Kyle Malnati with Kentwood Commercial is excited to announce the sale of a fully occupied five-tenant retail center in Denver’s Berkeley neighborhood. The property, located at the corner of West 41st Avenue and North Tennyson Street, was built in 1949 and sold for $1,900,000.
The Seller is an experienced Denver-area real estate investor and boldly purchased this property amidst the “Great Recession” for $666,000 in 2010. After owning the property for 14 years, free and clear of any debt, this sale represented a $1,234,000 profit. This is Kyle’s 4th transaction with the Seller’s family in the past 12 months. The Seller is working with Kyle as they search for a replacement property through a 1031 exchange.
The Buyer is an out-of-state investment syndication that already owns in the area. You may recall that a Call For Offers Deadline was announced back in February 2024. The Buyer was 2nd place in that round, but patiently waited in back-up position for 90 days until the first contract ran out of time and terminated in May 2024. The Backup Buyer seized the opportunity and began an extensive due diligence process over a 5 month escrow period (starting in May until closing in October).
- Sold Price: $1,900,000
- 5 Units
- Low-Rise Retail
- Lot Size 6,463 SF*
- Building Size: 5,785 SF*
- *Reader to confirm all Square Footage. Listing Agent Measured
