A local buyer acquired a large industrial building along the Santa Fe corridor in Denver with an eye on transforming a portion of it into a sports facility for youths from low-income neighborhoods.
A group led by Bill Bivens of Gibraltar Property Management purchased the 95,063-square-foot building at 1377-1401 S. Jason St. for $7.76 million. The seller, an affiliate of Publication Printers, leased back the property, a section of which is targeted for squash courts for the nonprofit Mile High 360 education program.
“We identified that building as being in a location that would help further our program,” said Bivens, who serves on the board of Mile High 360. The program only needs about 15,000 to 20,000 sf of the space, so the leaseback created a good opportunity to have income in place while plans are finalized. Publication Printers then may downsize as Mile High builds out space for its junior squash and cycling programs. The property sits along the South Platte River Trail.
Mile High 360 serves youths from sixth grade to age 24 and, in addition to athletics, provides academic and life skills programs.
“That’s the whole reason we bought the building, and it turned out to be a good investment,” said Bivens, who plans to update the property and add