August 17-September 6, 2016 —
COLORADO REAL ESTATE JOURNAL
— Page 13
Retail
by John Rebchook
What may be the first Ace
Hardware store in the metro
area recently traded hands.
“I don’t know if it is the first,
but it has to be one of the earliest
ones,” said Rob Edwards, who
handled the sale with fellow
Pinnacle Real Estate Advisors’
broker Tom Ethington.
Officials from the hardware
franchise, based in Oak Brook,
Illinois, didn’t respond to an
inquiry about the A&A Tradin’
Post/Ace Hardware at 4509 S.
Broadway in Englewood.
It opened in 1955. It is possible
that Ace could have opened an
earlier one in the metro area, but
it is no longer an Ace store.
It sold for $2.6 million, or
$165.30 per square foot. The
two-building center has 15,729
sf.
“The buyer is a local group,”
Edwards said.
“They are basically coupon
clipping,” from the steady
income from the store, he said.
The building had received
more than $250,000 in improve-
ments since October 2014.
The A&A Tradin’ Post/Ace
Hardware is a fixture in the
neighborhood, he said, and is
popular with both newcomers
and longtime residents.
“I think people who just
moved here call it the Ace Hard-
ware and residents who have
been here for a long time call it
theA&ATradin’ Post,” Edwards
said.
There are 16,162 people living
within a 1-mile radius of the
store, according to research by
Edwards and Ethington.
Add 2 miles to the radius and
that number grows exponential-
ly to 102,748. The 5-mile radius
serves 322,214.
The average household
income within a 3-mile radius is
$72,036 and the median house-
hold income is $50,535.
The A&A Tradin’ Post Ace
Hardware is operated by a local-
ly owned franchisee, the Ninth
Avenue Hardware Co.
NAHC owns the business, but
not the building.
NAHC acquired the A&A
Tradin’ Post Ace Hardware in
2006.
“Since then, we have worked
hard to get it back to it Tradin’
Post heritage, while making
sure we can also cater to the
ever-changing needs of both
residential and commercial
companies,” NAHC said on its
website.
NAHC also operates its name-
sake store on Ninth Avenue in
the Capitol Hill area. That was
its first store. It has operated it
since 1977.
NAHC also has an Ace Hard-
ware store at East 12th Avenue
and Clayton Street and the
Ninth Avenue Ace Locksmith
operation.
The A&A Tradin’ Post Ace
Hardware sits on a 0.81-acre site.
That could provide a long-
term benefit to the owners,
althoughNAHChas a long-term
lease on the property, according
to Edwards.
At some point, if the hardware
store ever left, it could end up
being a prime development site.
“It is hard to find that much
contiguous land in the area,”
Edwards said.
“At some point, I could see
something like what happened
at Speer and Broadway, where
the Diamond Shamrock was
replaced by the giant apartment
building,” he said.
“One could argue that part
of the South Broadway corri-
dor is ready for some density,”
Edwards said.
“This site is between Broad-
way and Hampden, so it is ide-
ally poised for growth,” he said.
Of course, it also is an ideal
spot for a hardware store, he
said.
“If you look at a map, there
really is not a nearby hardware
store, like a Home Depot, that
is that convenient or easy to get
to,” Edwards said.
Other News
n
An unidentified buyer paid
$2.1 million, or $560 per square
foot, for the 3,750-sf Shops on
Midway, a retail center on a 0.6-
acre site at 1690-1700 W. Mid-
way Blvd. in Broomfield.
The center was built in 1975.
It is 100 percent occupied.
Tenants include Little Caesar’s
pizza andMidway Liquors, both
which have triple-net leases.
The property was a former
bank building. The vacant bank
building sold for $650,000 in
March 2015.
Justin Krieger
of
Pinnacle
Real Estate Advisors
represent-
ed the seller in the Shops on
Midway transaction.
Chris Saros
of
Dunton Com-
mercial
represented the buyer.
The buyer purchased the prop-
erty in a 1031 exchange.
“This was a win-win deal for
both parties,” Krieger said.
“My client capitalized on an
outstanding opportunity when
he bought a vacant building that
others passed on and renovated
it and leased it up and made an
impressive profit in a little over
a year, and the buyer achieved
his goal of buying a stabilized
and well-located deal,” Krieger
said.
n
An unidentified buyer paid
$1.13 million, or $457.37 per sf,
for a 2,739-sf retail building on
a 19,000-sf site at 4300 E. Eighth
Ave. in the Mayfair neighbor-
hood of Denver.
The seller,
M&N Co.,
received
multiple offers for the property.
Mark Lippitt, Scott Shwayder
and
Justin Herman
of
Unique
Properties Inc.
represented the
seller in the transaction.
The new owner plans to rede-
velop the site, which is across
the street from the 9th and Colo-
rado development by
Continu-
um Partners.
n
The retail and restaurant
portion of the mixed-use 250
Columbine center in Cherry
Creek North is 100 percent
leased, according to its devel-
oper,
Western Development
Group.
A majority of the shops and
restaurants are now open for
business, with others scheduled
to open by October.
The tenants include: Blue
Island Oyster Bar, Sol Cocina,
Arc’Teryx, Ibex, EverEve, Gnat
Jewelers, Peter Millar, Eddie
Bauer, Starbucks, Perch and
Masters Gallery. “We’ve been
very pleased with the amount
of interest our retail space has
received during the past sev-
eral months and, as a result, our
retail and restaurant space is
completely full,” said
Roy Kline,
a partner at Western Develop-
ment Group.
“We’ve brought some excit-
ing new concepts to Cherry
Creek North, and people are
beginning to discover great new
dining and shopping experi-
ences. Our ‘angle street park-
ing’ and covered parking garage
make visiting 250 Columbine
especially convenient for peo-
ple who are driving into the
neighborhood.”
s
Shown is the Ace Hardware store that is one of the earliest ones, if not the first, to open in the Denver area
that is still open.
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