IMPACT Commercial Real Estate has announced the recent sale of a former motel that will now serve as the future home for a nonprofit organization, Recovery Works. This was not only a significant milestone for the community but a testament that commercial properties can transform into something that will make a positive impact on the community as well.
The newly purchased 10,000-square-foot building is strategically located at 14825 W Colfax in Lakewood and will serve as a bridge center and resource for the unhoused in Jefferson County by referral. It will help people get back on their feet and find permanent housing for those in need. Recovery Works locations provide additional services, including meals, laundry capabilities and job programs for employment placement.
Principal, Heather Taylor and Vice President, Anthony Palumbo represented the seller, Robinson Enterprises, Inc. in the transaction. The property sold for the full price of $3.5 million but even so, experienced some challenges along the way due to lengthy delays in securing financing for the buyers.
Taylor stated, “Our team is excited that we could get this closed for our client. It is a family business and just elated that persistence paid off. The community has many individuals that need this service, and the new owners are making it happen.” In a previous statement, James Ginsburg, the executive director of Recovery Works said, “It’s really a manifestation of the state’s vision to create rehousing infrastructure metro-wide.”
When Taylor had a vision in mind as to what her brokerage would stand for, it was simply to make an impact and help transform communities through strategic commercial real estate initiatives. “We try to be creative and thoughtful to complete assignments and closings. We originally thought this property would be sold to another motel owner or operator, but over time we realized that there were other groups that could use and benefit from this property,” said Taylor.
One of the family members, James Robinson, had nothing but the highest regard for the IMPACT CRE team. “Heather Taylor and Anthony Palumbo were fantastic agents to work with in the sale of our property. In the end, we were able to complete a successful closing at the asking price and I now consider both my friends. I highly recommend them to any business owner looking to sell or purchase that would like support and attention throughout the entire process.” Palumbo stated, “This was an exciting and challenging assignment because of zoning and other market conditions, and we are thrilled to have found a solution to impact the community and bring our sellers to market to attract the best buyers possible.
This space will not only enable the nonprofit to expand its navigation center, but it will also allow it to serve the homeless community, making a positive impact on their lives. Taylor concluded, “We can’t wait to see the impact that Recovery Works makes.”
