Broadway’s Hornet is listed for sale, and its space for lease
The Hornet Restaurant in Denver Faces Uncertain Future
Located on Broadway, The Hornet, a popular 30-year-old restaurant, is facing potential closure or relocation.
Last week, the 5,700 square feet space occupied by the eatery was listed for lease online. Additionally, the business has been up for sale for several months, as indicated by a marketing brochure obtained by BusinessDen.
Recent changes in ownership have added to the uncertainty surrounding The Hornet’s future. The building was sold for the first time in 29 years at the end of May.
Owner Sean Workman commented, “I have had discussions with the new property owners but at this time, I am unable to comment any further.”
The restaurant currently has two years left on its lease with the option to renew for five more years. Efforts to sell the business have been led by John Livaditis of Axio Commercial Real Estate and broker Paul Cattin of Platinum CRE.
The lease listing, managed by Cattin, offers the space for $37 per square foot, totaling $17,575 per month. However, additional expenses such as taxes and insurance are not included. The recent property sale may lead to higher property taxes being passed on to tenants.
Cattin expressed the hope of keeping The Hornet operational or at least maintaining a restaurant in the space. Workman is reportedly weary of the rising costs of operating in Denver.
New landlord 76 N Broadway LLC acquired the property for $3.3 million in May, with Tyrone Rocque stating that The Hornet was a significant factor in the purchase.
Despite the challenges, Rocque declined to provide further comments on the situation. The listing also includes two office spaces on the building’s second floor for lease.
