Arvada, CO — Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing for sale Olde Town Plaza, a 19,673-square-foot, mixed-use retail and residential building, and the adjacent 5790 Yukon Street, a 0.42-acre redevelopment site located in Arvada, Colorado. This value-add, transit-oriented opportunity is located at the entrance to historic Olde Town Arvada, which is experiencing a renaissance by attracting urban retail and restaurant concepts and residents seeking a neighborhood near both downtown Denver and the Rocky Mountains.
Located at 5773-5777 Olde Wadsworth Boulevard, Olde Town Plaza’s retail and residential components present significant upside with proven executable plans for a new investor to implement. Retail rents currently sit at 33 percent below market, and leasing interest at the property has attracted tenants to sign LOIs at market rates. Current ownership has renovated three of the 17 apartment units obtaining an in-place rent premiums of $269 per month. Renovations included resurfaced countertops, new cabinetry, vinyl plank flooring, new appliances and updated light fixtures. With one additional renovation underway, a new investor has the opportunity to finish 13 additional unit renovations with a demonstrated road map to capture higher rents and enhanced yields.
5790 Yukon Street provides the opportunity to redevelop an infill location to its highest and best use, enhancing the attractiveness and performance of both assets. Zoning permits for up to three-stories of residential, retail and office uses on the site allowing a new investor to engineer a program to maximize yields. The city of Arvada has embraced nearby development and encourages the continued revitalization of the downtown neighborhood. Situated 10 minutes from downtown, on the next light rail line to begin operation in late 2017, Olde Town Arvada is attracting affluent consumers and residents. Investors can offer on one or both of the assets and capitalize on this opportunity.
Strategically located just two short blocks from RTD’s newest line (opening late 2017), the Gold Line (G-Line) at Olde Town Station, the transit-oriented properties for sale are both a 15-minute light rail or car ride to Downtown Denver’s 32 million square feet of office space. The property is situated along Wadsworth Boulevard, a major commuter and retail corridor that sees more than 55,000 vehicles per day, and is one mile from Interstate 70, a major east-west highway that sees more than 157,000 vehicles per day. Nearby employers include more than 10 million square feet of retail along the Wadsworth Boulevard retail corridor and three million square feet of office within a three-mile radius of the property.
Olde Town Plaza and 5790 Yukon Street offers an attractive opportunity to own a transit-oriented property with both a value-add and development potential in an infill Denver location.
For more information on this commercial property for sale or other mixed-use properties for sale in the Denver area, please contact Chad Murray or Mark Williford in HFF’s Denver office.
