Colorado Real Estate Journal - February 5, 2014
Kroenke Sports & Entertainment has acquired the former Kacey Fine Furniture building on Auraria Parkway, adding to its holdings next to the Pepsi Center. Kroenke paid $5.45 million, or $82.32 per square foot, for the 66,207-sf building. The sevenstory building at 1201 Auraria Parkway in Denver was built in 1904 and has been vacant since Kacey moved out three years ago. Kroenke Sports hasn’t determined whether it will use the building for its own operations or offer it to the marketplace, said Mark Lucas, director of real estate. While the building was a retail store in its previous life, “I can confirm that our plans will be for predominantly an office use,” said Lucas. “We believe it is great real estate,” he said, adding it is highly visible and strategic in terms of its proximity to the Pepsi Center and other Kroenke Sports holdings, including 901, 917, 1055 and 1255 Auraria Parkway, a 12,000-sf office building it bought from the same seller a year ago. Lucas said KSE is evaluating the future of that building simultaneously with the 1201 building. “The buildings along Auraria Parkway are highly sought after, and we have good occupancy,” said Lucas. “It’s a dynamic little strip of great historic buildings that we’ve always been interested in.” Walter Krier of Channing Inc.
said Channing sold the Kacey building because, “It’s been sitting vacant for the last three years.” The company hadn’t been able to find a new user for the building and it was costly to have it sitting there empty, he said. Darrin Revious and Todd Silverman of NAI Shames Makovsky represented Kroenke Sports & Entertainment in the transaction. Al Hoppa of Denver industrial Realty represented the seller.