DENVER, CO – [December 13, 2024] – Blue West Capital has completed the sale of the vacant Hanson’s Grill & Tavern property located at 1301 South Pearl Street, Denver, CO. The property sold for $2,900,000, equating to $232 per square foot of land. Robert Edwards and Josh Lorenzen represented the seller in the transaction, which involved a local all-cash buyer who was not in a 1031 exchange.
Situated at the prominent southwest corner of South Pearl Street and East Louisiana Avenue, 1301 South Pearl Street is a highly recognized suburban infill hard corner in the South Denver area. A historic staple of South Pearl Street, the property has previously served as a venue for bars and restaurants. Now, it is primed for redevelopment within one of Denver’s most sought-after retail corridors. The area features a robust demographic profile, including an average household income exceeding $179,553 and a population of 18,454 residents within a one-mile radius.
The strong demand from investors and tenants for South Pearl Street has driven consistent value appreciation and rental growth. The current vacancy rate in this corridor is an exceptionally low 0.7%, according to Costar. Blue West Capital’s marketing strategy attracted six qualified, all-cash offers, creating a competitive bidding environment that resulted in the property selling above the asking price.
The demand for commercial real estate investment properties along South Pearl Street remains strong. This property received interest from a diverse range of investors, developers, and users. Over the years, we’ve handled transactions ranging from small owner-user properties to large redevelopment opportunities along South Pearl Street. With rental rates continuing to rise, we anticipate sustained market demand. Currently, we are working with several groups seeking similar opportunities along South Pearl Street and throughout the Denver metro area."
Robert Edwards, Managing Partner
PR Contact
Robert Edwards
(720) 966-1630
Robert@BlueWestCapital.com
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