Aspen office, retail space up for sale |

Aspen office, retail space up for sale

Andre SalvailThe Aspen TimesAspen, CO, Colorado
Courtesy of Galen BrightThe West Durant Mall building includes second-floor office space listed for sale Monday. In all, 11 office units, nine below-grade parking spaces and one retail space in the west and east Durant Mall buildings are on the block for a $6 million asking price.

ASPEN – A sizable portion of East and West Durant Mall has been listed for sale.Karen Setterfield, a commercial real estate broker with Setterfield & Bright in Aspen, said Wednesday that Block 106 Associates is asking $6 million for what amounts to 37 percent of the two buildings located at 710 and 720 E. Durant Ave. The property includes 11 office units, totaling about 7,900 square feet, nine underground parking spaces and small storage units.It also contains a 566-square-foot retail space temporarily occupied by the Blues Jean Bar, a national chain that sells jeans, and 765 square feet of unenclosed patio spaces.The buildings were designed by architect Larry Yaw and constructed in 1975. The luxury condo units on the top floor of the buildings are not for sale. The two buildings are zoned neighborhood commercial and lie between City Market grocery store and The Little Nell Hotel and Residences, about a block from Gondola Plaza.”There are tenants in most of the units but not all of them,” Setterfield said. The properties went on the block Monday.Block 106 Associates is a partnership that originally developed the two buildings. Over time, various sections have been sold off.”This is the remaining portion of their interest in the property,” Setterfield said.Galen Bright, who is co-listing the property with Setterfield, sold one of the penthouse residential units, with 1,561 square feet of heated space and 400 square feet of deck area, in October 2009 for $3.6 million, or $2,306 per square foot. The sale represented the most expensive real estate sale, in terms of the price per square foot, in downtown Aspen that year, Bright said.Two other well-known Durant Mall retail spaces, long occupied by Jour de Fete and the Grog Shop, were sold off years ago and are not part of the sale package.Setterfield said the ownership group decided in December that it was time to sell its remaining interest in the two buildings.”It took them a while to organize and to choose a broker,” she said. “They had proposals from various brokers, and they chose us.”Setterfield said there is a fair amount of office-space vacancy in Aspen right now, but leasing in that sector is starting to pick up.She has six other commercial buildings listed, including two at the corner of Galena Street and Cooper Avenue: the 10,000-square-foot Volk Plaza Building, a mix of retail and office that houses Paradise Bakery; and the 17,000-square-foot Mountain Plaza building, home of Kemo Sabe and the Hunter

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