The retail strip at 1700 E. 6th Ave. in Country Club was one of two properties included in the buyout. It last traded for $1.2 million in 2009. (Max Scheinblum/BusinessDen)
Two Denver real estate players are making moves on a pair of their shared investments.
Joe Vostrejs, co-founder of local real estate firm City Street Investors, bought out partner Jeff Hermanson’s 50 percent stake in two retail buildings along 6th Avenue in Denver’s Country Club and Cherry Creek neighborhoods this month.
Hermanson said he’s “repurposing my portfolio and working on fewer, but bigger projects.”
Hermanson is the former owner of Larimer Square, and a partner at Urban Villages, the development firm that built the new Populus Hotel downtown.
He and Vostrejs jointly owned an 8,000-square-foot retail strip at 1700-1718 E. 6th Ave. and a 6,000-square-foot building at 2828 E. 6th Ave. They paid $1.2 million for the former in 2009, and $1.3 million in 2011 for the latter.
This month’s transaction valued the 1700 6th Ave. property at $2.7 million and the 2828 6th Ave. property at $3.2 million. Hermanson got paid nearly $3 million for his equity in the two.
Both properties are fully leased, Vostrejs told BusinessDen. Current tenants in the buildings include a barre studio, coffee shop and beef butcher.
“We sold an apartment building on Oak Street in Lakewood – and that was maybe a couple months ago – and then the proceeds of that sale went to go to buy out the partner in those two buildings on 6th Avenue,” Vostrejs said.
The other building in the deal sits at the corner of Fillmore Street and 6th Avenue in Cherry Creek. (Max Scheinblum/BusinessDen)
The buildings are typical City Street holdings: small, neighborhood retail properties in urban locations. Vostrejs noted the similarities between these investments and his other recent buy at 4th Avenue and Downing Street, also in Country Club.
Elsewhere in the metro area, City Street is planning to open up a beer garden in Arvada by May or June, Vostrejs said. In the Golden Triangle, the firm is working through the redevelopment of the long-vacant Evans School. He expects to open up the first phase of the project, a beer garden and a cafe, by March.
“It’ll be the beer garden plus what we’re calling School Yard Cafe. And School Yard Cafe is, you know, coffee shop, wine bar and ice cream shop all in one,” Vostrejs said.
The 34,000-square-foot school is located at 1115 N. Acoma St. in the Golden Triangle, not far from where his former partner Hermanson is planning his next move.
“Urban Villages has an assemblage of properties in the Golden Triangle, and there’s ambitious plans to do some mixed-use projects there,” he said, adding that the properties are around 12th Avenue and Acoma Street.
Hermanson said the future of Denver will be in adding density.
“Denver’s problems are not dissimilar from lots of other urban cores,” he said. “The pandemic, the housing crisis, all the other contributors to what we see (as) challenges with cities. But cities continue and will remain the future, our future. Density, creativity, they all go together, and I think the great opportunity for downtown is to add density. Density is a great anecdote to homelessness and contributes to creativity and soul.”
The 75-year-old lives in Crested Butte and has had a hand in many high-profile Denver projects, such as Denver’s redevelopment of Union Station. His latest endeavor, the Populus Hotel just north of the Golden Triangle at 240 14th St., was completed this summer.
“I think that it will significantly be an impetus for turning around Civic Center Park and contribute to the growth of the Golden Triangle,” Hermanson said.
The retail strip at 1700 E. 6th Ave. in Country Club was one of two properties included in the buyout. It last traded for $1.2 million in 2009. (Max Scheinblum/BusinessDen)
Two Denver real estate players are making moves on a pair of their shared investments.
Joe Vostrejs, co-founder of local real estate firm City Street Investors, bought out partner Jeff Hermanson’s 50 percent stake in two retail buildings along 6th Avenue in Denver’s Country Club and Cherry Creek neighborhoods this month.
Hermanson said he’s “repurposing my portfolio and working on fewer, but bigger projects.”
Hermanson is the former owner of Larimer Square, and a partner at Urban Villages, the development firm that built the new Populus Hotel downtown.
He and Vostrejs jointly owned an 8,000-square-foot retail strip at 1700-1718 E. 6th Ave. and a 6,000-square-foot building at 2828 E. 6th Ave. They paid $1.2 million for the former in 2009, and $1.3 million in 2011 for the latter.
This month’s transaction valued the 1700 6th Ave. property at $2.7 million and the 2828 6th Ave. property at $3.2 million. Hermanson got paid nearly $3 million for his equity in the two.
Both properties are fully leased, Vostrejs told BusinessDen. Current tenants in the buildings include a barre studio, coffee shop and beef butcher.
“We sold an apartment building on Oak Street in Lakewood – and that was maybe a couple months ago – and then the proceeds of that sale went to go to buy out the partner in those two buildings on 6th Avenue,” Vostrejs said.
The other building in the deal sits at the corner of Fillmore Street and 6th Avenue in Cherry Creek. (Max Scheinblum/BusinessDen)
The buildings are typical City Street holdings: small, neighborhood retail properties in urban locations. Vostrejs noted the similarities between these investments and his other recent buy at 4th Avenue and Downing Street, also in Country Club.
Elsewhere in the metro area, City Street is planning to open up a beer garden in Arvada by May or June, Vostrejs said. In the Golden Triangle, the firm is working through the redevelopment of the long-vacant Evans School. He expects to open up the first phase of the project, a beer garden and a cafe, by March.
“It’ll be the beer garden plus what we’re calling School Yard Cafe. And School Yard Cafe is, you know, coffee shop, wine bar and ice cream shop all in one,” Vostrejs said.
The 34,000-square-foot school is located at 1115 N. Acoma St. in the Golden Triangle, not far from where his former partner Hermanson is planning his next move.
“Urban Villages has an assemblage of properties in the Golden Triangle, and there’s ambitious plans to do some mixed-use projects there,” he said, adding that the properties are around 12th Avenue and Acoma Street.
Hermanson said the future of Denver will be in adding density.
“Denver’s problems are not dissimilar from lots of other urban cores,” he said. “The pandemic, the housing crisis, all the other contributors to what we see (as) challenges with cities. But cities continue and will remain the future, our future. Density, creativity, they all go together, and I think the great opportunity for downtown is to add density. Density is a great anecdote to homelessness and contributes to creativity and soul.”
The 75-year-old lives in Crested Butte and has had a hand in many high-profile Denver projects, such as Denver’s redevelopment of Union Station. His latest endeavor, the Populus Hotel just north of the Golden Triangle at 240 14th St., was completed this summer.
“I think that it will significantly be an impetus for turning around Civic Center Park and contribute to the growth of the Golden Triangle,” Hermanson said.
