Tom Secrist becomes independent from Atomic Cowboy.
Mr. Secrist, 64, sold the biscuit, beer and pizza spot for $3 million, leaving the restaurant group’s headquarters in a residential-turned-office building around the corner at 1515 Adams St. Also sold.
“It feels great,” Secrist said of the game ending. “That doesn’t mean I quit my job…Maybe I’ll come back to fix up the house and put electricity on…that what I did will help improve the selection of goods on the street. I just hope.” Retail stores and restaurants are over. ”
Required Properties broker Justin Brockman said he listed the space in August and was under contract by the first week of September. The buyer, Li H Xu, purchased the 3,200-square-foot restaurant and 2,500-square-foot office as an investment.
“Anyone who owns property in East Colfax should consider selling…It seems like an isolated market with a lot of demand from investors,” Brockman said.
The lease for Atomic Cowboy’s former restaurant is scheduled to expire in 2033, according to listing documents. The Colfax space is where the business first opened in 2004, in a corner unit of a larger retail building. Currently, they pay just over $40 per square foot a year for retail space and half that amount for office space.
However, this was not always the case.
“Especially 25 years ago, I thought this area was missing something that would serve the community,” said seller Sechrist, about why he bought the property in the first place.
Sechrist bought the retail condominium and home with a friend in July 2000 for $390,000. At the time, the retail space included a store that sold musical organs, and the house was occupied by a rotating group of young men.
Atomic Cowboy’s headquarters are located at 1515 Adams Street, just off Colfax. (Providing required properties)
A few years later, when the tenants moved out, they renovated the retail space and built it into a restaurant. This caught the attention of Robert Thompson, who later launched Punchbowl Social, an Eatatainment brand.
Thompson started Atomic Cowboy in this space, but current CEO Drew Shader quickly replaced him at the helm.
“When they opened Cowboy, it was a bar that served so-so food,” Secrist said. “But once Drew came on board, we created three revenue streams in less than 3,200 square feet.”
Since then, the concept, which includes pizza brand Fat Sally’s and Denver Biscuit Company, has expanded to seven locations in Colorado, including one in Colorado Springs and Golden, and two in Kansas City.
Mr. Secrist is selling his East Colfax portfolio. Earlier this year, he sold 3401-3421 E. Colfax Ave., which includes the neighborhood bar Middleman and restaurant Q House. He still has one property for sale – 3221 E. Colfax Ave. – a unit on the other corner of the building where Atomic Cowboy is located. It is now a hair salon. The property is listed for $550,000.
One of the winners of this deal is a friend with whom I bought a property 24 years ago. He paid $80,000 for a 30 percent stake in the property. Last week, he took home $661,000 at the end of the deal, Secrist said.
“He’s a good friend and I just brought him in because I wanted a little action. I’ve never regretted it,” he said.
Sign up for the Economy Now newsletter for more business news.
