Carmel Partners, an institutional investment manager based in Denver, has purchased one of the last remaining large development sites in the Denver Highlands neighborhood for $10 million. The 50,318-square-foot land assemblage is comprised of 2800 N Speer Blvd and 2801, 2831, 2839, and 2845 Firth Ct., and is zoned for 5-story mixed-use development.
According to Capstone Colorado Land Team, that successfully closed the sale, the property received eight offers despite the falling rents as a result of the pandemic. Travis Hodge and Tony Bobay represented the seller in this transaction, Citizen Pictures.
The sellers originally purchased the properties over several years and used the property to house their film production business. The assemblage consists of two main lots of approximately 25,000 square feet each, separated by an alleyway.
Citizen Pictures engaged the Capstone Land Team to market their property during the heart of the pandemic in 2020 and was able to generate ample interest and competition from potential developers that helped drive value as high as possible.
“Tony and Travis did a great job helping us through this long and complex process. We encountered issues with the water table, project footprint, and site access that could have derailed the process and value, but they were able to work with potential buyers to address the issues and create a path forward. We look forward to this new chapter for our organization, and are thankful to the Capstone Land Team for all of the hard work, creativity, and value they provided us,” said Dusty Astrom, VP of Business Affairs for Citizen Pictures.
2800 Speer is conveniently located off N Speer Boulevard, adjacent to where W 29th Avenue and N Zuni Street intersect. The property is less than half a mile from I-25, a 15-minute walk to the Highland retail corridor, and a five-minute drive to the heart of downtown Denver. This property is in an ideal part of the city, with easy access to all of Denver’s desirable neighborhoods. Within a mile radius of the property there are over ten parks, thirty highly-rated restaurants, and eight schools.
