The Shops at Riverfront Park in downtwon Denver has sold for $11.8 million, or approximately $370 per square foot. The sale of the 31,898-square-foot multi-tenant asset — located at the base of three condo buildings — included the entirety of the commercial/retail space located within the Riverfront Park neighborhood. The buyer was a local private partnership.
Cushman & Wakefield’s Jon Hendrickson, Aaron Johnson and Mitch Veremeychik represented the seller in the transaction.
“Situated on the ground floor of three different condominium buildings, The Shops at Riverfront Park is a unique investment opportunity to own the neighborhood retail center in what is arguably Denver’s premier urban neighborhood,” said Jon Hendrickson. “The asset has historically been leased to a variety of service, convenience and restaurant uses, providing neighborhood amenities that are found in most unanchored neighborhood centers. Difference being, the Riverfront Park neighborhood is vertically oriented, has extremely strong income demographics, and benefits from constant pedestrian traffic.”
The Shops at Riverfront Park exist within Riverfront Tower, Park Place Lofts, and Promenade Lofts all of which are at the base of the Millennium Bridge. The Millennium Bridge links Riverfront Park directly to Denver Union Station (DUS) and the unlimited transportation routes. The DaVita world headquarters is immediately on the other side of the bridge from the subject properties. The buildings were constructed in 2001 & 2002.