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COLORADO REAL ESTATE JOURNAL
— December 3-December 16, 2014
Greater Denver
by Jill Jamieson-Nichols
A local investor paid $1.5 mil-
lion for a two-story building
with future redevelopment
potential at the corner of Welton
and 22nd streets in Denver.
Welton Corner LLC bought
the Melbourne International
Hotel & Hostel, a two-story
building that, according to Den-
ver assessor’s records, was built
in 1906.
The 10,756-square-foot build-
ing at 607 22nd St. and 2209
Welton St. could be redeveloped
for up to 12 stories of retail,
office and/or residential uses
and has the potential for on-site
parking, according to NavPoint
Real Estate Group. NavPoint’s
Matt Kulbe represented the
buyer, which Kulbe said has
no immediate redevelopment
plans. The buyer does intend to
make cosmetic improvements
to the property, he said.
The hostel will continue to
operate in the building, which
most likely also will be made
available to new retail users.
TomMonks of Equity Commer-
cial Real Estate represented the
seller, Schmitt Family Trust.
s
The Melbourne International Hotel & Hostel Building recently sold for
$1.5 million.
CBRE’s Tim Richey and Chad
Flynn.
Solarium’s largest tenants
include Selling Simplified, Heck-
enbach Suazo LLP andHellersetin
& Brenner Vision Center.
LeBlanc said CapRidge Partners
buys assets below replacement
cost with a goal of also selling
below replacement cost while pro-
viding investors with attractive
returns. Its portfolio comprises
approximately $400 million worth
of office product in Texas; Char-
lotte and Raleigh-Durham, North
Carolina; Nashville; andAtlanta.
CapRidge was co-founded by
Tom Stacy, a major player in the
central Texas real estate market
who has been acquiring, reposi-
tioning and selling commercial
real estate for 25 years.
s
where the average unit size is
810 square feet, is $2 per sf.
Downtown units, by contrast,
are commanding rents of about
$2.50 per sf and even north of $3,
in some cases
Residents recently began mov-
ing into the first building on
Block A at MileHouse, which
will have a total of 678 units.
Of those, 353 are in the first
building in Block A and 325 in
the second, Block B.
The communities also will
have about 70,000 sf of retail
space, one of the largest concen-
trations of new retail in that part
of the southeast corridor.
Kelly Greene of the Legend
Retail Group is leasing the retail
space for Holland.
Holland is the general partner
of the first community, Block A,
which is being developed with
partner Invesco Real Estate on
the apartments and Front Range
Land and Development on the
retail portion of the community.
FRLD is headed by members
of the Bansbach family, which
owned the land since the late
1800s. Initially, the entire land
swath was going to be pur-
chased by Denver-based Con-
tinuum Partners, but the Great
Recession forced it to back out of
its plans of developing an urban
village on the entire 18 acres.
“The Bansbach family used
to own what is now the Denver
Tech Center all the way down to
Happy Canyon,” Hagevik said.
“The story goes that (the cur-
rent family’s) great-grandfather
was mad when they built I-25,
because he couldn't get his
combine across the highway,”
Hagevik said.
The property features rooftop
amenities that include a pool
and spa, fitness center, club-
house and cabana, business cen-
ter and barbecue grills.
Free Wi-Fi is available in all
common areas.
The property also features
ground-floor restaurants and retail.
“Most apartment projects
put the swimming pool on the
courtyard,” Menefee said.
The problem is the court-
yard pool areas don’t get much
sunlight, as shadows from the
Shown is a photo of the leasing office building at MileHouse at Belleview
Station.
