Local fitness chain owner secures desirable retail property
Jon Cerf, the founder of Core Progression, a fitness facility specializing in personal training, purchased the 5,792-square-foot retail property at 2561-2565 S. Broadway in Denver for $1.57 million from seller Craft Development. Rachel Colorosa and Sheri Meranda of KW Commercial represented Cerf, while John Torp and Dominic DiOrio of Stream Realty represented the seller.
Cerf has a franchisee who plans to use 3,930 sf of the space to open a Core Progression studio. He will rent the remaining space to Restore Hyper Wellness + Cryotherapy, a national wellness center chain. Colorosa and Meranda also represented Restore Hyper Wellness + Cryotherapy in the transaction.
With multiple Core Progression locations in the Denver metro area, particularly in the north, Cerf said he was interested in adding a location south of the city to his portfolio. His franchisee also was looking for a south Denver location, so when Cerf saw this property for sale, he jumped at it.
“(Rachel and I) immediately scheduled a tour for the next day and then put in an offer within three days,” said Cerf.
Colorosa said the sale was structured so Cerf would buy the property vacant, then lease tenants the available space. The lease agreements were executed before closing.
“The big value-add was finding a vacant building and then being able to bring my franchisee tenant and Rachel’s tenant, Restore, together,” said Cerf.
To prepare for the opening of Core Progression, Cerf said he will add a private treatment room for massage, acupuncture and chiropractic services. He also will add a break room and a manager’s office. Cerf said Restore will add an infrared sauna to its space.
Despite some delays in the renovation process due to COVID-19, Cerf is confident the new Core Progression will open in the next six months.
Featured in CREJ’s May 6-19, 2020, issue