Denver, CO (January 22, 2015) — Unique Properties, Inc., Colorado’s most experienced, privately held, full-service commercial real estate brokerage firm, recently brokered the sale of a 12,500 square foot in-fill site located at 1450 Franklin Street in Denver, Colorado.
Unique Properties Senior Brokers, Bob Busey and Richard Bowler represented the undisclosed out of state Seller in this transaction. After 6 months on the market, the 12,500 square foot land parcel was sold to an active, local developer for $54.00 per square foot. The undisclosed Buyer plans to develop this multifamily-zoned land parcel and own it as an income generating apartment property. The sale was a cash-on-cash transaction.
1450 Franklin Street is located one half block from Colfax, a prime redevelopment area. Future tenants will enjoy this well-positioned property in the diverse and eclectic Capitol Hill neighborhood. Located east of downtown Denver, close to City Park, the golf course, zoo, and Cheeseman Park, this property was a strong investment based on location.
“Promoting the benefits of this property to perspective buyers included the strong Capital Hill location and the existing Denver zoning on this property (C-MS-8) which will allow development of up to an eight story building brought immediate attention from numerous developers. With the allowable high density combined with the possibility of underground parking, the economics work”, said Richard Bowler, of Unique Properties.
“The Property went under contract within 4 weeks and closed the third week in January. We had significant interest in this property from numerous multifamily developers, including some developers with a mixed use, retail/apartment type product in mind”, added Co-Broker, Bob Busey of Unique Properties.
To schedule an interview with a Unique Properties Broker regarding this transaction, or for more information about Unique Properties, Inc., from a corporate standpoint, please contact: Natalia Griffin at email@example.com, or 720.881.6320.