The longtime home of the Compound Basix bar along Broadway sold to a group of investors planning to renovate the space.
The investment group, KRF Post LLC, paid $3.05 million for the 4,821-square-foot building at 141 Broadway in Denver.
The building, home to Compound since the 1980s, was sold by the owner user, Second and Broadway LLC. In addition to the bar, a liquor store occupies around 800 sf of space. It also features around 30 parking spaces in the back – a rarity along Broadway, noted Jake Malman of NAI Shames Makovsky.
“It was definitely one of the bigger comps on Broadway,” added Malman, as the sales price topped $632 per sf.
The buyers have signed a lease with a restaurant group planning on making major renovations to the building at Second Avenue and Broadway, located in between the Capitol Hill, Baker and Washington Park neighborhoods. The buyers will be modernizing the building originally constructed in 1895 and making it an asset to the neighborhood, said Malman. Malman and Sandy Feld of NAI Shames Makovsky handled the transaction.
“There is a lot of movement in the area and there are not too many spaces available along Broadway,” added Malman, noting the development of the former First Avenue Hotel on Broadway is bringing momentum to the area.
As of now, the liquor store will remain a tenant, however, the buyers have ability to terminate the lease with six-months’ notice.
