Jack Wolfe has built incredible long-term relationships with real estate clients and investors who become genuine friends. That’s his favorite part of his career as a commercial and residential real estate broker, as well as owner and landlord in Breckenridge and Summit County Colorado. He is also a long-time member of Rocky Mountain Commercial Brokers.
Main Street Station Shops & Restaurants
Jack was recently involved in the sale of an iconic shopping center in Breckenridge, Colorado. Main Street Station sits at the base of Peak 9 and is the gateway to Breckenridge Ski Resort. In 2015 Jack with an investment group purchased Main Street Station for $5.6M. He was strategic in building a complete retail and restaurant destination location with a leasing strategy targeted for moms and families on vacation. This one-stop shop includes retail stores, restaurants, two Escape Rooms, a yoga studio, wine tasting, and more. There is also plenty of space for kids to run and play in the courtyard areas. Lululemon anchors this property, and recently expanded their square footage from a “Pop-up” store to becoming the largest permanent mountain store in their portfolio. The vibe of the whole shopping center attracts both locals and tourists alike with a lifestyle center approach providing healthy delicious foods, and great retail choices.
Thorough in Preparation For the Property Listing
Jack Wolfe spent much time preparing for this recent property sale. As a commercial real estate owner and broker, he knew the questions that were going to be asked, and wanted to organize the information, so it would be easy for investors to make a decision quickly. He was very thorough in gathering data around lease agreements, financial information, square footage of each space, walking and driving traffic patterns around the area, etc. He knew prospective buyers would want to know everything about the property they could.
Jack partnered with JLL, the prestigious commercial real estate brokerage firm, for the sale of Main Street Station. He assisted JLL in putting together the offering memorandum which included a significant financial forward looking financial projections so potential buyers could see where everything was moving with lease increases, etc. There was room for growth through annual lease increases and potential lease expirations. Every lease has a 3% increase annually, which most years favored the landlord.
A Quick Sale – Less than Two Months
Within three days of listing the property, they had multiple offers, and a group flew in from Birmingham to visit in person. This group became the ultimate buyer. The process moved quickly, being only 60 days from contract to close. This group was very excited to diversify their commercial retail ownership from the southeast United States into mountain communities. There is currently a favorable leasing environment in the mountains across most of our markets, and the interest in mountain investments continues to grow.
Mountain Resort Commercial Properties
Jack will stay on board for several months as an asset manager, ensuring there is a successful handoff. Jack cares about making sure that the new buyer fully understands what this mountain business community is like. Two thirds of the square footage is with “moms and pops” business owners, which is a different relationship from national tenants. Jack has built a strong relationship with all the owners and employees of these stores and restaurants and will keep them in the loop to make sure they remain successful during this transition.
As a member of the Rocky Mountain Commercial Brokers, Jack knows how important it is to be a local representative for Summit County. Living here for decades, he is keenly aware of the culture and geography of towns like Breckenridge and the Summit County community, the opportunities of expanding towns of Silverthorne and Dillon, and the impacts of world-class resorts on a community. You can reach out to him or any members for insights into commercial real estate deals and investments across Western Colorado.