The Cherry Creek corner that is home to Italian restaurant Cucina Colore has sold, although the buyer has no immediate plans to redevelop it.<\/p>\n
\u201cWe\u2019ll probably just land bank it for the time being,\u201d said Kevin Beck.<\/p>\n
Beck and his wife, acting as Phenomena LLC, paid $9.85 million on Friday for the northwest corner of Third Avenue and St. Paul Street, according to public records.<\/p>\n
The building at 3035-3041 E. Third Ave. is about 7,000 square feet and leased to four tenants. Cucina Colore has operated there since 1994 and has multiple years left on its lease, Beck said. The deal also included the parking lot behind the buildings.<\/p>\n
The entire site is 0.43 acre, meaning the deal works out to $525 a square foot based on the land. It\u2019s zoned for up to four stories. For comparison, the same-sized Cherry Creek Dance lot four blocks west sold for $7.8 million in April.<\/p>\n
\u201cWe just think it\u2019s a good long-term investment,\u201d Beck said. \u201cWe think there\u2019s a redevelopment opportunity over time.\u201d<\/p>\n
Beck, 54, is an executive with Paradice Investment Management, an investment firm that operates in Cherry Creek in a building he and his wife also own. The couple live nearby. Paradice was not involved in last week\u2019s purchase.<\/p>\n
The properties were sold by Beall Group LLC and Green City LLC, which had owned them for decades. Mary Beall signed on behalf of both entities.<\/p>\n