Neighborhood retail heart Edgewater Public Market has been acquired for $25.5 million by Denver-based business actual property funding agency CentrePoint Properties.
Colorado-based property administration agency LCP Administration made the take care of CentrePoint. Its sister firm, LCP Growth, opened Edgewater Public Market in a former King Soopers grocery retailer in November 2019. Since then, the market has change into a frequent gathering place for locals and vacationers.
“We consider Edgewater Public Market stands as probably the greatest market halls in Colorado,” mentioned CEO and founding father of CentrePoint Properties Tucker Manion in a Monday information launch in regards to the property.
“The LCP staff has executed an incredible job with the redevelopment, making a vibrant and alluring house for the group.”
Simply west of Sloan’s Lake, the 76,000-square-foot neighborhood retail heart incorporates a market corridor with 16 meals and beverage companies, a cocktail bar, a brewery and 17 retail and experience-based companies.
Practically the entire companies are independently and regionally owned, based on the discharge.
The property additionally contains three different buildings, that are residence to Shake Shack, Syrup, 4 health companies, the Veterinary Emergency Group and the not too long ago opened Adelita’s Cocina y Cantina.
“The group of Edgewater and our surrounding Denver neighborhoods have actually embraced this market corridor as a focus of their lives,” mentioned Gisela Mediavilla, basic supervisor of Edgewater Public Market.
“We’ve bought numerous regulars, and numerous small enterprise homeowners doing actually fascinating issues right here.”
Andy Cross, The Denver Publish
Eating space on the Edgewater Public Market Dec. 18, 2021. (Picture by Andy Cross/The Denver Publish)
Market guests shouldn’t anticipate to see instant adjustments, however the agency expects to make upgrades sooner or later.
With options akin to making meals ordering extra environment friendly and including televisions in the primary corridor to draw sports activities followers, Manion mentioned the agency met with each tenant on the heart to assemble their options on what might enhance the property and enhance its worth.
“We haven’t precisely determined (if) we’re going to do that or that however now we have a handful of things that we wish to pour capital into to assist deliver it to the subsequent stage and proceed to push visitors into the corridor,” Manion mentioned.
In accordance with Manion, LCP Administration will proceed overseeing the every day operations on the market.
The market additionally hosts a preferred Monday Night time Film collection each July to October, bimonthly pop-up markets that includes impartial artists and makers, reside music, particular occasions round most holidays and different occasions all year long.
Based in 2008, CentrePoint Properties has greater than $400 million in property below administration and works in all main markets in Colorado and Arizona.
This funding in Edgewater Public Market represents the third addition to the agency’s Fund I portfolio.
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