Today, CBRE Group and Integrated Properties announced that one of the last remaining development sites on Denver’s 16th Street Mall traded hands. Integrated Properties sold the development site to an unnamed west coast developer. The site, also known as “Block 47,” contains 15,655 square feet and is located at the corner of the 16th Street Mall and Market Street.
“Block 47 is one of the last prime lots in LoDo and is the ideal location for a quality new development,” said Bruce Deifik, president and CEO of Integrated Properties, Inc. “The purchaser, a visionary developer, was able to see the value in the land.”
The sale of Block 47 comes just three months after Integrated Properties sold 16M, an 188,000-square-foot mixed-use property located directly across 16th Street from Block 47. Upon completion of the development in 2015, Integrated Properties sold 16M to LaSalle Investment Management.
“Integrated Properties has raised the bar on quality development in Downtown Denver, as evidenced by the sale of our recently completed 16M mixed-use building in LoDo,” said Jordan Deifik, vice president of business development for Integrated Properties, Inc. “Now with the sale of Block 47 across the street from 16M, and the subsequent potential development on that lot, the 16th and Market area will serve as the high-end gateway to LoDo and the Union Station district.”
Integrated Properties stated that they considered developing Block 47, but decided it was best to sell the lot as they were satisfied with the price that was offered.
CBRE’s Tim Richey and Mike Winn represented the Deifiks and Integrated Properties in the sale of Block 47. CBRE observed significant interest in the lot, including foreign capital, institutional investors, high-net-worth families and local developers. CBRE explained that the flexible zoning of the site appealed to a wide range of uses ranging from multifamily to office, hotel and retail.
“Block 47 may prove to be one of the best development sites between Los Angeles and Chicago,” said Richey, vice chairman, CBRE Institutional Properties. “With the recent success of Block 47 as well as 16M, Integrated Properties has left an indelible mark on the Denver market.”
“The lack of supply in the LoDo neighborhood is one of the triggers for low vacancy and high investor demand,” said Winn, also vice chairman, CBRE Institutional Properties. “Additionally, land values in Denver are relatively attractive to investors when compared to the price of dirt in coastal markets.”