Property ManagementRetail

Newly-Formed Investment Firm Acquires First Retail Property with ELKCO Properties

Veteran real estate investors Spencer Pariser and Derek Conn have announced the merger of their respective firms, Strat Ventures and Zeme Capital. Now operating under ZS Capital Partners, the new firm, in partnership with ELKCO Properties, recently closed on the acquisition of 300 East Alameda Ave., a 20,000-square-foot retail center in the heart of Denver’s West Washington Park neighborhood, in an off-market transaction for $8.3 million.

Located on the southwest corner of Alameda Ave and Logan St., the highly trafficked retail center will be renovated and repositioned to accommodate a variety of new retail offerings.

“We specialize in identifying assets that carry an outsized potential for success, and this retail center undoubtedly meets all our investment criteria,” said Conn. “By joining forces to create ZS Capital Partners, we hope to leverage our combined skill sets and resources to continue adding long-term value to communities across Denver and surrounding submarkets.”

ZS Capital Partners is excited to collaborate with ELKCO Properties who through their affiliate, TRYBE Property Management, will also be managing the property for the partnership. ELKCO Properties is a Denver-based real estate development and management company that has created a portfolio of assets that total more than $500 million of retail, mixed-use, multifamily, and industrial properties. ELKCO recently developed the Logan Collection, which sits less than a mile away from 300 East Alameda and consists of retail, office, and multifamily.

300 East Alameda Ave. sits on an approximately 70,000-square-foot corner lot with a full city block of frontage. Built in 1962 as a Safeway grocery store and currently vacant, the property is divided into four retail spaces, providing greater opportunity to serve the surrounding community’s needs through renovation and a thoughtful tenant mix. The property is generating significant interest from a wide variety of users, with several leases currently in negotiation. The joint venture’s leasing brokers are Courtney Key at Sullivan Hayes and Sam Zaitz and Jeff Feldman at JLL.

“Wash Park has a strong reputation as one of Denver’s most beloved and historic neighborhoods, but the neighborhood’s retail portfolio has yet to reach its full potential. We look forward to collaborating with our highly competent joint venture partners, including Steve and Seth Elken, to execute on the business plan of investing significant capital to deliver a differentiated product that services this growing community’s fundamental commercial needs,” said Pariser.

The renovation of 300 East Alameda Ave. is expected to be completed in Q4 2022, with retail stores slated to open as early as Q2 2023.

“300 East Alameda Ave. is uniquely positioned to become a thriving neighborhood destination for retail and entertainment,” said Seth Elken, principal at TRYBE Property Management. “ZS Capital Partners has a strong vision for elevating the neighborhood’s retail offerings and we’re proud to be partners in bringing this property to its full potential.”

The transaction marks the first acquisition for Pariser and Conn since their merger. The two previously closed on the acquisition of Lyric No. 39, a six-story mixed-use development in Denver’s Berkeley neighborhood in January 2022. In 2021, Strat Ventures acquired several multi-family properties in close proximity to 300 Alameda Ave., including The Elaine Apartments at 1424 Pennsylvania Ave., The Ernest at 661 North Pearl St. and Miner Court at 335 North Sherman St.

 

Previous post

Greeley Apartment Building Trades for First Time in 90 Years

Next post

Snyder Building Completes Build-Out for Colorado Primary Health Care

No Comment

Leave a reply

Your email address will not be published.