DENVER, CO – [September 9, 2024] – Blue West Capital has successfully completed the sale of a single-tenant retail property at 1568-1570 South Pearl Street, Denver, CO, for $1,325,000. The seller was represented by Josh Lorenzen and Robert Edwards. The buyer, a local investor who paid all cash, was not involved in a 1031 exchange.
This boutique retail store, currently occupied by 5 Green Boxes, has been a cornerstone of the historic South Pearl Street retail corridor. It is situated in a thriving, affluent area where the average household income is over $168,000, and the population within a one-mile radius is 18,160.
With limited retail space available on South Pearl Street, property values and rents have continued to rise, and the vacancy rate in the area remains exceptionally low at just 0.7%, according to Costar. Our marketing campaign attracted a buyer who paid $652 per square foot, significantly higher than the average sale price of $391 per square foot in this area, as reported by Costar.
We generated interest from multiple groups within the first days of marketing. This immediate activity allowed for a quick marketing and sale process, taking less than three months from listing to closing. We have also listed another property at 1301 South Pearl Street, which has also seen significant interest from local investors, private real estate companies, and developers. We are actively working with several groups looking to acquire property in this area.
Josh Lorenzen, Associate
PR Contact
Josh Lorenzen
(720) 821-2520
Josh@BlueWestCapital.com
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