The head of Denver’s Bow River Capital has added to his personal real estate holdings in Cherry Creek.
CEO Blair Richardson and his family, operating as 248-250 Detroit LLC, purchased the single-story retail building at that address earlier this week for $3.05 million, according to public records. FirstBank provided financing for the deal.
Brian Wagner, a consultant involved with Richardson’s purchases, said the Detroit Street purchase was an investment deal, and Richardson has no immediate plans to redevelop that site.
The property was sold by 250 Cherry Creek LLC. A related entity purchased it in 1996 for $575,000, records show. Broker Roche Fore, of Roche & Co., represented the seller.
The 3,500-square-foot building, which sits on a 5,500-square-foot lot, is fully leased to two tenants: women’s boutique Margaret O’Leary and furniture store Coda Studio. It’s located next to Aviano Coffee.
Richardson previously purchased the southwest corner of 2nd Avenue and Adams Street in Cherry Creek, where he has proposed a five-story office project.
Neither of the deals directly involve Bow River, whose office is just down the street from the latest buy, in the Financial House building at 205 Detroit St. Bow River partnered with Matt Joblon’s BMC Investments to develop that building and sold it in August 2019.
Other notable commercial sales in the Cherry Creek area so far this year are the $2 million sale of 165 N. Steele St. in March for a hotel project, the $3.9 million sale of 370 S. Garfield St. in March for a different hotel project and the $6 million sale in June of part of a parking garage by Whole Foods.