Historic Retail Property in Aspen Trades for $5.9M
New York City-based Thor Equities has sold 228 S. Mill Street, a 4,300-square-foot retail property in downtown Aspen, to an undisclosed buyer for $5.9 million. The property was originally built in 1980 and is part of the City of Aspen’s historic property inventory.
The 228 S. Mill Street building is an expansive corner commercial property comprising 4,300 square feet, with 1,200 square feet on the basement level, 1,900 square feet on the ground level and 1,200 square feet on the second floor. The retail property is situated near the Aspen Pedestrian Mall and last sold in 2016 for $5.4 million.
CBRE’s Bryan Semel represented the seller and the buyer in the off-market transaction and is representing new ownership in lease negotiations with a confidential retailer.
“Recent activity with 228 S. Mill Street is a testament to Aspen’s strong leasing and investment sales market,” said CBRE’s Semel. “We toured three buyers through the property and were able to present Thor with a strong offer and backup option without bringing the property to the market.”
According to Thor Equities, market prices in Aspen are climbing, making it a major destination for flagship retail. In addition to the brand new Aspen Art Museum, neighbors include Louis Vuitton, Brunello Cucinelli, Dior, Valentino, Gucci, Lululemon, Moncler, Dolce & Gabbana, Loro Piana and Ralph Lauren.
“Aspen has shown incredible resilience during these challenging times and remains one of the most visited destinations for first-class outdoor activities,” said Joe Sitt, chairman of Thor Equities. “Investors and tenants continue to seek centrally located properties in strong markets which 228 S. Mill Street provides, and we are pleased to announce this successful sale.”
Photo courtesy of CBRE