The retail corner at 12th Avenue and Madison Street is home to four businesses. (Matt Geiger/BusinessDen)
It’s three’s company on Madison Street.
A trio of Denver commercial real estate players have struck a deal for a Congress Park retail property through the power of friendship.
Earlier this month, Jerry Glick’s Columbia Group purchased a 50 percent stake in a retail corner at 12th Avenue and Madison Street for $2.3 million from former Larimer Square owner and Populus Hotel builder Jeff Hermanson.
That puts the total value of the fully leased buildings at 3509 E. 12th Ave. and 1222 Madison St. at $4.6 million, or $463 a square foot. City Street Investors, a local retail buyer and developer, owns the other 50 percent of the property.
“Joe has the Midas touch,” Hermanson said of his partner Vostrejs, co-owner of City Street. “I think that it was just well-suited for the type of properties that we liked: value-add, well-located.”
The buildings house a Blue Pan Pizza, pharmacy/liquor store, coffee shop and a brewpub opening this April. Hermanson bought the property, which has about 10,000 square feet of retail combined, in 2010 with City Street for $1.1 million.
“At 75, I have reluctantly developed a different mindset than when I was 45 … I think it’s just getting older, wanting to clean up my portfolio and also redeploy in two primary areas,” Hermanson said.
The Crested Butte resident and longtime Denver real estate pro said he’s focused on a “workforce housing” project in Gunnison and his holdings further down 12th Avenue at the intersection with Acoma Street in Denver’s Golden Triangle. He previously told BusinessDen that “there’s ambitious plans to do some mixed-use projects there.”
Vostrejs, meanwhile, said the deal was a favor for Glick, his dear friend.
Joe Vostrejs
Glick had recently sold his remaining interests in 1600 Wynkoop St. next to Union Station late last year and was looking to make a 1031 exchange into a new property. He developed the Wynkoop property in the 1980s and had his office there “for a long, long time,” said Glick’s son, Fred.
Vostrejs knew that Hermanson was looking to consolidate his portfolio. The two struck a couple of deals at the end of last year where Vostrejs bought out Hermanson’s stake in a few retail properties. So, he helped arrange for Glick to come in on the Congress Park retail corner.
“Everybody’s friends — Jeff, us, Jerry — and it just made sense for Jeff to sell and Jerry to buy,” Vostrejs said.
The retail corner at 12th Avenue and Madison Street is home to four businesses. (Matt Geiger/BusinessDen)
It’s three’s company on Madison Street.
A trio of Denver commercial real estate players have struck a deal for a Congress Park retail property through the power of friendship.
Earlier this month, Jerry Glick’s Columbia Group purchased a 50 percent stake in a retail corner at 12th Avenue and Madison Street for $2.3 million from former Larimer Square owner and Populus Hotel builder Jeff Hermanson.
That puts the total value of the fully leased buildings at 3509 E. 12th Ave. and 1222 Madison St. at $4.6 million, or $463 a square foot. City Street Investors, a local retail buyer and developer, owns the other 50 percent of the property.
“Joe has the Midas touch,” Hermanson said of his partner Vostrejs, co-owner of City Street. “I think that it was just well-suited for the type of properties that we liked: value-add, well-located.”
The buildings house a Blue Pan Pizza, pharmacy/liquor store, coffee shop and a brewpub opening this April. Hermanson bought the property, which has about 10,000 square feet of retail combined, in 2010 with City Street for $1.1 million.
“At 75, I have reluctantly developed a different mindset than when I was 45 … I think it’s just getting older, wanting to clean up my portfolio and also redeploy in two primary areas,” Hermanson said.
The Crested Butte resident and longtime Denver real estate pro said he’s focused on a “workforce housing” project in Gunnison and his holdings further down 12th Avenue at the intersection with Acoma Street in Denver’s Golden Triangle. He previously told BusinessDen that “there’s ambitious plans to do some mixed-use projects there.”
Vostrejs, meanwhile, said the deal was a favor for Glick, his dear friend.
Joe Vostrejs
Glick had recently sold his remaining interests in 1600 Wynkoop St. next to Union Station late last year and was looking to make a 1031 exchange into a new property. He developed the Wynkoop property in the 1980s and had his office there “for a long, long time,” said Glick’s son, Fred.
Vostrejs knew that Hermanson was looking to consolidate his portfolio. The two struck a couple of deals at the end of last year where Vostrejs bought out Hermanson’s stake in a few retail properties. So, he helped arrange for Glick to come in on the Congress Park retail corner.
“Everybody’s friends — Jeff, us, Jerry — and it just made sense for Jeff to sell and Jerry to buy,” Vostrejs said.
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