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1/31/18
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Native American Bank (NAB) purchased a 13.7k sf, multi-tenant creative office building in Denver. The building, located at the corner of Broadway and 2nd Street in Denver’s South Broadway submarket, was sold by Santa Monica-based Mass Equities Inc.
The current tenant in the property is gkkworks, an Irvine-based architectural, design and construction management firm. NAB plans to locate its headquarters within the building, as well as open its first local bank branch to serve the Denver community.
Founded in 2001 by 20 tribal nations and Alaska Native Corporations, Native American Bank is a community development-focused bank. It is the only national, American Indian-owned community development bank in the country and the first self-sustaining, certified Community Development Financial Institution (CDFI) dedicated to serving all Native people, communities, governments and enterprises nationwide. The mission of NAB is to provide the access to financial capital and services to create and support economic independence, development, sustainability self-sufficiency, and financial freedom across Indian Country.
The purchase price was not disclosed. According to MEQ Founder Andrew (Drew) Sobel, the asset will allow MEQ to provide significant returns to its investors and recycle capital locally back into the Denver market.
Denver and the surrounding submarkets in Colorado are a focal point for MEQ’s investment efforts. The firm recently acquired a premier development site in the city, located at 2900 Brighton – 3060 Brighton Boulevard. The project includes 7.8 acres of land in Denver’s River North Arts District (RiNo) on which the firm plans a substantial, state-of-the-art multifamily, creative office and retail complex. MEQ’s vision for the property is to create a significant, creative mixed-use, "live-work-play” environment.
MEQ’s expansion in this select geographic locale also includes the recent appointment of Brian W. Bair as Principal, Senior Vice President Acquisitions & Development for Colorado.
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