Colorado Real Estate Journal - January 2, 2019
A vacant industrial building midway between two lightrail stations sold for $4.9 million, or $74 per square foot. Flywheel Acoma LLC, an affiliate of Denver-based Flywheel Capital, bought the 66,216-square-foot warehouse at 1475 S. Acoma St. in Denver from CRE Fund I LLC. A former marijuana grow facility, the building sits on 1.66 acres about a mile from both the Broadway and Evans light-rail stations. It is two blocks west of South Broadway at West Florida Avenue, close to South Santa Fe Drive and Interstate 25. The building’s previous tenant lost its marijuana license, creating the opportunity for the buyer to acquire the property at a good price in a strong neighborhood, said Daniel Close of CBRE, who represented the buyer with CBRE’s Murray Platt. “The property is positioned well for future development as a transit-oriented development site with both Broadway Station and Evans Station 1 mile away,” commented Jeff Hallberg, principal at Lee & Associates Denver. Hallberg and Brendan Cagney listed the property for sale. They received strong interest and a significant number of showings, said Hallberg, who added interested parties included self-storage, manufacturing, textile and distribution users. The property set up well for distribution and manufacturing uses because of its proximity to I-25. However, Close said longterm, “There will be a change of use there. It won’t be industrial forever.”