 96 bedrooms into housing for people experiencing homelessness.
