It has sat empty for nearly seven years, but the wheels are turning on changes to an old Kmart building on South Monaco Parkway south of Evans Avenue.
The vacant former department store and the nearly 13 acres of mostly asphalt it sits on sold Wednesday for $10.5 million, according to a news release from Cushman & Wakefield, the real estate firm that brokered the long-awaited deal.
The transaction comes after the property’s owner, J & W Management Corp., stopped receiving rental payments on the 99-year lease deal with Kmart’s now-bankrupt parent company, Sears, according to the release.
The buyer, Forum Real Estate Group based in nearby Glendale, is eyeing the property, officially at 2150 S. Monaco Parkway, for more than 300 units of multi-family housing. Companion retail space could be part of the mix, according to Wednesday’s release.
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“This property was one that had been widely pursued and discussed throughout the real estate community for the better part of the last decade,” Cushman & Wakefield’s Jon Hendrickson said in a statement. “The perfect storm finally occurred where Kmart had rejected their interest in the ground lease, and we identified a best in class purchaser in Forum Real Estate Group.”
Forum sports a $1.8 billion investment portfolio spanning more than 70 properties in 22 states, according to its website. Its specialty is apartment buildings and complexes but it’s holdings run the gamut including office, retail and industrial space. In Denver, it owns the 329,000-square-foot Denver Urban Business Center industrial building near the Interstate 25-U.S. 6 interchange.
