It was officially announced today that North Carolina-based Asana Partners has acquired Larimer Square from long-time owner Jeff Hermanson. With the acquisition, the real estate investment firm, known for enhancing and operating distinctive mixed-use and retail properties in dynamic urban and near-urban markets, will assume ownership of 25 properties totaling nearly 250,000 square feet on Larimer Street and Market Street between 14th and 15th streets, as well as the adjacent 306-space Market Street parking garage. A sale price was not disclosed.
“We are honored to be the next steward of this iconic portfolio,” said Brian Purcell, managing director at Asana Partners. “We plan to invest the necessary capital to both restore and preserve the historic nature of these buildings within their existing footprint and improve the spaces to meet the expectations of today’s retail and creative office tenants.”
The acquisition of Larimer Square is in line with Asana Partners’ investment approach of targeting dynamic, walkable urban properties in high-growth markets such as Denver. The company currently owns four additional properties along the Tennyson Street corridor in Denver.
Throughout the United States, Asana Partners has significant experience owning and operating historic mixed-use collections in urban neighborhoods including Deep Ellum in Dallas, South End in Charlotte, Eastside BeltLine in Atlanta, Brightleaf in Durham, Old Town in Alexandria, and Newbury Street in Boston, among others.
“My goal was to find new ownership that understood the legacy of this block and would bring forth the capital needed to ensure its ongoing resiliency for a new generation, and I found that in Asana Partners,” said Hermanson.
Larimer Square was designated Denver’s first historic district in 1971, under then-owner Dana Crawford. After Hermanson purchased the block in 1993, it became home to some of the city’s most celebrated independent shops and chef-driven restaurants, including current tenants such as Rioja, Osteria Marco, Bistro Vendome, Tamayo, and more.
CBRE advised Hermanson on the transaction. Jones Lang LaSalle has been engaged by Asana Partners for property management and third-party retail and office leasing.
Photo courtesy of Historic Denver
