BMC Investments Acquires Two Cherry Creek North Properties
Denver, CO — BMC Investments (BMC) recently acquired and planned redevelopment of two Cherry Creek North properties: 240 – 246 Milwaukee Street and 240 St. Paul Street. The acquisitions expand BMC’s commitment to the investment in and redevelopment of Cherry Creek, with the real estate firm now controlling the majority of the property from Milwaukee Street to St. Paul Streets and between 2nd and 3rd Avenues.
240 St. Paul Street, a 24,000 square foot office and retail building situated on an 18,750-square-foot parcel of land with 100,000 buildable square feet, is a prime location within Cherry Creek North, currently 92 percent leased with a total of 18 tenants. The project is situated to the north of BMC’s 210 St. Paul Street redevelopment project – a future St. Paul Collection property which will be home to one of two luxury apartment towers. The entire project will consist of 166 luxury for-rent apartments and approximately 55,000 square feet of retail – planned for completion in 2018.
The 240-246 Milwaukee Street assemblage is 12,500 square feet with 8,759 square feet of retail space with current tenants including Bellco Credit Union, Bliss Nail Salon and Le Soutien. BMC can build up to 60,000 square feet at this location. The future redevelopment site is located directly to the south of the second tower in BMC’s St. Paul Collection project located at 255 Milwaukee Street, currently under redevelopment.
“Every project we do in Cherry Creek reflects our continued commitment to the vitality of the district and demonstrates our loyalty to its patrons, tenants and residents who we work closely with throughout the process,” said Matt Joblon, CEO of BMC Investments. “These acquisitions allow us to exercise greater control over shaping the area spanning 2nd & 3rd Avenues between St. Paul and Milwaukee Streets.”
BLDG Management, an affiliate of BMC Investments, will manage the new properties under its commercial management division led by Sarah Whetzell.
BMC Investments’ other recent activity in Cherry Creek includes the development of Steele Creek, a 218-unit luxury apartment building with Matsuhisa Restaurant on the ground floor; Halcyon Hotel, a recently completed 154-key luxury hotel with Departure Restaurant that will also feature the Quality Italian Restaurant; the Marriott Moxy, a 170-key micro hotel that is currently under construction and expected to open in late summer; the aforementioned St. Paul Collection; and 2727 2nd Avenue, a planned 80,000 square foot office and retail redevelopment project that is expected to deliver in the fall of 2018 . BLDG Management manages more than 200,000 square feet of commercial space in the Denver metro area, with the majority located in Cherry Creek.
Headshot of Matt Joblon courtesy of BMC Investments