Neighborhood retail center Edgewater Public Market has been acquired for $25.5 million by Denver-based commercial real estate investment firm .
Colorado-based property management firm made the deal with CentrePoint. Its sister company, LCP Development, opened Edgewater Public Market in a former King Soopers grocery store in November 2019. Since then, the market has become a frequent gathering place for locals and tourists.
“We believe Edgewater Public Market stands as one of the best market halls in Colorado,” said CEO and founder of CentrePoint Properties Tucker Manion in a Monday news release about the property.
“The LCP team has done a tremendous job with the redevelopment, creating a vibrant and inviting space for the community.”
Just west of Sloan’s Lake, the 76,000-square-foot neighborhood retail center features a market hall with 16 food and beverage businesses, a cocktail bar, a brewery and 17 retail and experience-based businesses.
Nearly all of the businesses are independently and locally owned, according to the release.
The property also includes three other buildings, which are home to Shake Shack, Syrup, four fitness businesses, the Veterinary Emergency Group and the recently opened Adelita’s Cocina y Cantina.
“The community of Edgewater and our surrounding Denver neighborhoods have really embraced this market hall as a focal point of their lives,” said Gisela Mediavilla, general manager of Edgewater Public Market.
“We’ve got a lot of regulars, and a lot of small business owners doing really interesting things here.”
Market visitors should not expect to see immediate changes, but the firm expects to make upgrades at some point.
With suggestions such as making food ordering more efficient and adding televisions in the main hall to attract sports fans, Manion said the firm met with every tenant at the center to gather their suggestions on what could improve the property and increase its value.
“We haven’t exactly decided (if) we’re going to do this or that but we have a handful of items that we want to pour capital into to help bring it to the next level and continue to push traffic into the hall,” Manion said.
According to Manion, LCP Management will continue overseeing the daily operations at the market.
The market also hosts a popular Monday Night Movie series every July to October, bimonthly pop-up markets featuring independent artists and makers, live music, special events around most holidays and throughout the year.
Founded in 2008, CentrePoint Properties has more than $400 million in assets under management and works in all major markets in Colorado and Arizona.
This investment in Edgewater Public Market represents the third addition to the firm’s Fund I portfolio.
