The building at 408 Downing St. in Denver has sold. (Matt Geiger/BusinessDen)
For real estate investor Joe Vostrejs, a small retail building on the corner of Downing Street and 4th Avenue in Denver screams big opportunity.
“This is the kind of asset that we have been buying for more than 20 years,” he said.
Joe Vostrejs
Vostrejs’ firm, City Street Investors, purchased an 8,200-square-foot, single-story property at 408 N. Downing St. in the Country Club neighborhood late last month for $3.1 million. The deal works out to $378 a foot.
“Great little retail buildings that are embedded in core Denver neighborhoods are a target for us and … this one fit the bill perfectly,” Vostrejs said.
The seller, Kevin Harper, could not be reached for comment. Harper purchased the building for $2.3 million in 2017.
The building has four storefronts with one vacancy. Tenants include La Cache, a nonprofit antique consignment store raising money for the Children’s Hospital Colorado, homegoods store The Lark and Downing Needlepoint, which sells needlepoint art. Vostrejs said he’s received a letter of intent for the empty storefront.
Across the street, there’s more retail, something the real estate investor made sure to point out.
“If you’re driving around town and you notice retail on all four corners, there’s a good chance it’s an old trolley stop,” Vostrejs said.
While not the case with 4th and Downing, other City Street properties match that criteria. Vostrejs’ firm owns property at 12th and Madison, 32nd and Lowell, and 6th and Fillmore, to name just a few spots.
Nearing his mid-60s, the real estate investor has seen many of his “undesirable” properties appreciated into neighborhood hotspots. He talked about Tennyson Street, now a destination, as once being dotted with used furniture and clothing stores, and pawn shops.
“It was not highly desirable neighborhood-serving retail. It was beat down a little bit, but people saw the potential even back then,” he said.
His next big bet is in the suburbs. City Street is planning for a Beer Garden in Arvada, and has other projects in the works in Broomfield and Edgewater.
“We always have our ear to the ground for great, desirable retail,” he said.
The building at 408 Downing St. in Denver has sold. (Matt Geiger/BusinessDen)
For real estate investor Joe Vostrejs, a small retail building on the corner of Downing Street and 4th Avenue in Denver screams big opportunity.
“This is the kind of asset that we have been buying for more than 20 years,” he said.
Joe Vostrejs
Vostrejs’ firm, City Street Investors, purchased an 8,200-square-foot, single-story property at 408 N. Downing St. in the Country Club neighborhood late last month for $3.1 million. The deal works out to $378 a foot.
“Great little retail buildings that are embedded in core Denver neighborhoods are a target for us and … this one fit the bill perfectly,” Vostrejs said.
The seller, Kevin Harper, could not be reached for comment. Harper purchased the building for $2.3 million in 2017.
The building has four storefronts with one vacancy. Tenants include La Cache, a nonprofit antique consignment store raising money for the Children’s Hospital Colorado, homegoods store The Lark and Downing Needlepoint, which sells needlepoint art. Vostrejs said he’s received a letter of intent for the empty storefront.
Across the street, there’s more retail, something the real estate investor made sure to point out.
“If you’re driving around town and you notice retail on all four corners, there’s a good chance it’s an old trolley stop,” Vostrejs said.
While not the case with 4th and Downing, other City Street properties match that criteria. Vostrejs’ firm owns property at 12th and Madison, 32nd and Lowell, and 6th and Fillmore, to name just a few spots.
Nearing his mid-60s, the real estate investor has seen many of his “undesirable” properties appreciated into neighborhood hotspots. He talked about Tennyson Street, now a destination, as once being dotted with used furniture and clothing stores, and pawn shops.
“It was not highly desirable neighborhood-serving retail. It was beat down a little bit, but people saw the potential even back then,” he said.
His next big bet is in the suburbs. City Street is planning for a Beer Garden in Arvada, and has other projects in the works in Broomfield and Edgewater.
“We always have our ear to the ground for great, desirable retail,” he said.
