Thor Equities buys another Aspen building | AspenTimes.com

Thor Equities buys another Aspen building

New York development firm Thor Equities, which bought the Boogie's building last year for $27.5 million, has acquired the commercial property at 228 S. Mill St. for $5.4 million.
Rick Carroll/The Aspen Times |

Editor’s note: The following story has been altered from its original version because of misinformation about the building’s history.

New York-based development firm Thor Equities has expanded its Aspen footprint with the $5.4 million purchase of the South Mill Street building that houses Aspen Art Gallery.

The deal was recorded Friday in the Pitkin Count Clerk and Recorder’s Office and marks Thor’s second commercial property acquisition in downtown Aspen. In May 2015, it bought the 16,000-square-foot Boogie’s building, located at 534 E. Cooper Ave., for $27.5 million from Leonard “Boogie” Weinglass.

The 228 S. Mill St. building, previously owned by Dexter M. Williams and Charles L. Hall, has 4,300 square feet of space, with 1,200 square feet on the basement level, 1,900 square feet on the ground level, and 1,200 square feet on the second floor, according to county property records.

The building was originally constructed in 1890, remodeled in 1985, and is part of the city’s historic inventory.

The gallery is on the ground level. Its lease runs out in approximately 2020. The second floor is empty but “Thor plans to reposition the vacant second floor to attract a new tenant,” company spokesman Joshua Greenwald said.

Aspen broker Bill Small, who represented the sellers, said the building was not listed for sale. Thor had it under contract to buy since October, he said.

In a prepared statement, Joe Sitt, CEO of Thor Equities, noted Aspen’s attraction to luxury retailers.

“Aspen is continuing to grow as a major international tourist destination, leading to strong interest from global fashion retailers including Brunello Cucinelli, Dolce & Gabbana, Gucci and more,” he said.

Thor is in the process of remodeling the Boogie’s building.

In November, it submitted plans with the Aspen government to expand the corner building’s ground and second floors while vacating the structure’s previous approvals to build a top-floor penthouse.

Because the building’s net leasable area would be expanded to 13,374 square feet from the existing 9,895 square feet, Thor is required to create 3.8 additional parking spaces. Instead, it will pay $114,000 to the city as cash-in-lieu of creating the new parking spots.

The company isn’t ready to comment about potential tenants for the Boogie’s building, Greenwald said.

“Thor is speaking with a number of high-end retailers who have expressed interest in 534 Cooper Avenue, but we aren’t able to announce anything yet,” he said.

rcarroll@aspentimes.com


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