The two owners of a West Wash Park coworking space have sold its building, and one is buying the other out of the business itself.<\/p>\n
Travis McAfoos and Chris Fulenwider, operating as 66S LLC, received $5 million last week for the building at 66 S. Logan St., according to public records.<\/p>\n
The buyer was 66 S Logan LLC, which lists an office address corresponding to a home in Belleair Beach, Florida. Yu Xiahou and Kyle Lee Johnson are managing members of the entity, according to loan documents. Security Service Federal Credit Union provided financing.<\/p>\n
McAfoos and Fulenwider fashioned Alchemy Creative Workspace out of a structure that was originally a grocery store, opening the coworking space in 2017. McAfoos said the building, which sports a barrel roof, is about 12,000 square feet.<\/p>\n
\u201cIt\u2019s a little gem within the city,\u201d McAfoos said.<\/p>\n
Prior to being fixed up by the pair, part of it was a cabinet showroom. But at least half was used for storage, according to Fulenwider.<\/p>\n
\u201cThere was definitely a higher and better use for it,\u201d he said.<\/p>\n
The pair also built a three-story apartment building to the south, considering both structures to be part of one development. They tried to sell both to one buyer, but ended up selling the apartment building separately for $16.2 million in 2020.<\/p>\n
\u201cThe timing then wasn\u2019t very conducive to coworking spaces in general,\u201d Fulenwider said. \u201cIt was the heart of the pandemic.\u201d<\/p>\n
McAfoos and Fulenwider continue to own the Alchemy coworking business itself, which McAfoos said has bounced back after being \u201cvery slow during COVID.\u201d But the business will have a sole owner soon. Fulenwider said he\u2019ll be buying McAfoos out around the end of the year.<\/p>\n
Asked why the business gave itself a landlord, Fulenwider responded: \u201cIt was just the right move for our investors.\u201d<\/p>\n
Earlier this month, McAfoos and another partner purchased the El Rancho property in Evergreen out of bankruptcy, tapping chef Frank Bonanno to revive the restaurant there. McAfoos also plans to develop a residential project in Cherry Creek, having successfully gotten the property rezoned in September.<\/p>\n