June 29, 2021 12:00 PM
Newmark announces the $9.08 million sale of 2973 Central Park Land at 2973 Central Park Boulevard, and the $3.14 million sale of 7880 Trenton Land at 7880 Trenton Street, both in Denver, Colorado. Newmark Executive Managing Director Steve O’Dell, Associate Director Bryon Stevenson and Transaction Manager Mackenzie Walker represented the seller, a private Brookfield Asset Management real estate fund. 2973 Central Park sold to Price Development Group who has planned 286 multifamily units on the 3.04-acre land site. 7880 Trenton sold to BKB Holdings who is planning to build for-sale townhomes on the 2-acre land site.
At $68 per square foot, the 2973 Central Park sale represents the highest price paid for multifamily land on a per-square-foot basis in Central Park. The sites are part of a four-site portfolio, with the other two sites currently under contract. In-place zoning at the 2973 Central Park site allows for mixed-use development up to five stories, and the 7880 Trenton site allows for mixed-use development up to 20 stories. Central Park has continued to be seen as an attractive neighborhood for developers and tenants, alike, due to the urban amenities with a suburban feel.
“The 2973 Central Park site’s park front location–adjacent to 80-acre Central Park–made it an incredibly attractive property, with no comparable sites available in the Denver market,” said Walker. “7880 Trenton was the last site available within Central Park’s Town Center, steps from over 30 restaurants and shops,” added Stevenson. “The prominent urban infill sites are at main-and-main locations within the highly successful 4,700-acre Central Park redevelopment and are walkable to the Central Park light rail station.”
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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