Lucky’s Market property sold in Fort Collins
FORT COLLINS — A property in downtown Fort Collins that includes a Lucky’s Market has been sold for $7.3 million.
Cushman & Wakefield PLC announced Tuesday that it has advised the sale of the 26,602-square-foot, single-tenant retail asset at 425 S. College Ave. that has been fully leased on a long-term basis to Lucky’s since 2019. The freestanding property was originally built in 1966 but has undergone multiple upgrades since, including a multi-million-dollar transformation in 2018.
McWhinney Real Estate Services Inc. sold the property to an undisclosed investor. Cushman & Wakefield executive directors Jon Hendrickson and Aaron Johnson, along with Aki Palmer and Cole VanMeveren, represented McWhinney, as did Peter Pavlakis of Legend Retail Group.
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During its ownership, McWhinney completed a $3 million renovation, adding bike parking and landscaping elements, in addition to incorporating load-dock screening to transform the site into a vibrant neighborhood grocer.
“Lucky’s presented a unique scenario for [triple-net] investors, grocery-focused investors and long-term residual value-minded investors to all check the box,” Hendrickson said in a prepared statement.
On the northwest corner of College Avenue and Mulberry Street, “Lucky’s Market is located at one of Fort Collins’s most prominent intersections,” Palmer added. “The proximity to Old Town, CSU’s campus, and access to I-25 makes this a corner with limitless future potential.”
Lucky’s Market, founded in 2003 by Boulder-based chefs Bo and Trish Sharon, also operates its original location at 3960 Broadway in north Boulder along with a bakehouse and cafe in the same shopping center.
Lucky’s at one time had 39 stores across the country. Kroger Co. (NYSE: KR), the Cincinnati-based parent of King Soopers and City Market stores in Colorado, invested an undisclosed sum in Lucky’s to form a “strategic partnership” with the local chain in 2016. However, Kroger announced four years later that it would sell its investment stake in Lucky’s, which then announced it would close dozens of its stores — including one in Longmont whose space is now occupied by Parkway Food Hall — and filed a series of Chapter 11 bankruptcy petitions in U.S. Bankruptcy Court in Delaware.