DENVER, CO – [January 16, 2020] – Blue West Capital has completed the sale of a single tenant property located at 776 Lincoln Street in Denver, CO for $1,950,000. This urban infill property sold for $623 per square foot. The property is located on the border of the Golden Triangle and Capitol Hill, two of Denver’s most dynamic neighborhoods with many large apartment complexes recently built, under construction or planned.
Brandon Gayeski of Blue West Capital represented both the purchaser and seller in this off-market transaction. The purchaser was Centre Point Properties, a Denver-based commercial real estate investment company. The Seller was a private Denver-based investor.
The single tenant restaurant and bar is currently occupied by Denver Sweet, a LGBTQ-friendly establishment. The 3,517 square foot two story building is located on a 3,132 square foot parcel. The property is positioned just south of the notable signalized intersection of Lincoln Street and 8th Avenue.
Centre Point Properties presently owns the Sherman Center, an adjacent 96,000 square foot office building, as well as the two adjacent parking lots located at 780 & 766 Lincoln Street. The acquisition of 776 Lincoln Street completes an assemblage of three contiguous parcels consisting of 21,894 square feet along Lincoln Street. Centre Point Properties has yet to finalize their long-term plans for this prominent Denver site which is zoned for up to 14-stories.
“The addition of this property to the Centre Point portfolio is the final critical piece to completing their three-parcel assemblage. Centre Point looks forward to being Denver Sweets landlord while they determine their long-term redevelopment plans. With the major barriers to entry, coupled with the surrounding area’s significant recent growth, Centre Point is well-positioned to capitalize on this redevelopment when the time is right,” said Brandon Gayeski, Associate of Blue West Capital.