LAKEWOOD, CO – [September 2, 2022] – Blue West Capital has completed the sale of a 1.61-acre redevelopment site located at 5991 W Colfax Avenue in Lakewood, CO for $5,300,000. The property is located at the signalized intersection of Colfax Avenue and Harlan Street. The property was previously operated as a used car lot.
Brandon Gayeski, of Blue West Capital, exclusively represented the seller in this transaction. Carly Kelly (Gallagher), of Blue West Capital, represented the purchaser in the transaction. The purchaser was a national developer, and the seller was the owner of the used car dealership.
The seller owned and operated the used car dealership for the past 18 years. The seller discontinued operations and vacated prior to closing. This infill property is located three miles west of Downtown Denver. The property borders the Sloan’s Lake neighborhood, one of Denver’s most dynamic neighborhoods with many new multi-family buildings under construction, planned, or recently built. The surrounding area is densely populated with over 175,000 people living within three miles.
Well located properties at signalized intersections along major thoroughfares in the Denver Metro, such as Colfax Avenue, are highly sought after amongst developers looking for infill redevelopment opportunities. These sites are commanding record-breaking prices, creating a rare opportunity for property owners to experience significant appreciation.
“We received numerous offers and were able to negotiate a deal with a buyer shortly after beginning our marketing process. Many owner-users are taking advantage of the current pricing and market conditions by selling their properties to the development community,” said Brandon Gayeski.
“This redevelopment site offered the purchaser a rare opportunity to acquire a large parcel in the desirable Sloan’s Lake neighborhood. The surrounding demographics, high traffic counts, and accessibility along a major thoroughfare made this location ideal. Both parties overcame multiple obstacles and worked hard to get this property over the finish line,” said Carly Kelly.