A 92,080-square-foot building that houses North America’s largest climbing gym and two industrial tenants sold for $16.15 million.
Monterey, California-based Call Family Trust bought the building at 1050 W. Hampden Ave. in Englewood from Ogilivie Properties. The building, formerly Sports Authority’s headquarters, was fully renovated in 2018. It is 100% leased to Earth Treks, which has a 53,104-sf climbing gym, along with Warming Trends and Standard Interiors.
“This property presented a fantastic opportunity for an out-of-state investor to enter teh competitive Front Range commercial real estate market with solid in-place income and signifiant term one the leases,” said Christian Smith, principal and broker associate at The Colorado Group Inc., who represented the buyer. “This is a property with a lot of exposure, solid tenants and potentially some value to be added in the long term.”
The building “is a highly functional property with long-term leases, a growing revenue stream and an infill location in Denver’s south-central submarket. Rising transportation costs and growing customer demand for same-day delivery has increased both the value of centrally located sites as well as industrial tenant demand for centrally located functional space. Despite this deep demand, little new construction has delivered in south-central Denver for decades due to nonexistent developable land,” stated Jeremy Ballenger, executive vice president, CBRE.
“Ogilvie understood where the market was heading when they acquired this property, and their anticipation of pent-up demand has materialized. Tenants appreciate that this location is surrounded by high-income households and offers direct highway visibility and easy access to Denver’s growing population,” added Tyler Carner, executive vice president, CBRE.
Ballenger and Carner, along with CBRE’s Jim Bolt and Jessica Ostermick, represented Ogilvie Properties in the sale.
