An out-of-state real estate investment trust has acquired a commercial building north of Denver. Netstreit, based in Dallas, purchased the 56,000-square-foot property at 1630 Pace Street in Longmont for nearly $13.9 million, according to the Denver Business Journal. The building was sold by Denver-based DoubleBay Partners and Chicago-based Midloch Investment Partners. The transaction was brokered by Mark Thiel and Cory Gross from Marcus & Millichap.
DoubleBay and Midloch had bought the building in May 2025 for $3.9 million. The property is fully leased and located within the Fox Creek Marketplace shopping center. The acquisition was made through Midloch’s Value Fund II, which closed in 2023 after raising $60 million from investors.
Andy Sinclair, CEO of Midloch Investment Partners, commented on the previous state of the building: “The Fox Creek Marketplace building was formerly occupied by a Safeway supermarket and was ‘in distress’ when it last sold ‘at a discount.’” Sinclair added that this condition likely contributed to its low purchase price at that time.
The former Safeway space has since been converted into a Vasa Fitness gym with support from a Denver-based construction company that managed entitlement, permitting, and conversion work for the anchor tenant space.
Elsewhere in Denver’s retail market, another notable transaction occurred last month when the Denver Downtown Development Authority finalized its purchase of the Denver Pavilions—a 353,342-square-foot outdoor mall downtown. While the exact sale price was not disclosed, the Denver City Council had approved $45 million for this acquisition one month earlier. Gart Properties previously owned the mall after buying it in 2015 for $106 million. As part of this transaction, two parking lots behind the mall were also acquired from Brookfield Properties for $22.5 million.
