DENVER—Westfield Company has purchased a 12.3 acre property at 4120 Brighton Blvd., saying it “offers an exceptional development opportunity.”
The deal includes 368,833 square feet of vintage warehouses with handsome brick façades, and the location offers key access point to downtown Denver via Interstate 70 and Denver International Airport.
“This strategically located, significant property could represent Denver’s single most promising redevelopment opportunity, delivering considerable upside value, said Westfield’s VP of acquisitions Kevin McClintock. “The timing is optimal for 4120′s makeover due to the continued successes of Brighton Boulevard’s ongoing transformation and multiple new projects underway including an adjacent light rail station and the upcoming modernization of the neighboring National Western Complex. The ultimate plan for 4120 will likely involve substantial redevelopment of the existing buildings as well as some ground-up new construction which could include office, light industrial, retail and possibly residential uses.”
Westfield has retained Oz Architecture to explore preliminary redevelopment concepts. Colorado-based Westfield Company is a real estate developer and investor with a diverse portfolio of properties primarily located in the Colorado and Arizona markets.
The Brighton Boulevard corridor is a vital component to Denver mayor Michael Hancock’s North Denver Cornerstone Collaborative initiative and the Corridor of Opportunity project, a nearly 23-mile connection between Denver Union Station and Denver International Airport – named one of the most compelling commercial investments in the world.
The area communities, along with the Brighton Boulevard corridor, the National Western Complex and Denver Coliseum, RTD Station development and Interstate 70 reconstruction, are currently undergoing redevelopment focused on creating a connected community with an energized gateway to downtown Denver – imperative to maintaining Denver’s attraction as a desired convention destination.
McClintock added that “The Brighton Boulevard corridor continues to attract tenants seeking a creative and collaborative environment. With over 12 acres of land and more than 300,000 square feet of existing space, 4120 represents a rare opportunity for a forward-thinking company to establish a significant presence immediately adjacent to the first rail stop out of Union Station.”
Westfield’s short-term objective will be to maximize income from 4120′s existing buildings. Westfield’s managing director of investments Richard Wham commented that “…it is a rare luxury to own a redevelopment opportunity like 4120 that generates current income which allows strategic patience to determine highest and best use. We are very pleased to own a significant asset in one of Denver’s most transformative urban neighborhoods.”
Wham added that “Westfield has been closely watching the Brighton Boulevard submarket for several years and views this acquisition as a near-perfect entry point.”
Institutional capital flows are increasing into Colorado and looking to invest in markets like Denver with strong demographic and employment trends, Westfield says. The firm said this flow illustrates that Denver is now viewed as a major market from an institutional investment perspective.