Brett MacDougall and Michael DeSantis of Unique Properties Announces the Following Sale:
LoDo’s Newest Hot Spot ‘Dierks Bentley Whiskey Row’ Sells for $24 million
Single-Tenant Triple-Net Leased Asset – 20k SF Bar, Restaurant & Entertainment Venue
Unique Properties, Inc. / TCN Worldwide, Colorado’s most experienced, privately held, full-service commercial real estate brokerage firm, is proud to announce the sale of 1942-1946 Market St in the LoDo/Ballpark Neighborhood of Downtown Denver, CO for $24,000,000 or $1,200/SF. The income of the property supported a 5.3% Cap Rate at the closing price.
Brett MacDougall and Michael DeSantis, Vice Presidents, with Unique Properties, Inc. / TCN Worldwide, represented the Buyer in this transaction. The Buyer, Jim Blumenthal, is the owner of Trailer Source, Inc., a Colorado RV dealership and JC Three Development, a local real estate investment company. Blumenthal and MacDougall have closed over $50 million in transactions over the past 6 months. The seller of the property was Kenny Monfort of Monfort Companies, who purchased the site in 2019 and oversaw the rehab and redevelopment of the site.
The structure of this property was originally built between 1888-1895, but 1942-1946 Market St, a brand-new state-of-the-art retail bar, restaurant & entertainment venue, was fully renovated and reconstructed in 2021. Positioned on 1/4 acres off the busy intersection of 20th & Market St, the property offers a highly recognizable and well-located asset with extremely close proximity to Coors Field, McGregor Square, Union Station, RiNo Neighborhood and several of Denver’s other largest & most popular bar & restaurants. The almost 20,000 SF retail property is fully occupied by Dierks Bentley’s Whiskey Row on a 10-Year Absolute NNN lease. The property went through an extensive build-out over the last 2+ years; some of the features of its renovations include a commercial-grade kitchen upgrade, a full musical performance stage with a state-of-the-art AV system throughout the building, multiple new outdoor spaces, preservation of historical aspects of the original structure, and a beautiful new façade with signage.
The buyer, a local 1031 exchange investor, was highly motivated to close on this asset due to the location and the tenant/guarantors. The parent company of the tenant company, Riot Hospitality Group, is a national, premier hospitality management company based out of Scottsdale, AZ. The company is known for creating and managing a number of unique concepts in other cities like Nashville, Chicago and Scottsdale.
Brett MacDougall adds that “This is a premier location, one of the best in the state, with a proven national concept in place as the tenant; it was a win-win scenario for the buyer. You can’t beat hitting a homerun like this right in Denver’s Ballpark Neighborhood.”
“The hospitality market has been in a place of limbo for the last few years, however, properties like this rarely become available for sale in the core of Downtown Denver. As we continue to see people flock to this area and watch as the hospitality market rebounds, owning an asset of this stature on this street was an extremely exciting investment opportunity. The buyer is thrilled to expand their investment presence downtown and partner with a world-class organization and tenant.” MacDougall noted.
“The continued success and reinvention of that Ballpark neighborhood is what drove me down there. Kenny [Monfort] puts together some very nice projects. It was exciting to own such an iconic piece of property downtown is what drove us that way,” Blumenthal said.
To schedule an interview with a Unique Properties Broker regarding this transaction, please contact: Katie Guardino or Brett MacDougall directly at 303-512-2736 or bmacdougall@uniqueprop.com
About Unique Properties, Inc. / TCN Worldwide
Unique Properties, Inc. / TCN Worldwide is Colorado’s most experienced, privately held, full-service commercial real estate brokerage firm, providing solutions for a full range of property types including office, industrial, retail, land and multifamily. Unique Properties, Inc. provides clients with local know-how on a global scale through our association with TCN Worldwide, an affiliation of independent real estate firms in more than 200 markets with 62 offices in eight countries, throughout in North and South America, Europe, and Asia. The combination of Unique Properties’ global resources, creative solutions, experience, and strong leadership has resulted in production volume locally of over 300 commercial real estate transaction in 2016. We have been operating successfully for over 40 years and are acknowledged as an industry leader, providing services at the caliber of a global leader while maintaining the personal attention of a focused, privately owned firm committed to trust and excellence. For more information about the services provided by Unique Properties, Inc. / TCN Worldwide, please visit uniqueprop.com.