DENVER—PathfinderPathfinder Partners, LLC, founded in 2006 tospecialize in opportunistic and value-add real estate investments,has sold the Grant Street Mansion—a20,000-square-foot, historically designated mansion at 1115Grant Street in Denver. The property was acquired byUnbridled Holdings, LLC of Denver.

|

Located in Denver's Capitol Hill neighborhood,Grant Street was built in 1892 and features lateVictorian-era, Queen Anne-style architecture with ornateembellishments, milled woodwork and quarter-sewn oak. Two notedturn-of-the-century architects, Erasmus TheodoreCarr and William Pratt Feth, designed theoriginal residence. The structure now contains 28 converted officesuites within a four-story, 16,000-square-foot main house and threeoffice suites within a two-story, 4,000-square-foot carriagehouse.

|

According to Lorne Polger, senior managingdirector of Pathfinder Partners, his firm purchased Grant Street inDecember 2011 through a trustee's foreclosure sale when the mansionwas 50% occupied. “We recognized that the GrantStreet Mansion was an irreplaceable property located in anoutstanding Denver neighborhood known for its combination ofhistoric charm and cosmopolitan ambiance. Capitol Hill hasundergone a significant gentrification—spawning an influx of newbusinesses, restaurants and young, hip residents.”

|

Pathfinder invested $200,000 to convert severalunused suites to rentable offices, improve the landscaping andsecurity and cure deferred maintenance. Following thecompletion of the capital improvements, Pathfinder leased thevacant suites, boosted the rents and stabilized the property'soperations.

|

Grant Street was 95% occupied at the time ofsale. Tim Finholm of Denver-based UniqueProperties brokered the transaction.

|

Pathfinder Partners LLC, headquartered in San Diego, California,was founded by Lorne Polger and Mitch Siegler in2006. to make investments in opportunistic and value-add realestate asserts.

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.