A highly visible retail corner in central Denver has a new owner.
A Chicago real estate investment firm paid $12.2 million for the two retail buildings at 550 N. Broadway and 575 N. Lincoln St. late last month, public records show. With roughly 29,000 square feet between the two properties, the deal works out to about $420 a foot.
Together, the spaces take up one-half of a block between Broadway to the west, 6th Avenue to the north and Lincoln Street to the east. The Broadway building is designated as a city landmark.
The buyer, Northpond Partners, did not respond to requests for comment.
The property last sold for $10.05 million in 2005, per public records. Matt Hillerud, principal with California real estate investment firm Hogan Douglas, managed the property for a family trust that owned it.
“It was definitely one of their favorite properties that they owned, and they’ve been investing since the ’50s,” Hillerud said of the family.
The decision to sell was influenced by what was happening across the family’s portfolio as well as a hot retail market, he added. The family used to have five properties in the state, with one in Cherry Creek and the others in Lakewood along Union Boulevard. This property was their last in Colorado.
Familiar national brands are tenants in the buildings, which have only one vacancy, Hillerud said. Chipotle and Noodles & Co. have space in the Broadway building. A Starbucks sits at the end of the building along Lincoln.
The Broadway building, an old 1930s auto dealership, lies just south of what once was Denver’s “automobile row” along Broadway between Speer and 14th Avenue. The space, known then as the Leeman Auto Company Building, once housed showrooms for now-defunct brands Plymouth and DeSoto. It used to be one of the largest dealerships in the Rocky Mountain Region.
It was redeveloped into retail space around the turn of the century.
For Northpond, the buyer, this is their only holding in the state. The firm’s website said it has properties across Chicagoland and Minnesota, as well as down south in North Carolina, Tennessee and Georgia.
A highly visible retail corner in central Denver has a new owner.
A Chicago real estate investment firm paid $12.2 million for the two retail buildings at 550 N. Broadway and 575 N. Lincoln St. late last month, public records show. With roughly 29,000 square feet between the two properties, the deal works out to about $420 a foot.
Together, the spaces take up one-half of a block between Broadway to the west, 6th Avenue to the north and Lincoln Street to the east. The Broadway building is designated as a city landmark.
The buyer, Northpond Partners, did not respond to requests for comment.
The property last sold for $10.05 million in 2005, per public records. Matt Hillerud, principal with California real estate investment firm Hogan Douglas, managed the property for a family trust that owned it.
“It was definitely one of their favorite properties that they owned, and they’ve been investing since the ’50s,” Hillerud said of the family.
The decision to sell was influenced by what was happening across the family’s portfolio as well as a hot retail market, he added. The family used to have five properties in the state, with one in Cherry Creek and the others in Lakewood along Union Boulevard. This property was their last in Colorado.
Familiar national brands are tenants in the buildings, which have only one vacancy, Hillerud said. Chipotle and Noodles & Co. have space in the Broadway building. A Starbucks sits at the end of the building along Lincoln.
The Broadway building, an old 1930s auto dealership, lies just south of what once was Denver’s “automobile row” along Broadway between Speer and 14th Avenue. The space, known then as the Leeman Auto Company Building, once housed showrooms for now-defunct brands Plymouth and DeSoto. It used to be one of the largest dealerships in the Rocky Mountain Region.
It was redeveloped into retail space around the turn of the century.
For Northpond, the buyer, this is their only holding in the state. The firm’s website said it has properties across Chicagoland and Minnesota, as well as down south in North Carolina, Tennessee and Georgia.
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