DENVER – A 2,033-square-foot, single-tenant retail property on South Pearl Street traded hands in an all-cash transaction for $1.33 million in September.
Blue West Capital’s Josh Lorenzen and Robert Edwards represented the seller, which is listed as McPearl Properties LLC on Denver County public records. The undisclosed buyer, a local investor, was represented by Rachel Colorosa of Colorosa CommercialProperties.
The sales price equates to $652 per sf, more than 11/2 times the area’s average sale price of $391 per sf, according to CoStar. The property at 1568-1570 S. Pearl St. is comprised of two conjoined buildings, built in 1900 and 1911.
The property is occupied by boutique retail store 5 Green Boxes, which offers unique jewelry, accessories, garden wares, handcrafted home goods, gifts, greeting cards, gift wrap and seasonal items. The store has become a cornerstone of the historic South Pearl Street retail corridor.
Property values and rents on South Pearl Street have continued to rise due to limited retail space being available, a statement from Blue West said. Vacancy in the area remains low at 0.7%, according to CoStar. The property is situated in an affluent area where the average household income is more than $168,000. The population within a 1-mile radius of the property is 18,160.
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.
JOSH LORENZEN
Lorenzen and Edwards are also the listing agents for 1301 S. Pearl St., which has seen “significant interest” from potential buyers, including developer, local investors and private real estate companies, Lorenzen said. The team is actively working with several groups seeking to acquire properties in the area.
As featured in Colorado Real Estate Journal:
DEAL TEAM
Robert Edwards (Lead Broker)
Josh Lorenzen
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