Gold’s Marketplace in Wheat Ridge has been acquired for $15.8 million by Canopy Real Estate Partners, a commercial real estate private equity fund investing in real estate across Colorado and Arizona.
The 59,000-square-foot neighborhood retail center, at the corner of 26th Avenue and Kipling Street, is 83% occupied with 17 tenants, including Illegal Pete’s and Esters Neighborhood Pub.
The property was purchased at $268 per square foot.
“We are not just buying assets. We are building a very intentional portfolio to provide investors with a new financial product that isn’t available today,” said Canopy founder Jay Rollins.
Gold’s Marketplace, located at the corner of 26th Avenue and Kipling Street, is 83% occupied with 17 tenants, including Illegal Pete’s and Esters Neighborhood Pub. (Photo provided by Canopy Real Estate Partners)
A news release said Canopy partners with local real estate sponsors, providing capital and mentorship to help them become “institutional-grade investment companies.”
For the Gold’s Marketplace deal, the firm partnered with Denver-based CentrePoint Properties, which acquired the retail center in May, according to Jefferson County property records.
CentrePoint plans to increase rents by 15% to 25% as below-market leases expire and fill under-used space, projecting 18% to 20% internal rates of return.
Built in 1960, Gold’s Marketplace had served as a neighborhood grocery-anchored shopping center but had fallen into disrepair.
Previous owner Quannah Partners, a Denver-based private equity commercial real estate investment and development firm, acquired the property in February 2020.
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The firm completed a redevelopment in 2022, which included an exterior renovation, improvements to the parking lot and site infrastructure, refreshed signage and support for customized tenant build-outs. The former Gold’s Grocery space was also redeveloped to accommodate multiple tenants.
Canopy‘s current portfolio consists of multifamily, industrial and retail properties in Colorado and Arizona, with plans to expand into other target markets.
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Source:: News Denver – Denver Post
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