Colfax’s latest commercial deal is coming at a steep discount.

Bourbon Square LLC purchased a 23,000-square-foot mixed-use building at 1201 E. Colfax Ave., plus the neighboring 6,100-square-foot parking lot at 1502 N. Marion St., for $2 million last week, according to public records.

That’s 68% less than the $6.25 million the seller, Colfax & Marion LLC, paid for it in 2018. That entity is affiliated with The Quiat Cos., a Denver-based real estate and oil and gas investor. No one from the firm responded to a request for comment.

The buyer, Bourbon Square, is an entity managed by Unique Properties CEO Sam Leger. He took out a $1.9 million loan on the property from Central Trust Bank, records show. Leger did not respond to a request for comment.

The three-story building has some vacancy.

It was home to longtime bar Irish Snug, which closed in 2022 after an 18-year run. The Snug was replaced by Crazy Horse Kitchen and Bar, which has also since shut down, along with nightclub Show Pony on the building’s Marion Street side. A barber shop space next door has been empty for a year or two, Google maps data shows.

Some retail has returned to the building recently, though. A banh mi spot opened in the corner unit of Colfax and Marion in February, replacing a Thai joint that left the month before.

Leger has been working on another project nearby — a redevelopment of the Esquire Theatre at 590 Downing St., about nine blocks to the south. He purchased the building with a partner in 2021, and is turning it into a mix of office and retail/restaurant space.

— Matt Geiger, BusinessDen