Capstone Closed on Sale of 10785 W Colfax Ave

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Capstone Colorado Land Team has successfully closed the sale of 10785 W Colfax Ave in Lakewood, CO for an undisclosed price. Travis Hodge and Anthony Bobay of Capstone represented the Seller in this transaction. The Buyer was Austin-based Artesia Real Estate Investments who represented themselves. The 7.65-acre site includes the former Sears department store and separate outparcel building that previously operated as the Sears Automotive Center. With two unoccupied buildings totaling 163,957 SF of commercial floor space, the opportunity proved attractive to a wide array of suiters.

“We knew given the parcel’s size, large by any standards for W Colfax Ave, the opportunity would attract plenty of multifamily developers,” said Travis Hodge, Senior Advisor for Capstone. “But the unoccupied 150,000-square-foot-plus existing space expanded the buyer pool to a level we didn’t anticipate. We saw genuine interest from a plethora of investors with different uses, ranging from doggie day care, religious congregations, creative office adaptive reuse, mini-storage conversion, value-add big box, boutique retail collective, and even a combination of recording studio and musical instrument warehouse. When the dust settled after multiple rounds of offers, the group widely considered to be the most logical buyer was able to produce the winning bid.”

Upon acquiring 10785 W Colfax Ave, Artesia Real Estate Investments had already owned and operated the adjacent Westland Town Center for just over one year. Home to tenants Lowe’s Home Improvement, Dollar Tree, America’s Best Contacts, and Applebee’s, the center is described as an asset with enormous upside and untapped potential attributed to long-term redevelopment opportunities that become available over time as leases expire. Artesia acquired the Lowe’s-anchored center in November 2021; now after assembling the former Sears, Artesia boasts 40 contiguous acres along the vibrant, growing West Colfax Avenue Corridor. Artesia’s future plans for massive assemblage remain to be seen, but their purchase continues the trend of significant investment along W Colfax Ave, an area which continues seeing a surge in investment you won’t find anywhere else in the supply-constrained City of Lakewood.

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About Capstone:

The goal of Capstone is to help generate, maintain, and increase the value and profitability of our clients’ multi-housing investment properties. To do so, we provide comprehensive multi-housing advisory services in asset acquisition and development, strategic ownership decisions, market insight and positioning, property value analysis, and disposition brokerage to support our clients in every stage of ownership. This comprehensive multi-housing-focused service offering paired with our relentless drive to win on behalf of our clients is what sets us apart from pedestrian brokerage firms. Capstone simply put: Expertise. Experience. Extra-Mile.

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