Colorado-Real-Estate-Journal_408466

Page 16 - July 3-16, 2024 www.crej.com Retail by Avalon Jacka DENVER – A Denver-based real estate investment and devel- opment company and a Texas- based alternative asset manage- ment firm have partnered to purchase a 16,000-square-foot building in River North Art Dis- trict. Magnetic Capital and Trinity Investors acquired the vacant office building at 2734 Walnut St. The building was sold by 2734 Walnut Investors LLC for $5.25 million in May, according to SLKD Information Services. “We are excited for this inau- gural partnership with Magnet- ic Capital and to expand our portfolio in the Colorado mar- ket,” said Kevin Carringer, vice president of Trinity Investors in Denver. “Despite a challenging economic environment, we are still finding compelling oppor- tunities to invest alongside expe- rienced real estate operators like the team at Magnetic.” The building’s office space will be transformed into an “experi- ential retail” experience. Built in 1963, the property will undergo an adaptive reuse renovation and a capital repositioning pro- gram this summer, adding infra- structure to accommodate food and beverage. Arco Murray will serve as the architect and gen- eral contractor. An undisclosed, fast-growing national group will open its first Denver location on the property, with the opening anticipated for fourth-quarter 2025. “Experiential retail is a popu- lar trend for people who want more activities than just dinner and drinks out with friends,” said Magnetic Capital Manag- ing Partner Dan Huml. “They want a place where they can have various options to hang out, have fun and spend more time at a single location. We’re excited to be partnering with Trinity Investors on this con- cept and are looking forward to announcing the tenant and what they will be bringing to Denver.” Headquartered in Denver, Magnetic Capital focuses on development and multifamily acquisition opportunities along the Front Range. The group recently broke ground on its 100,000-sf “hospitality-infused” office building at East Second Avenue and Adams Street in Cherry Creek, according to pre- vious reporting. Founded in 1999 with offices in Texas and Denver, Trinity Investors’ portfolio consists of 160 commercial real estate assets and 19 operating companies or platforms. The company also owns Sunset Peak Apartment Homes in Thornton, according to its website. s JV buys vacant office building for experiential retail concept by Avalon Jacka AURORA – A Colorado-based investor purchased two free- standing single-tenant buildings at the intersection of East Alam- eda Avenue and Interstate 225. The undisclosed buyer acquired a 5,780-square-foot Jared Jewelry store located at 235 S. Abilene St. and a 5,698-sf Chili’s Grill & Bar at 265 S. Abilene St. for a com- bined $5.58 million in an all-cash transaction. The adjacent build- ings were constructed in 2002. The properties sold at a 6.7% cap rate. The properties feature corpo- rate-backed triple-net ground leases, allowing for passive own- ership for the new owner. The properties are pad sites at Aurora City Place, which welcomes more than 6.6 million visitors annually, according to Placer.ai. The prop- erties experience high visibility from frontage on Interstate 225 and East Alameda Avenue, with volumes of 187,500 and 49,500 vehicles per day, respectively. Matthew Henrichs and Park- er Brown of CBRE represented the undisclosed seller. Blue West Capital’s Tom Ethington, Rob Edwards and Noah Harrison represented the buyer in the transaction. "Blue West Capital assisted the purchaser in a two-year acquisi- tion process before deciding on the acquired two ground leases,” Ethington said. “These proper- ties were chosen due to their significant upside in rents, excel- lent location, large land parcel, high traffic counts, and corpo- rate-backed lease structures. Blue West Capital was able to assist the buyer through letter of intent negotiations, the purchase con- tract, due diligence hurdles and to a successful close.” Owned by Brinker Interna- tional, Chili’s operates more than 1,600 locations in 29 countries. Jared, owned by Signet Jewelers Ltd., operates more than 3,600 locations in the U.S., U.K. and Canada. Headquartered in Denver, Blue West focuses on the acquisition, disposition and leasing of sin- gle-tenant net-leased properties, retail shopping centers, food and beverage, entertainment, fitness, and other commercial investment properties nationwide. s Colorado investor acquires 2 pad sites at Aurora City Place Spencer Fane LLP | spencerfane.com 1700 Lincoln Street, Suite 2000 Denver, CO 80203 © 2024 Spencer Fane LLP. The choice of a lawyer is an important decision and should not be based solely on advertisements. We handle deals that move businesses forward, working nationwide with Fortune 100 and Fortune 500 companies as well as smaller publicly traded companies, REITs and institutional investors, and closely held businesses. With a reputation for completing sophisticated real estate transactions and nancings, our lawyers know that the best real estate counsel is the kind that allows stakeholders to keep projects on schedule and within budget. A team of 70+ real estate attorneys delivering comprehensive, multi-disciplinary solutions With a solid working knowledge of recent developments in the industry and wide- ranging, national experience, our attorneys manage all aspects of transactions, applying their knowledge and experience for the bene t of our clients. Austin Cape Girardeau Dakota Dunes Dallas Denver Greenville Hendersonville Houston Jefferson City Kansas City Las Vegas Minneapolis Nashville Oklahoma City Omaha Overland Park Phoenix Plano Salt Lake City San Jose Santa Monica Spring eld St. George St. Louis Tampa Washington, D.C. The adjacent properties at 235 and 265 S. Abilene St. sold for a combined $5.58 million to a Colorado-based investor.