Gold’s Marketplace at 2625 Kipling St. is under new ownership. (Matt Geiger/BusinessDen)
Tucker Manion is mining for retail gold in his own backyard.
The founder of Denver-based investment firm CentrePoint Properties purchased the 59,000-square-foot Gold’s Marketplace at the corner of 26th Avenue and Kipling Street in Wheat Ridge this week for $15.8 million.
“It’s where people go on Saturdays,” said Manion, who lives a few blocks away.
“This is the last thing from a cookie-cutter retail asset that you typically see. We’re sitting in an area that is directly in the path of growth — and is underserved by retail.”
The deal works out to $268 a square foot for the shopping center first constructed in 1960.
Quannah Partners, a local private equity firm, sold the property to Manion. The company redeveloped Gold’s in 2021 after purchasing it from Andy Klein’s Westside Investment Partners for $4.5 million in 2020. The property had recently lost two of its largest tenants, a grocery store and bowling alley.
Quannah brought in a host of new tenants, including Illegal Pete’s, Esters Neighborhood Pub, Rich Spirit Bagels and The Werks – a spot for bike repairs, beer, burgers and bowling. There are 17 tenants in all.
Bobby Ghiselli, a partner with Quannah Partners, told BusinessDen in March 2021 that he was “investing close to three times what we acquired it for back into the redevelopment.” He didn’t respond to a request for comment on Tuesday.
Manion, meanwhile, thinks there’s still work to be done on the property.
Tucker Manion
“A lot of our focus is going to go on the north side of the building,” he said.
The entire complex is 82% occupied. The south side, which fronts 26th, has no vacancies. The north side, however, is sequestered in the back along an alley with parking spots.
Manion wants to give it some love. He plans to add new signage, maps and lighting to bring the whole place together.
“The issue is, you look at that back area and you think it’s parking, you think alley, but there’s actually a lot of neat things we can do to make it almost like Larimer Square, to a certain degree,” he said.
Manion is bullish on the west Denver suburbs and their neighborhood retail. His firm purchased the nearby Edgewater Public Market in December for $25.5 million.
That’s around when Gold’s hit the market, although Manion had already been eying it.
“I’ve been looking at this deal well before it came on the market, really. Since I moved out to Wheat Ridge, I’ve been looking at this center,” he said.
Manion, a Fort Collins native, started CentrePoint in 2008 and moved to Wheat Ridge a year-and-a-half ago. He’s currently in the midst of raising his real estate fund, which will close in July with an $80-$100 million valuation.
It’s part of a broader strategy the 42-year-old is embarking on to switch his business model, which used to rely on sourcing money for each specific deal, known as syndication. Both the Gold’s deal and Edgewater Public Market transaction fell under Fund I.
For now, Manion is focused on buying small-bay industrial and apartment properties in Phoenix, and looking at warehouse and neighborhood retail deals in Colorado.
Gold’s Marketplace at 2625 Kipling St. is under new ownership. (Matt Geiger/BusinessDen)
Tucker Manion is mining for retail gold in his own backyard.
The founder of Denver-based investment firm CentrePoint Properties purchased the 59,000-square-foot Gold’s Marketplace at the corner of 26th Avenue and Kipling Street in Wheat Ridge this week for $15.8 million.
“It’s where people go on Saturdays,” said Manion, who lives a few blocks away.
“This is the last thing from a cookie-cutter retail asset that you typically see. We’re sitting in an area that is directly in the path of growth — and is underserved by retail.”
The deal works out to $268 a square foot for the shopping center first constructed in 1960.
Quannah Partners, a local private equity firm, sold the property to Manion. The company redeveloped Gold’s in 2021 after purchasing it from Andy Klein’s Westside Investment Partners for $4.5 million in 2020. The property had recently lost two of its largest tenants, a grocery store and bowling alley.
Quannah brought in a host of new tenants, including Illegal Pete’s, Esters Neighborhood Pub, Rich Spirit Bagels and The Werks – a spot for bike repairs, beer, burgers and bowling. There are 17 tenants in all.
Bobby Ghiselli, a partner with Quannah Partners, told BusinessDen in March 2021 that he was “investing close to three times what we acquired it for back into the redevelopment.” He didn’t respond to a request for comment on Tuesday.
Manion, meanwhile, thinks there’s still work to be done on the property.
Tucker Manion
“A lot of our focus is going to go on the north side of the building,” he said.
The entire complex is 82% occupied. The south side, which fronts 26th, has no vacancies. The north side, however, is sequestered in the back along an alley with parking spots.
Manion wants to give it some love. He plans to add new signage, maps and lighting to bring the whole place together.
“The issue is, you look at that back area and you think it’s parking, you think alley, but there’s actually a lot of neat things we can do to make it almost like Larimer Square, to a certain degree,” he said.
Manion is bullish on the west Denver suburbs and their neighborhood retail. His firm purchased the nearby Edgewater Public Market in December for $25.5 million.
That’s around when Gold’s hit the market, although Manion had already been eying it.
“I’ve been looking at this deal well before it came on the market, really. Since I moved out to Wheat Ridge, I’ve been looking at this center,” he said.
Manion, a Fort Collins native, started CentrePoint in 2008 and moved to Wheat Ridge a year-and-a-half ago. He’s currently in the midst of raising his real estate fund, which will close in July with an $80-$100 million valuation.
It’s part of a broader strategy the 42-year-old is embarking on to switch his business model, which used to rely on sourcing money for each specific deal, known as syndication. Both the Gold’s deal and Edgewater Public Market transaction fell under Fund I.
For now, Manion is focused on buying small-bay industrial and apartment properties in Phoenix, and looking at warehouse and neighborhood retail deals in Colorado.
