The property was last purchased for $5.8 million in 2018, before being redeveloped. (BusinessDen file)
A food hall and retail complex fashioned out of a former grocery store near Sloan’s Lake has a new owner.
Denver-based CentrePoint Properties paid $25.5 million late last month for the Edgewater Public Market at 5505 W. 20th Ave. in the tiny Denver suburb.
It was the final property owned by the seller, LCP.
“It was the last of the development projects that we completed in the city. We’ve closed that business since and our focus is really more on third party property management,” LCP co-owner Mark Best told BusinessDen Monday.
LCP will continue to manage the property as part of the deal for the 76,000-square-foot retail complex on roughly 6 acres. It sold for $336 per square foot.
“The fact that we get to continue managing it for CentrePoint takes a lot of the sting out of it,” Best said.
The property is home to a 53,000-square-foot building with 18 food and beverage businesses — many of them part of a central food hall — and 17 other retailers. Three other buildings onsite hold a variety of other food, retail and fitness operators, including Shake Shack.
CentrePoint CEO Tucker Manion said in a statement that patrons should not expect to see any immediate changes. His company, founded in 2008 and based in Cap Hill, invests primarily in retail and office buildings, with some apartments and industrial spaces sprinkled in the mix.
Retail and office are also LCP’s strong suit, Best said, but the company no longer develops projects following the 2021 retirement of Stephen Kurtz and the 2022 death of Jonathan Bush, both co-founders.
“Development business is a very specific set of skills … The two remaining major partners Gail [Quan] and myself, we couldn’t look anyone in the eye and tell them we were developers,” Best said.
“We probably would have sold this two or three years earlier had it not been for Covid.”
LCP purchased the site in 2018 for $5.8 million and spent another $13 million turning a vacant King Soopers into the Edgewater Public Market, the Colorado Real Estate Journal reported in 2019, the same year the market opened.
The pandemic hit a few months later, but Best said his business weathered the storm through constant collaboration with his tenants, many of which stuck around.
“That changed the character of the management and the development. In the leasing it changed everything for the better part of two years,” he said of Covid.
The rest of the work was getting the property fully-leased up, Best said, which he achieved by the time the property hit the market last fall. But one tenant did leave right after the deal closed, he said.
“We had done the heavy lifting, and it was time to pass it along to someone else,” Best said.
The property was last purchased for $5.8 million in 2018, before being redeveloped. (BusinessDen file)
A food hall and retail complex fashioned out of a former grocery store near Sloan’s Lake has a new owner.
Denver-based CentrePoint Properties paid $25.5 million late last month for the Edgewater Public Market at 5505 W. 20th Ave. in the tiny Denver suburb.
It was the final property owned by the seller, LCP.
“It was the last of the development projects that we completed in the city. We’ve closed that business since and our focus is really more on third party property management,” LCP co-owner Mark Best told BusinessDen Monday.
LCP will continue to manage the property as part of the deal for the 76,000-square-foot retail complex on roughly 6 acres. It sold for $336 per square foot.
“The fact that we get to continue managing it for CentrePoint takes a lot of the sting out of it,” Best said.
The property is home to a 53,000-square-foot building with 18 food and beverage businesses — many of them part of a central food hall — and 17 other retailers. Three other buildings onsite hold a variety of other food, retail and fitness operators, including Shake Shack.
CentrePoint CEO Tucker Manion said in a statement that patrons should not expect to see any immediate changes. His company, founded in 2008 and based in Cap Hill, invests primarily in retail and office buildings, with some apartments and industrial spaces sprinkled in the mix.
Retail and office are also LCP’s strong suit, Best said, but the company no longer develops projects following the 2021 retirement of Stephen Kurtz and the 2022 death of Jonathan Bush, both co-founders.
“Development business is a very specific set of skills … The two remaining major partners Gail [Quan] and myself, we couldn’t look anyone in the eye and tell them we were developers,” Best said.
“We probably would have sold this two or three years earlier had it not been for Covid.”
LCP purchased the site in 2018 for $5.8 million and spent another $13 million turning a vacant King Soopers into the Edgewater Public Market, the Colorado Real Estate Journal reported in 2019, the same year the market opened.
The pandemic hit a few months later, but Best said his business weathered the storm through constant collaboration with his tenants, many of which stuck around.
“That changed the character of the management and the development. In the leasing it changed everything for the better part of two years,” he said of Covid.
The rest of the work was getting the property fully-leased up, Best said, which he achieved by the time the property hit the market last fall. But one tenant did leave right after the deal closed, he said.
“We had done the heavy lifting, and it was time to pass it along to someone else,” Best said.
