Local Partners Pay $53M for Broadway Marketplace

DENVER-Cohen Capital Corp. and local investor Jim Frank have paid $52.9 million for the 387,000-sf Broadway Marketplace just north of Interstate 25 and Broadway. With this purchase, Cohen Capital and Frank own 54 acres of office and retail at that intersection.

They bought the Marketplace from Carlsbad, CA-based GMS Realty LLC, which bought it about two years ago for about $43 million. The center is anchored by Sam’s Club, Kmart, Albertsons and Office Max. It also is next to the former Gates Rubber plant that is on tap to be redeveloped into a $1.5-billion transit-oriented development with retail, offices, housing, entertainment and a hotel.

Cohen and Frank purchased the Collection, a 260,000-sf property, earlier this year for $21 million, and bought the 235,000-sf Design Center building in 1996. Both the Collection and the Design Center are to the north of Broadway Marketplace.