Denver-based Revesco Properties bought a trio of buildings in Olde Town Arvada for $6.55 million.
The portfolio consists of:
• 5773-5777 Olde Wadsworth Blvd., a 24,876-square-foot building on 18,729 sf of land. Tenants include a real estate sales office, attorney’s office, the Arvada Eggshell restaurant and retailers, with multifamily on the top floor.
• 5707 Olde Wadsworth, a 5,200-sf building on a 3,125-sf site. Arvada Tavern occupies the property.
• 5790 Yukon St., a 5,315-sf building on an 18,125-sf site that houses a creative office concept and clothing store.
Jamis Properties, a Denver based real estate investment firm, was the seller.
“We are attracted to Olde Town Arvada for its distinct charm and accessibility to both downtown and the mountains,” Marc Perusse of Revesco Properties said in an announcement. “With close proximity to commuter rail and a vibrant downtown, we believe that Olde Town Arvada has a bright future, and we are committed to being a small part of its success.”
Revesco is a boutique real estate investment and management company focused on well located but underperforming retail assets. It will improve the courtyard and patio at 5773-5777 Olde Wadsworth, update signage, and make additional capital improvements to both the interior and exterior of the properties, said Dax Gitcho of NAI Shames Makovsky, who represented the buyer in the off market deal.
The buyer intends to stabilize rents and bring property management of the assets in house.
“We believe in the future and potential of Olde Town Arvada and have focused much of our business in the area,” Gitcho commented.