Verdad, a national real estate development & construction company, has purchased the former Macaroni Grill restaurant property at 7979 Arapahoe Road, Greenwood Village, for $3.2 million. The company plans redevelop the property, which consists of a 7,418-square-foot building situated on a 1.86 acre lot directly on Arapahoe Road.
Drew Isaac with Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a California based family trust, which acquired the property as a net leased investment in a transaction that Isaac also handled.
“We have plans to redevelop the property for a national client of ours and while we’re too early in the process to disclose the actual user, I’m confident the area will be excited to hear about this proposed addition,” said Herndon Luce of Verdad.
“The offering provided an excellent development opportunity; we received a tremendous amount of interest, demonstrating the strength of the Denver retail market even in the midst of a pandemic. The seller had to choose from ten highly qualified offers, all with strong pricing and terms. We ended up awarding the deal to Verdad due to their ability to close on an extremely
aggressive timeline, which they accomplished,” Isaac commented.
Photo courtesy of Marcus & Millichap
