Denver-based developer Westfield bought a property at the edge of LoDo last week, and immediately resold a portion of it to an oil and gas firm.
Westfield paid $17 million on Friday, according to public records, to purchase what city records show as the 1420 Wynkoop St. parcel from Seattle-based Unico Properties.
That parcel consists of a four-story office building, which bears the address 1430 Wynkoop St., as well as an adjacent parking lot, which is about 0.6 acres and spans from Wynkoop to Wazee streets.
Westfield’s buy was the first part of a two-step deal. After inking the deal with Unico, the firm turned around and sold a portion of the property for $9.5 million to an entity affiliated with Denver-based Concord Energy.
The deed of sale uses only the legal description for the portion of the parcel resold, but it appears to correspond to the 1430 Wynkoop St. structure. That building is 44,045 square feet, which would make the deal worth $215 a square foot based on the $9.5 million press tag. The structure was set to be 100 percent vacant as of last December, according to marketing materials.
Executives at Westfield, Unico and Concord didn’t respond to separate requests for comment Monday afternoon.
The deal is a loss for Unico, which paid $21 million in 2015 for the 1430 Wynkoop building and just half of the parking lot portion. It bought the other half in 2016 for $6.51 million, records show.
Unico originally planned to develop the parking lot, submitting plans to a LoDo design review board in 2016 and again in early 2020. But by last year, the firm had given up on that vision, hiring JLL to market the property for sale instead.
Unico has been in selling mode in Denver lately. The firm sold a half city block in Cherry Creek in March, a row of buildings along LoHi’s Platte Street in January and downtown’s Denver Club building in November.
Westfield, meanwhile, is the master developer behind RiNo’s North Wynkoop development, which is anchored by the Mission Ballroom concert venue. The firm recently bought a site in Cap Hill and is redeveloping the former Denver Mart site in Adams County.
Concord Energy, meanwhile, knows this part of LoDo well. It’s headquartered across the street from the site, in a building it owns at 1408 Wazee St. — which it also bought from Unico, back in 2018.