DENVER (BusinessDen) — The head of Denver’s Bow River Capital has added to his personal real estate holdings in Cherry Creek.
CEO Blair Richardson and his family, operating as 248-250 Detroit LLC, purchased the single-story retail building at that address earlier this week for $3.05 million, according to public records. FirstBank provided financing for the deal.
Brian Wagner, a consultant involved with Richardson’s purchases, said the Detroit Street purchase was an investment deal, and Richardson has no immediate plans to redevelop that site.
The property was sold by 250 Cherry Creek LLC. A related entity purchased it in 1996 for $575,000, records show. Broker Roche Fore, of Roche & Co., represented the seller.
The 3,500-square-foot building, which sits on a 5,500-square-foot lot, is fully leased to two tenants: women’s boutique Margaret O’Leary and furniture store Coda Studio. It’s located next to Aviano Coffee.