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

The Hornet Acquires New Landlord for Building on Broadway

The popular bar and grill, The Hornet, has a new landlord as a group of five investors operating under 76 N Broadway LLC recently purchased the real estate where it is located at 76 N. Broadway for $3.3 million. The purchase includes the entire two-story, 13,000-square-foot building which also houses another restaurant tenant, Lucky Noodles, and has 18 offices on the second floor.

Despite the change in building ownership, The Hornet still has several years left on its lease and will remain unaffected. One of the buyers, Tyrone Rocque, expressed their interest in the restaurant as the main reason for the acquisition. Rocque mentioned the possibility of renovating the office spaces on the second floor to create class-A space.

The deal for the building equates to $256 per square foot and includes a 21-space parking lot on a third of an acre. Rocque secured a five-year, $2.5 million loan from MidFirst Bank to finance the purchase. The seller, Three Pillars LLC, purchased the property in 1996 for $415,000.

Rocque, who is part of Platinum Properties Holdings, a local real estate firm, mentioned that he actively seeks out real estate acquisitions and has ownership in all deals closed by the company. The purchase of the Broadway building was finalized at a discount of approximately $600,000 from its original listing price of $3.95 million.

According to Todd Snyder, a broker with Kentwood Commercial, there was significant interest in the property even before it was officially listed for sale. The activity surrounding the building indicates a strong retail market despite its location.

Paul Cattin of Platinum Commercial Real Estate represented the buyers in the transaction. The deal was facilitated smoothly with minimal deferred maintenance required, mainly some asphalt work behind the building.

Stay updated on business news by subscribing to our Economy Now newsletter.