An out-of-state real estate investment trust just bought a commercial building north of Denver.
Netstreit purchased the 56,000-square-foot structure at 1630 Pace Street in Longmont for nearly $13.9 million, the Denver Business Journal reported. Denver-based DoubleBay Partners and Chicago-based Midloch Investment Partners sold the property. Marcus & Millichap’s Mark Thiel and Cory Gross brokered the transaction.
DoubleBay and Midloch purchased the building in May 2025 for $3.9 million. The building is fully leased and is located in the Fox Creek Marketplace shopping center. The acquisition was made using Midloch’s Midloch Value Fund II, which closed in 2023 after raising $60 million from investors, the Milwaukee Business Journal reported at the time.
The Fox Creek Marketplace building was formerly occupied by a Safeway supermarket and was “in distress” when it last sold “at a discount,” Andy Sinclair, CEO of Midloch Investment Partners, said in a statement, according to the Business Journal. That distress at the time presumably led to the bargain-basement price of $3.9 million.
The former Safeway space has since been transformed into a Vasa Fitness gym with the help of Denver-based construction company, which led the entitlement, permitting and conversion of the anchor tenant space. Meanwhile, in San Francisco, Safeway is looking to capitalize on its real estate holdings by proposing housing projects above its supermarkets.
Last month, another retail property in Denver traded hands in a high-profile transaction.
The Denver Downtown Development Authority closed on its purchase of the Denver Pavilions, a 353,342-square-foot outdoor mall in downtown Denver. An exact purchase price wasn’t disclosed, but the Denver City Council approved $45 million for the acquisition the month before, the Denver Business Journal reported. Gart Properties, the retail complex’s previous owner, bought the mall in 2015 for $106 million. In addition to the mall itself, the Denver Downtown Development Authority bought two parking lots behind it that were owned by Brookfield Properties for $22.5 million.
— Chris Malone Méndez
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