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COLORADO REAL ESTATE JOURNAL
— October 21-November 3, 2015
Greater Denver
by Jill Jamieson-Nichols
The new owners of Denver’s
historic Market Center plan to pol-
ish up the retail experience and
add amenities for office tenants.
Urban Renaissance Group, Stars
Investments and City Street Inves-
tors are identifying retail catego-
ries they would like to see in the
121,000-square-foot building and
also plan to update the facades
to boost the building’s retail pres-
ence. Besides new retail offerings,
office tenants will see an updated
conference room, and the addition
of bicycle storage, showers and
locker rooms.
“We are very excited about the
experiencedandtalentedteamthat
we have brought together to work
on such a unique opportunity,”
said URG founder and CEO Pat-
rick Callahan.
“Each group
brings their
own focused
expertise, and
we’re eager to
move forward
on this proj-
ect.”
URG, Stars
and
City
Street recently
bought Market Center from Jona-
than Rose Cos. for $29 million.
Located at 1624-1660 Market St.
and 1322-1380 17th St., the prop-
erty consists of five buildings built
from 1872 to 1902 and stitched
together to create a continuous
floor plate.
The interior features contempo-
rary finishes, collaborative gather-
ing spaces, and skylights and an
atriumthatmaximizenatural light.
Market Center is URG’s and
Stars Investments’ first Denver
acquisition.
“With a strong real estatemarket
and quality of life that continues to
attract sought-after millennial tal-
ent, we believe Denver is an excel-
lent investment for this type of
asset at this location,” said Cal-
lahan. “We’re thrilled to add this
historic building to our growing
Denver presence.”
“Denver’s walkable, vital and
amenity-rich urban environment
attracted us to this market,” said
Oscar Boettiger, real estate invest-
ments manager at Stars Invest-
ments. “We look forward to work-
ing with URG and CSI to put the
team’s real estate expertise towork
in this thriving city.”
HFF’s Mary Sullivan and John
Jugl handled the sale.
Located midway between Den-
ver Union Station and the central
business district, Market Center is
one of a very few authentic brick-
and-timber office/retail build-
ings in Lower Downtown. It was
86 percent occupied at the time
of the sale with a tenancy that
includes Aveda Academy, Davis
& Ceriani, IXI Corp. and Office
Evolution.
CSI, know for its involvement
with Larimer Square and Union
Station, will assist in reposition-
ing the building’s 36,000 sf of
retail space, including 5,500 sf
that is vacant. Existing tenants, in
addition to Aveda, include Wax-
ing the Spa and Mario’s Pizza.
“The exterior common areas
and facades will undergo a major
renovation to support the dynam-
ic mix of retailers and restaurants
we have planned for the space,”
said CSI partner Pat McHenry.
Urban Renaissance Group is
a Seattle-based commercial real
estate investor, developer, and
asset and property manage-
ment company that is looking
to expand its Denver portfolio
with an emphasis on downtown
opportunities, as well as oppor-
tunities in close-in neighbor-
hoods and suburban locations
with “compelling” stories. Mar-
ket Center is its first investment
outside the Pacific Northwest
and its second investment with
Stars Investments, an asset man-
agement company that manages
the financial, private equity and
real estate investments of Chilean
entrepreneur Felipe Ibañez Scott.
City Street Investors is a real
estate investment, management
and development company that
specializes in complex projects
aimed at creating places that
improve the communities in
which they exist.
Other News
n
Bruckal Virginia Village LLC
purchased a 30,000-square-foot
infill site at 4400 E. Bails Place and
4401 E. JewellAve. inDenver from
Mountain Property Buildings
Inc.
for $1.08 million, or $35.83
per sf.
The property is approved for a
12-townhome development that
will provide a quality product
with two-car garages and outdoor
patio spaces, according to
Billy
Riesing
and
Lauren Collier
of
Pinnacle Real Estate Advisors,
who represented the seller.
“This 30,000-square-foot piece
of land is a fully entitled infill
site delivered permit-ready and
is a buy-and-build deal. It is tran-
sit oriented and adjacent to the
Colorado Center bike/pedestrian
bridge and Colorado Station light
rail,” said Riesing.
s
Collaborative gathering spaces and contemporary finishes juxtapose
the historic structure.
Photos by Steve Zavodny
Market Center is comprised of five historic three- and four-story buildings.
Patrick Callahan
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