Colorado-Real-Estate-Journal_440793

INSIDE 18 6 FEATURED 24 CONTENTS JANUARY 15-FEBRUARY 4, 2025 Office 6 Industrial 12 Multifamily 18 Retail 24 Finance 30 Law & Accounting 34 CDE News 38 Who's News 53 12 Discount office Real Capital Solutions buys Belleview Tower for 50% discount New tenant IOV leases up Nome property in less than 30 days after purchase Manufactured sale CBRE brokers manufactured housing community sale Shadow-anchored Northview Shopping Center sells for $8.7 million in 1031 exchange by Avalon Jacka EDGEWATER – A local commercial real estate invest- ment firm purchased a popu- lar market hall west of Denver in December. CentrePoint Properties, using the entity Edgewater Public Market LLC, acquired Edgewater Public Market from LCP Edgewater LLC for $25.5 million, according to SKLD Information Services. The strategic investment is the third addition to Cen- t r e P o i n t ’ s Fund I p o r t f o l i o . The sell- ing entity’s address list- ed on Jeffer- son Coun- ty public records is associated with Denver-based LCP Develop- ment, which purchased the site for $5.8 million in 2018. “We believe Edgewater Public Market stands as one of the best market halls in Colorado,” said CentrePoint Properties CEO Tucker Manion. “The LCP team has done a tremendous job with the redevelopment, creating a vibrant and inviting space for the community.” LCP Development redevel- oped the former King Soopers Edgewater Public Market sells for $25.5M by Avalon Jacka THORNTON – A cycling gear retailer moved into a new headquarters space near the Eastlake neighborhood. The Pro’s Closet debuted its new office and warehouse space at 1101 E. 126th Ave. in December. The company occupies 28,553 square feet in Building A at North Washing- ton Commerce Center. TPC was previously headquartered in a 130,000-sf space in Lou- isville. “The Pro's Closet is a well- loved and trusted brand in the cycling industry, and we are thrilled to have the opportuni- ty to reboot the business with a more sustainable cost struc- ture,” The Pro’s Closet CEO Jonathan Czaja said. “This warehouse is much smaller than our previous warehouse and represents the rightsizing of one of the many excessive expenditures that we made during the COVID bike boom. This new space is perfect for TPC 2.0 and enables us to focus on what matters most: providing cyclists with access to the highest-quality certified pre-owned bikes and e-bikes in the industry.” The Pro’s Closet purchases new and pre-owned bikes and accessories from manufactur- ers, retailers and individuals. Its products include a wide range of bikes, including road bikes, mountain bikes, gravel bikes and e-bikes. Upon open- ing the new headquarters, the company expanded its offer- ings to enable sellers to sell their bikes on consignment and renewed its focus on its dealer TradeUp program with local bike shops. The Pro’s Closet’s new space includes a 2,900-sf specula- tive office suite. Positioned on 13.62 acres, Building A of North Washington Commerce Center features 30-foot clear height; 19 dock-high doors; three drive-in, ramped doors; and 140 parking stalls, as well as ESFR sprinklers, 3-phase power and PUD zoning. The property provides easy access to Interstate 25 and is within a 15-minute drive of Interstate 70. The Eastlake commuter rail station is walkable from the park. The commerce center is proximate to a variety of retail centers. Ryan Link of CBRE repre- sented TPC in the lease trans- action for the space. The land- lord, Kohlberg Kravis Rob- erts & Co. LP, was represented by Joe Krahn and Matt Trone of Cushman & Wakefield. “With their relocation, TPC will be getting closer to their target demographic and start- ing a new chapter of their story,” Link said. “North Washington Commerce Cen- ter is a perfect location for their business to seamlessly integrate their office and ware- house needs.” The overall U.S. office mar- ket is expected to stabilize, according to CBRE’s U.S. Real Estate Market Outlook 2025. With a slowdown in new sup- plyanddeclining interest rates, the market is set for “the most optimistic outlook in years,” the report said. s The Pro’s Closet leases new headquarters The Pro’s Closet leased 28,553 square feet of office and warehouse space at 1101 E. 126th Ave. in North Washington Commerce Center for its new headquarters, which opened in December. Oh Hey Creative CentrePoint Properties acquired Edgewater Public Market, located at 5505 W. 20th Ave., from project developer LCP Development for $25.5 million in December. Please see Edgewater, Page 16 Tucker Manion

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