Unique Properties, Inc. / TCN Worldwide, Colorado’s experienced, privately held, full-service commercial real estate brokerage firm, announced the sale of 1942-1946 Market St in the LoDo/Ballpark Neighborhood of Downtown Denver, CO for $24,000,000 or $1,200/SF. The income of the property supported a 5.3% Cap Rate at the closing price.
The structure of this property was originally built between 1888-1895, but 1942-1946 Market St, a brand-new stateof-the-art retail bar, restaurant & entertainment venue, was fully renovated and reconstructed in 2021. Positioned on 1/4 acres off the busy intersection of 20th & Market St, the property offers a highly recognizable and well-located asset with extremely close proximity to Coors Field, McGregor Square, Union Station, RiNo Neighborhood and several of Denver’s other largest & most popular bar & restaurants. The almost 20,000 SF retail property is fully occupied by Dierks Bentley’s Whiskey Row on a 10-Year Absolute NNN lease. The property went through an extensive build-out over the last 2+ years; some of the features of its renovations include a commercial grade kitchen upgrade, a full musical performance stage with a state-of-the-art AV system throughout the building, multiple new outdoor spaces, preservation of historical aspects of the original structure, and a beautiful new façade with signage.
The buyer, a local 1031 exchange investor, was highly motivated to close on this asset due to the location and the tenant/guarantors. The parent company of the tenant company, Riot Hospitality Group, is a national hospitality management company based out of Scottsdale, AZ. The company is known for creating and managing a number of unique concepts in other cities like Nashville, Chicago and Scottsdale.
Brett MacDougall said in a statement that “This is a premier location, one of the best in the state, with a proven national concept in place as the tenant; it was a win-win scenario for the buyer. You can’t beat hitting a homerun like this right in Denver’s Ballpark Neighborhood.”
“The hospitality market has been in a place of limbo for the last few years, however, properties like this rarely become available for sale in the core of Downtown Denver. As we continue see people flock to this area and watch as the hospitality market rebounds, owning an asset of this stature on this street was an extremely exciting investment opportunity. The buyer is thrilled to expand their investment presence downtown and partner with a world class organization and tenant.” MacDougall noted.
“The continued success and reinvention of that Ballpark neighborhood is what drove me down there. Kenny puts together some very nice projects. It was exciting to own such an iconic piece of property downtown is what drove us that way,” Blumenthal said.
