New owner converting former South Gaylord bike shop into office

singletrack ext

The Singletrack Factory closed in September after 20 years. (Kate Tracy)

A former bike shop along Washington Park’s South Gaylord retail strip has sold to an owner who wants to redevelop the property into office space.

Martorello Holdings LLC purchased 1005 S. Gaylord St. in February for $1.4 million, according to county records.

The property near the corner of Gaylord Street and Tennessee Avenue was previously home to The Singletrack Factory, which closed in September after 20 years.

The site was then listed by Brett MacDougall with Unique Properties for $1.5 million. Singletrack owner Brian Isakson had purchased the property in 1999 for $400,000.

The lot comprises 0.1 acres, according to property records.

Martorello Holdings LLC was registered by Raphael Martorello, managing partner at Denver-based financial services firm LotusGroup Advisors, according to state records.

Martorello declined to comment, but a project concept plan submitted to the city show LotusGroup wants to renovate a one-story building at the rear of the lot and connect it to a new two-story structure that would be built along Gaylord Street.

The firm would use the buildings as office space, according to the plan.

LotusGroup Advisors has offices at 201 Milwaukee St. It provides wealth management consulting for business owners and individuals.

The retail and office strip on S. Gaylord has undergone several recent changes. Ice cream shop Frozen Matter opened there in December 2017, and Luxe Interiors & Kitchens followed earlier this year. Meanwhile, Flirt Salon closed last September.

singletrack ext

The Singletrack Factory closed in September after 20 years. (Kate Tracy)

A former bike shop along Washington Park’s South Gaylord retail strip has sold to an owner who wants to redevelop the property into office space.

Martorello Holdings LLC purchased 1005 S. Gaylord St. in February for $1.4 million, according to county records.

The property near the corner of Gaylord Street and Tennessee Avenue was previously home to The Singletrack Factory, which closed in September after 20 years.

The site was then listed by Brett MacDougall with Unique Properties for $1.5 million. Singletrack owner Brian Isakson had purchased the property in 1999 for $400,000.

The lot comprises 0.1 acres, according to property records.

Martorello Holdings LLC was registered by Raphael Martorello, managing partner at Denver-based financial services firm LotusGroup Advisors, according to state records.

Martorello declined to comment, but a project concept plan submitted to the city show LotusGroup wants to renovate a one-story building at the rear of the lot and connect it to a new two-story structure that would be built along Gaylord Street.

The firm would use the buildings as office space, according to the plan.

LotusGroup Advisors has offices at 201 Milwaukee St. It provides wealth management consulting for business owners and individuals.

The retail and office strip on S. Gaylord has undergone several recent changes. Ice cream shop Frozen Matter opened there in December 2017, and Luxe Interiors & Kitchens followed earlier this year. Meanwhile, Flirt Salon closed last September.

This story is for our paid subscribers only. Please become one of the thousands of BusinessDen members today!

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

POSTED IN Commercial Real Estate

Editor's Picks

Leave a Reply

Your email address will not be published. Required fields are marked *