11:00 AM
One of the last large infill development opportunities in the Denver Metro area has been sold to WIP Littleton Village, LLC, according to Newmark Grubb Knight Frank (NGKF), which secured the buyer and represented the seller, Littleton Village, LLC, in the $21.5 million sale. Approved plans for the former Marathon Oil research facility site at 7400 S. Broadway in Littleton, Colo.-situated on 77 acres-call for 250,000 square feet of retail and 900 residential units, both single- and multi-family product.
“We are thrilled that this property will soon be filled with active retail, residential and a great multi-use park, commented Littleton Mayor Debbie Brinkman. “This property is centrally located, offers incredible views of the Front Range and is Littleton’s largest mixed-use development. WIP Littleton Village, LLC is the perfect partner for this project and we are looking forward to working with them.”
“While the former Marathon Oil site is a profound development opportunity, it didn’t fit my investment strategy,” said David Richardson, the seller and a petroleum geologist active in drilling, production, and services within the oil and gas industry.
“WIP Littleton Village reinvigorated the project, working with City Council to obtain approval for a new General Development Plan. Interest in the development has picked up considerably over the past few months,” noted Stephen Roesinger, NGKF senior managing director.
“Moving forward on the redevelopment of the site is a huge win for Littleton,” added Kevin McCabe, NGKF executive vice president and regional managing director. “The high demand for the site and the short marketing period of the sale attest to its potential to transform the city. We expect interest and activity to be very high.”
“In addition to meeting a notable demand for new housing product in Littleton, the planned retail development will provide a welcomed source of tax revenue for the city,” said Wade Fletcher, NGKF associate.
Messrs. Roesinger and Fletcher with NGKF Capital Markets teamed with NGKF’s Tim Harrington, executive managing director, on the transaction.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.