Gold’s Marketplace in Wheat Ridge has been acquired for $15.8 million by , a commercial real estate private equity fund investing in real estate across Colorado and Arizona.
The 59,000-square-foot neighborhood retail center, at the corner of 26th Avenue and Kipling Street, is 83% occupied with 17 tenants, including Illegal Pete’s and Esters Neighborhood Pub.
The property was purchased at $268 per square foot.
“We are not just buying assets. We are building a very intentional portfolio to provide investors with a new financial product that isn’t available today,” said Canopy founder Jay Rollins.
A news release said Canopy partners with local real estate sponsors, providing capital and mentorship to help them become “institutional-grade investment companies.”
For the Gold’s Marketplace deal, the firm partnered with Denver-based , which acquired the retail center in May, according to Jefferson County property records.
CentrePoint plans to increase rents by 15% to 25% as below-market leases expire and fill under-used space, projecting 18% to 20% internal rates of return.
Built in 1960, Gold’s Marketplace had served as a neighborhood grocery-anchored shopping center but had fallen into disrepair.
Previous owner Quannah Partners, a Denver-based private equity commercial real estate investment and development firm, acquired the property in February 2020.
The firm completed a redevelopment in 2022, which included an exterior renovation, improvements to the parking lot and site infrastructure, refreshed signage and support for customized tenant build-outs. The former Gold’s Grocery space was also redeveloped to accommodate multiple tenants.
Canopy‘s current portfolio consists of in Colorado and Arizona, with plans to expand into other target markets.
