Sports Betting Lounge Converted Into Industrial Space Sells For $14.82M
Irvine, California-based LBA Realty has acquired the Ferguson Enterprises Building in Sheridan from Greenwood Village-based Cadence Capital for $14.82M.
Cadence Capital purchased the 102K SF building in 2017 following the closure of Red & Jerry’s, a sports betting lounge and family entertainment center that operated out of the building at 1840 West Oxford Ave. for 22 years. Cadence renovated the building, transforming it into a distribution facility and showroom space for Ferguson Enterprises, one of North America’s largest wholesale distributors of residential and commercial plumbing supplies, HVAC equipment and industrial products.
“Cadence Capital demonstrated real vision in taking on the renovation of this site,” said CBRE Industrial & Logistics Services Executive Vice President Jim Bolt, who, with Tyler Carner and Jeremy Ballenger, represented Cadence. “It was a lot of work, but the end result is a Class-A industrial facility with a sought-after infill location, excellent visibility and strategic highway access.”
The property upgrades included adding four new dock doors and a new drive-in door, LED lighting, new sprinklers and upgrades to the parking lot. The property has a 240-foot bay depth and 24-foot clear heights.
“We were drawn to the real estate because the site featured a unique blend of industrial and retail characteristics that created the opportunity for us to deliver increased value to our tenants,” Cadence Managing Director of Colorado and the Northwest Lucy Dinneen said. “The site created a brand-building opportunity for our clients — even industrial clients — because of the great visibility on a high-trafficked corridor within the metro market.”
The property is at the intersection of West Oxford Avenue and South Santa Fe Drive in the South Central submarket. The Oxford light-rail station is a five-minute walk, and the River Point at Sheridan shopping center is within a mile. At 3.4%, the South Central submarket has one of the lowest industrial vacancy rates in metro Denver, and the area is seeing a lot of reinvestment, ranging from apartments to retail to industrial.
