Broadway restaurant real estate sells to local investor for $3M

The Hornet has a new landlord for its nest on Broadway A group of five investors operating under N Broadway LLC purchased the bar and grill s real estate at N Broadway last week for million according to population records The Hornet still has several years left on its lease and will be unaffected by the change in building ownership The entire two-story -square-foot structure is also home to another restaurant tenant Lucky Noodles and has roughly -square-foot offices on the second floor One of the buyers Tyrone Rocque mentioned the restaurant at the corner of st Avenue and Broadway was what they were really after I think it s nearly fully leased Rocque stated of the office space We may just gut it and totally make a few class-A space out of it We may leave it as is We haven t really made a decision I mean that s totally the tail on the dog We requested what was on the first floor we really needed The Hornet The deal works out to per square foot for the building The real estate sits on a third of an acre and comes with a -space parking lot Rocque financed the deal with a five-year million loan set with a variable interest rate from MidFirst Bank per constituents records Three Pillars LLC was the seller with Paul Greaves listed as its manager in the populace filings He purchased the property in for and declined to comment on the transaction The Hornet opened in the building a year prior in Rocque works as one of the owners of Platinum Properties Holdings a local real estate firm with sister companies in property management and lending The company invests in retail industrial and apartment buildings he stated I m one of the people who searches out real estate acquisitions and because of that I ve got an ownership component in all the deals that we close through our office Rocque noted He bought the Broadway building for a roughly discount it was originally listed at million per a marketing brochure for the property Related Articles Gig app agrees to return more than K to workers after Denver auditor analysis Denver moves to shut down Diamond Cabaret over wage theft charges National Trust for Local News sells Colorado publications Indian eatery planned as building in Denver s Sunnyside sells for M Lender seeks receiver for south Aurora office buildings after default In terms of deferred maintenance I would say it s minimal They need particular asphalt work behind the building I think there was selected great negotiation that took place I think the owner was motivated to sell and I think we were just at the right place at the right time and made a great deal on it Rocque commented Todd Snyder a broker with Kentwood Commercial who represented the seller listed the property for sale around the start of the year and commented there was good activity on it Rocque s crew expressed interest even before it hit the industry Given where the retail industry is now I would say the activity is stronger than other properties in not as good of a location Snyder commented Paul Cattin of Platinum Commercial Real Estate represented the buyers Get more business news by signing up for our Financial market Now newsletter