October 1, 2019
Forum Real Estate Group acquired 2150 S. Monaco Pkwy. in Denver, the site of a former Kmart store. The Glendale, CO buyer shook hands on the transaction with the seller, J&W Management Corp., which is based in New York City. Jon D. Hendrickson, Mitch Veremeychik and Aaron D. Johnson with Cushman & Wakefield brokered the transaction.
The building, which had been vacant for nearly seven years, “was one that had been widely pursued and discussed throughout the real estate community for the better part of the last decade,” Hendrickson said. Sears had a 99-year ground lease in place, but until the company filed for bankruptcy and stopped paying the rent, the seller had no interest in selling the property.
Forum Real Estate is planning a 300-unit-plus multifamily development on the site, with a possibility of retail on the out-parcels.
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