An out-of-state real estate investment trust has acquired a commercial property north of Denver. Netstreit purchased the 56,000-square-foot building at 1630 Pace Street in Longmont for nearly $13.9 million, according to the Denver Business Journal. The property was sold by DoubleBay Partners, based in Denver, and Midloch Investment Partners from Chicago. Marcus & Millichap’s Mark Thiel and Cory Gross handled the transaction.
DoubleBay and Midloch previously bought the building in May 2025 for $3.9 million. The structure is fully leased and is part of the Fox Creek Marketplace shopping center. Midloch used its Value Fund II for this acquisition, a fund that raised $60 million from investors before closing in 2023.
The Fox Creek Marketplace building was once occupied by a Safeway supermarket and faced financial difficulties at the time of its last sale. “The building was ‘in distress’ when it last sold ‘at a discount,'” Andy Sinclair, CEO of Midloch Investment Partners, said in a statement quoted by the Business Journal. This situation contributed to its previous low purchase price.
Since then, the former Safeway space has been converted into a Vasa Fitness gym with assistance from a local construction company that managed entitlements, permits, and renovations for the new anchor tenant.
In another recent deal involving Denver retail properties, the Denver Downtown Development Authority completed its purchase of Denver Pavilions—a 353,342-square-foot outdoor mall downtown. While no specific purchase price was disclosed for this transaction, the Denver City Council had approved $45 million for it prior to closing. Gart Properties bought the mall in 2015 for $106 million. Additionally, two parking lots behind the mall were acquired from Brookfield Properties for $22.5 million as part of this transaction.
