DENVER, CO – [April 26, 2019] – Blue West Capital has completed the sale of a 31,363 square foot redevelopment property located at 9995 W Colfax in Denver, CO for $1,470,000. Brandon Gayeski represented both the purchaser and seller in the transaction. The purchaser was a national developer with an office in Denver while the seller was a private investor based in the Midwest.
The property is currently a free-standing building leased to Flowerama which has operated at the location since 2001. The property is located at the northeast corner of the heavily trafficked signalized intersection of Colfax Avenue and Kipling Street which experiences traffic counts in excess of 65,000 vehicles per day. The immediate area is rapidly expanding with projected 1.83% annual population growth within a one-mile radius over the next five years.
Well located properties along major thoroughfares in the Denver Metro, such as Colfax Avenue, are highly sought amongst developers looking for infill redevelopment opportunities. These sites are commanding record-breaking high prices that are creating a rare opportunity for property owners to experience significant appreciation.
“The market for infill properties in the Denver MSA, with vintage leases and limited remaining lease term, is robust. Many savvy real estate investors are taking advantage of the current market cycle and selling generational assets to developers,” said Brandon Gayeski, Associate Advisor.