DENVER, Jan. 17, 2020 /PRNewswire/ -- Northstar Commercial Partners announced the sale of a second pad site within 2 months, located on its Colfax and Sable, LLC development in Aurora, CO for $1.27 million. The 1.95-acre plot was sold to Fitz Management, Inc. for the development of a new Sleep Inn/Mainstay Suites Hotel.
"Completing another sale of a pad site to an established company like Kennedy is a great way to start 2020," said Brian Watson, Founder & CEO of Northstar. "We appreciate the hard work from our brokers and the Northstar Commercial Partners team for completing this sale, and we look forward to continuing the momentum with additional sales for the remaining 3 pad sites and 3.15 acres to help benefit the Aurora community."
The Sleep Inn/Mainstay Suites hotel is planning a 4-story development, consisting of approximately 115 rooms. The extended stay is anticipated to break ground during summer of this year. The sale comes shortly after the Colfax and Sable, LLC lot sale to Popeyes Louisiana Kitchen, accelerating the trajectory of the multi-use development. Colfax and Sable, LLC broke ground in 2018 and expands over 25 acres.
"The recent land sale to Fitz Management Inc., at Colfax and Sable, LLC, a master development infused with public infrastructure, is yet another example of the tremendous economic growth we have seen in the Aurora market," said Jazzmine Clifton, Development Associate at Northstar Commercial Partners. "With a little over 3 acres remaining on the planned +/-25 acre development, we hope to continue to be a catalyst to development East of I-225 and the Fitzsimons sub-market."
Brian Watson concluded: "I'm very pleased with the progress on this project, and look forward to working with additional users, tenants, developers, and investors who may be interested in our remaining sites."
Northstar specializes in buying value-add assets throughout the United States, in order to help stabilize properties, and create jobs and opportunities in local communities. From its inception in 2000, Northstar Commercial Partners has achieved a total aggregate acquisition of approximately 14.4 million square feet in 140 assets, in 17 states throughout the United States.
Northstar's current portfolio includes 42 assets totaling approximately 8 million square feet in 15 states, and a potential market value of approximately $1.2 billion USD.
To learn more about Northstar Commercial Partners, please visit www.northstarcp.com.
Media contact: Taylor Watson, Taylor@northstarcp.com
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SOURCE Northstar Commercial Partners