DENVER—Westfield Company has purchased a12.3 acre property at 4120 Brighton Blvd., sayingit “offers an exceptional developmentopportunity.”

|

The deal includes 368,833 square feet ofvintage warehouses with handsome brick façades, and the locationoffers key access point to downtown Denver viaInterstate 70 and Denver InternationalAirport.

|

“This strategically located, significant property couldrepresent Denver's single most promising redevelopment opportunity,delivering considerable upside value, said Westfield's VP ofacquisitions Kevin McClintock. “The timing isoptimal for 4120's makeover due to the continued successes ofBrighton Boulevard's ongoing transformation and multiple newprojects underway including an adjacent light rail station and theupcoming modernization of the neighboring National Western Complex.The ultimate plan for 4120 will likely involve substantialredevelopment of the existing buildings as well as some ground-upnew construction which could include office, light industrial,retail and possibly residential uses.”

|

Westfield has retained Oz Architecture toexplore preliminary redevelopment concepts. Colorado-basedWestfield Company is a real estate developer and investor with adiverse portfolio of properties primarily located in theColorado and Arizona markets.

|

The Brighton Boulevard corridor is a vital component to Denvermayor Michael Hancock's North Denver CornerstoneCollaborative initiative and the Corridor of Opportunity project, anearly 23-mile connection between Denver UnionStation and Denver International Airport– named one of the most compelling commercial investments in theworld.

|

The area communities, along with the Brighton Boulevardcorridor, the National Western Complex andDenver Coliseum, RTD Stationdevelopment and Interstate 70 reconstruction, are currentlyundergoing redevelopment focused on creating a connected communitywith an energized gateway to downtown Denver – imperative tomaintaining Denver's attraction as a desired conventiondestination.

|

McClintock added that “The Brighton Boulevard corridor continuesto attract tenants seeking a creative and collaborativeenvironment. With over 12 acres of land and more than 300,000square feet of existing space, 4120 represents a rare opportunityfor a forward-thinking company to establish a significant presenceimmediately adjacent to the first rail stop out of UnionStation.”

|

Westfield's short-term objective will be to maximize income from4120's existing buildings. Westfield's managing director ofinvestments Richard Wham commented that “…it is arare luxury to own a redevelopment opportunity like 4120 thatgenerates current income which allows strategic patience todetermine highest and best use. We are very pleased to own asignificant asset in one of Denver's most transformative urbanneighborhoods.”

|

Wham added that “Westfield has been closely watching theBrighton Boulevard submarket for several years and views thisacquisition as a near-perfect entry point.”

|

Institutional capital flows are increasing into Colorado andlooking to invest in markets like Denver with strong demographicand employment trends, Westfield says. The firm said this flowillustrates that Denver is now viewed as a major market from aninstitutional investment perspective.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.