Colorado Real Estate Journal - March 18, 2015
Elitch Lanes is one of the last family operated bowling alleys in Denver. In the coming months, it will be closed and replaced by a Natural Grocers. The site at Tennyson Street and West 38th Avenue has been home to a bowling alley for more than 60 years. However, Littleton Capital Partners recently sold the bowling alley site. “Any time we look at a new possible site, we want to make sure it is a good fit for us,” said Jeremy Jones, director of Brand Engagement at Natural Grocers by Vitamin Cottage. “This is a good area for us because of the growing demand for natural and organic food, body care and supplements,” Jones said. The new Natural Grocers will be less than three blocks from the flagship Sprouts Farmers Market at 38th and Wolff Street. That’s not a concern, Jones said. “First, competition is a good thing,” Jones said. “Plus, we consider ourselves different from a Sprouts,” he added. “We offer only 100 percentcertified produce that other retailers do not. We also provide free nutritional educational programs and workshops that are about powering people’s healthy lifestyles,” he said. “That set us apart from other grocery stores,” according to Jones. Records show that Equity Venture Commercial Development paid $4.37 million to Littleton Capital Partners for the Elitch Lanes site at 3825 Tennyson St. Equity Venture Commercial develops and builds all of the stores for Lakewood-based Natural Grocers by Vitamin Cottage Inc., a publicly traded company that has about a $670 million market cap. According to plans submitted to the Denver Community Planning and Development department, the Natural Grocers would have 18,565 square feet, which is slightly smaller than the bowling alley. “I’m not sure about this one, but our typical new store has about 15,000 square feet,” Jones said. The initial plan also calls for 74 parking spaces and 12 spaces for bicycles, according to the city. It also would be built to Energy Star standards. The city has not yet reviewed the plan. Jones said he is not sure when construction will begin or when the store will open. The current owner, however, has said he plans to close on May 17. “We typically announce our opening dates about four weeks before they open,” Jones said. The 21,000-sf bowling alley sits on a 1.2-acre site. Few such large development parcels, which don’t have to be assembled, are available in the trendy northwest Denver neighborhood called Berkeley. “This area has been undergoing rapid transformation and development and is of five neighborhoods designated as Neighborhood Marketplace Initiatives by the city of Denver,” Littleton Capital said about the site on its Web page. “Although there are smaller sites available in the market, there are few opportunities to acquire a development greater than one acre,” according to Littleton Capital. The site is zoned U-MS-5, which would allow a five-story building. Most of the U-MS-5 zoned parcels in the area have been sold to apartment developers when they hit the market. Carl Eichinger, who has been operating Elitch Lane, will close it in May. He will then take over the Western Bowl at 1000 Ralston Road in Arvada. Separately, Natural Grocers plans to open a store in the former Gunther Toody’s restaurant at 4500 E. Alameda Ave. in Glendale and close the nearby store at 5231 Leetsdale Drive, Jones said. “That will be a relocation,” Jones said. “We don't have a date for that move yet, either.”