Iconic Retail Property in Greenwood Village Sells for $8.3M
A unique retail property in Greenwood Village, currently occupied by Boot Barn, has sold for $8.3 million. The property, located at 8500 East Orchard Road in Greenwood Village, totals 86,600 improved square feet on 4.8 acres and was constructed in 1977. Sidford Capital, a Denver-based commercial real estate investment firm, purchased the property on July 24.
Jon D. Hendrickson and Aaron D. Johnson, managing directors, of Cushman & Wakefield Denver’s Capital Markets Group along with the firm’s Denver Land team of Jim Capecelatro, Mike Kboudi and Wade Fletcher, facilitated the transaction on behalf of the original ground lessor.
8500 East Orchard offers above market parking ratio, unobstructed visibility from I-25 and some of the strongest demographics the Denver Metro area has to offer. However, due to current retail trends, Boot Barn has downsized within the current floorplate of the building.
“This is one of the highest producing Boot Barn’s in the country, but they no longer need 85,000 square feet, which makes this an exciting opportunity for us,” stated Blake Kahlich from Sidford Capital. Sheplers Western Wear originally occupied the property as their third national store and the landmark sign still stands today.
Due to the internal downsize of Boot Barn, the new owners are exploring multiple adaptive reuse concepts. These concepts could potentially include large or small inline retail tenants, a food hall or even office use. There is also consideration for updating the façade to a more modern look.
“We have a very special building, that is in a fantastic location. The interior of the building is extremely unique with exposed timber and thirty-foot ceilings,” said Kahlich. “This is going to be a very fun and unique project for us, as this building has the ability to become something different than what is typical for the Tech Center. The opportunities are truly endless.”
“The opportunity to market this property was special for many reasons. The seller had a long history of ownership, over 40 years, which is rarely the case anymore,” said Hendrickson. “With respect to buyer conversations, nearly anyone that has traveled Interstate 25 knows the Sheplers location. What most didn’t know was how dynamic and relevant the building could be in today’s market. We’ve seen it in the urban settings, where old is new again, tenants looking for the cool factor. Not many suburban Denver buildings have this much character and history. It was a fun story to tell and will be fascinating to see what the future holds,”