C
anopy Real Estate Partners, a commercial real estate private equity fund, has acquired Gold's Marketplace in Wheat Ridge for $15.8 million. The 59,000-square-foot neighborhood retail center is located at the corner of 26th Avenue and Kipling Street and boasts an impressive 83% occupancy rate with 17 tenants, including popular spots like Illegal Pete's and Esters Neighborhood Pub.

    The property was purchased at a price of $268 per square foot. According to Canopy founder Jay Rollins, the firm is not just buying assets but building a strategic portfolio that offers investors a unique financial product.

    Canopy partnered with Denver-based CentrePoint Properties for this deal, which acquired the retail center in May 2020. CentrePoint plans to increase rents by 15% to 25% as below-market leases expire and fill under-used space, projecting an internal rate of return of 18% to 20%.

    Built in 1960, Gold's Marketplace had fallen into disrepair before being redeveloped by previous owner Quannah Partners in 2022. The redevelopment included exterior renovations, improved parking and site infrastructure, refreshed signage, and support for customized tenant build-outs.

    Canopy's portfolio currently consists of multifamily, industrial, and retail properties in Colorado and Arizona, with plans to expand into other target markets.