A long-vacant Toys R Us and an office building along North Academy Boulevard have been purchased by a partnership planning to repurpose the properties.
Dunton Commercial, in partnership with Hampton Partners, paid an undisclosed amount for the properties situated at 3770 and 3730 N. Citadel Drive, bounded by Academy, Citadel and Galley Road.
The partnership is exploring various adaptive reuse/repurposing opportunities as well as marketing to a user or developer the 47,100-square-foot Toys R Us, vacant for nearly two years.
The adjacent office building, also vacant for years, will make way for a pair of pad sites available for ground lease or sale. The 1-acre to 1.5-acre pad sites fronting Academy are geared to users including financial, gas/fuel and medical users, noted Nate Melchior, director of investments and business development for Dunton Commercial.
In total, the redevelopment play comprises up to 5.23 acres available for pad site sales, ground lease, build-to-suit and leasing opportunities. Patrick Kerscher of CBRE is marketing the property, which is located across the street from the Citadel Mall and Citadel Crossing. Kerscher also put together the deal for the sale of the property.
Site work is underway on the property, where the partnership will “drastically” improve access to the site.
“The whole area is in need of some revitalization and this project will certainly help,” Melchior said of the highly visible site.
The office building was sold by a Colorado-based husband and wife while the Toys R Us was sold by a company involved in the store’s bankruptcy.
The purchase is the second by Dunton Commercial this year. Previously, it acquired Huron Plaza, a 112,808-sf Thornton value-add retail center.
In addition to its core business of third-party property management, Dunton Commercial is looking to acquire additional value-add investment deals along the Front Range.
