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February 25, 2024
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Ivy Realty Buys Denver Creative Redevelopment Project


Connecticut-based Ivy Realty has acquired Junction 23, an 86.1k sf, creative redevelopment in the heart of Denver’s River North (RiNo) District, for $26.35 mil ($306/sf). The project was sold by EverWest Real Estate Investors.

Junction 23 is located at 2323 Delgany St, at the corner of Park Ave and Delgany St, and within walking distance to Denver’s central business district, Lower Downtown (LoDo) neighborhood, Union Station and dozens of restaurants and retailers. The building is 100% leased to a single tenant for 15 years.

The project represents a 12-month renovation by EverWest that in 2019 converted a 1975-built industrial building into the current, award-winning creative workspace.

Junction 23 features an open interior, indoor-outdoor concept with a 73.9k sf ground floor and 12.2k sf second floor. The project incorporates numerous flexible work areas including modern conference rooms, small group breakout spaces and roll-up garage doors that connect to a center atrium and outdoor meeting areas. It features 16-foot windows, 25-foot exposed ceilings, more than two dozen skylights and energy-efficient LED lighting.

Additional on-site amenities include a fitness center with showers and locker rooms, and bike storage. The property is a short drive to I-25 and Denver International Airport. It is part of an emerging infill live-work-play environment spanning the downtown, RiNo and LoDo communities.

John Jugl of Newmark represented EverWest in the sale. The buyer was not represented.

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