Denver buyer goes to head of class with retail acquisition
A former Colorado Springs elementary-school-turned-retail center was a highly sought-after asset, selling over asking price to a Denver-based company.
Ventus Co LLC paid $5.3 million, just under $140 per square foot, for Lincoln Center, a 37,867-sf retail center at 2727 N. Cascade Ave. The fully leased center was purchased by the buyer, which sold its multifamily property to exchange into the multitenant retail center.
“We received a huge amount of interest in the Lincoln Center offering from our initial marketing efforts. The purchaser was selected due to their excitement about the opportunity and ability to obtain financing and close on the project quickly,” Kevin Matthews of SVN|Denver Commercial, who listed the property with SVN|Denver’s Troy Meyer, said of the sale in which multiple full price offers were received.
“Formerly Lincoln Elementary, this project is one of the more exciting opportunities we have successfully closed due to the extremely creative adaptive re-use of the building. We believe this is a sign of things to come for properties that have completed their life cycle at a current use, only to get better by instilling a new more up-to-date concept.” Tamarac Investments LLC, which purchased the property in 2015, was the seller. Built in 1984, the property was renovated in 2016.
Nik MacCarter and Mark Lippitt of Greystone Unique Apartment Group, the multifamily division of Unique Properties Inc., represented the buyer.
Lincoln Center includes a mix of tenants, including restaurants, coffee shops, a gym and brewery. It is located just north of downtown Colorado Springs and a few blocks from Penrose-St. Francis Health Services facility and between the two major colleges in Colorado Springs.