An out-of-state real estate investment trust has acquired a commercial property north of Denver. Netstreit purchased the 56,000-square-foot building at 1630 Pace Street in Longmont for nearly $13.9 million, according to the Denver Business Journal. The sellers were DoubleBay Partners, based in Denver, and Midloch Investment Partners from Chicago. Marcus & Millichap’s Mark Thiel and Cory Gross brokered the deal.
DoubleBay and Midloch had bought the building in May 2025 for $3.9 million. At that time, the property was considered distressed and sold at a lower price. Andy Sinclair, CEO of Midloch Investment Partners, stated: “The Fox Creek Marketplace building was formerly occupied by a Safeway supermarket and was ‘in distress’ when it last sold ‘at a discount.'” He added that this situation led to the reduced purchase price.
Since then, the former Safeway space has been converted into a Vasa Fitness gym with help from a local construction company that managed entitlement, permitting, and conversion work for the anchor tenant area.
The acquisition was made using funds from Midloch Value Fund II, which closed in 2023 after raising $60 million from investors.
In another recent transaction involving retail properties in Denver, the Denver Downtown Development Authority purchased the Denver Pavilions outdoor mall downtown. The City Council approved $45 million for this acquisition. Additionally, two parking lots behind the mall were bought from Brookfield Properties for $22.5 million.
These transactions reflect ongoing activity in Denver’s commercial real estate market as both public entities and private investors make significant purchases.
