Brett MacDougall, Michael DeSantis, & Hudson Cramer of Unique Properties Announces the Following Sale:
Multi-Tenant Retail Investment Sells for $1.6 Million in Denver, CO
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 2024 E Colfax Ave, Denver, CO. Brett MacDougall, Michael DeSantis, and Hudson Cramer with Unique Properties, Inc. / TCN Worldwide, were the exclusive agents in this transaction. The property sold for $1,600,000 or $145/SF.
Brett MacDougall, Michael DeSantis, and Hudson Cramer of Unique Properties, Inc. represented the seller and facilitated both sides of the transaction.
The 4-tenant retail property is located along Denver’s iconic East Colfax Avenue, a corridor currently undergoing significant change and facing unique challenges. The asset had not changed ownership in over a century, making this a landmark transaction for the area.
The buyer initially approached one of the tenants with interest in acquiring their business and negotiating a new lease. Recognizing the complexity that would add to the sale process, the brokerage team strategically maintained the existing lease structure to preserve marketability, ultimately converting that same buyer into the purchaser of the entire property.
“This deal required a creative and adaptive approach. Between the buyer's initial interest in only purchasing one of the tenants’ business, navigating a legacy ownership group split across multiple families, and structuring a deal around a cannabis tenant—which pushed us toward a creative financing arrangement due to traditional financing challenges—there were a number of moving pieces to align.” - Hudson Cramer.
Despite the obstacles, the team successfully navigated the deal structure and tenant dynamics to secure a clean closing in only 30 days. The property's tenant mix, location, and long ownership history made this a rare opportunity for the buyer to acquire a prominent Denver asset with long-term upside.
The new owner is excited at revamping this property and helping to create a new look for an iconic Denver property.
To schedule an interview with a Unique Properties Broker regarding this transaction, please contact: Katie Guardino at kguardino@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 450 commercial real estate transaction in 2021. 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.