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Avison Young brokers sale of 9.12-acre site in Pueblo, CO; Developer to build mixed-use project on vacant land by 2023
janvier 4, 2022
Denver, CO – Avison Young has negotiated the sale of 9.12 acres of vacant land strategically located at the southwest quadrant of US Highway 50 and Interstate 25 in Pueblo, CO, an up-and-coming new investment submarket in Colorado.
The seller, 610 RLLLP, a Colorado registered limited liability limited partnership, was represented by Avison Young Principal Rick Egitto, who is based in the firm’s Denver office. The Conifer, CO-based buyer, BEP Pueblo LLC, a Colorado limited liability company, is affiliated with Blueline Equity Partners, and seeks to develop a mixed-use project that includes a mix of apartments, hotel and possibly some retail.
“Rick’s guidance and expertise made this transaction an effortless and smooth experience for all parties,” said Jim Stilwell, a representative of the seller. “I look forward to partnering with Avison Young again in the future.”
BEP is slated to start land development in 2022 and anticipates completion in 2023. Blueline’s partners were attracted to Pueblo post-pandemic as the city continues to grow. Several other major residential projects have begun this year in Pueblo as investors and developers seek better returns in these smaller, but fast-growing Colorado suburbs.
“Blueline Equity Partners is excited about our expansion in Colorado, and we can’t wait to be a part of the Pueblo community,” said Steve Daniel, partner with Blueline Equity Partners. Together with the Town of Pueblo Planning Division, Blueline worked diligently throughout the pandemic on the scope and framework for this project to ensure that all requirements were met for the 9.12-acre site.
Egitto has partnered with the seller’s affiliated entities throughout the state on various commercial real estate transactions since 2013.
“In this uncertain economic climate, the market for real estate transactions remains strong,” commented Egitto. “It’s exciting to work with clients who make a positive impact on our community.”
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