A new owner is in control of more than 180,000 square feet of prime Cherry Creek retail space and a major First Avenue redevelopment site.
Invesco Real Estate bought the Clayton Lane complex in Cherry Creek on Jan. 29, according to an announcement by Miami-based law firm Greenberg Traurig, which represented the buyer. The deal includes Cherry Creek’s Whole Foods, Crate and Barrel and the 150,000-square-foot Sears store that shut last year.
Invesco plans to redevelop Clayton Lane’s vacant retail space and add more residential units at the complex, according to the press release.
Invesco’s newest Denver property stretches from Josephine Street to Clayton Lane between First and Second avenues. The complex lost a huge retail tenant last year when Sears shuttered its First Avenue-facing store after 60 years in business.
The purchase price was not released, and no deed was on file for the deal by press time Thursday afternoon.
Invesco bought the Clayton Lane property from Connecticut-based AmCap, which paid nearly $96 million for Clayton Lane in 2006, city records show.
The sale included 182,802 square feet of retail space (excluding Sears), four parking structures and 25 residential condos, the press release stated.
The JW Marriott hotel and an office building at 151 Detroit St. were not included in the deal, according to the law firm’s announcement. AmCap does not own either of those properties.
AmCap representatives did not return phone messages seeking comment on the deal by press time. One Invesco Real Estate representative declined to comment when reached by phone. Phone calls and an email to the firm’s media relations department went unanswered on Thursday.
Invesco did register a new Colorado business entity under the name Clayton Lane Owner, LLC in January 2016. San Diego-based OliverMcMillan, a separate real estate developer, also formed an OliverMcMillan Clayton Lane, LLC last month.
A phone message and an email for Bill Persky, CFO of OliverMcMillan, were not returned by press time.
A total of 15 Greenberg Traurig attorneys helped out on the deal, including Denver-based lawyers Mark Baker, Neil Oberfeld and Katy O’Brien, according to the press release.