Transactions Report Week of 03.26.18
CBRE Completes $5M Sale of Pueblo West Marketplace
CBRE announced the $5 million sale of the 30,085-square-foot Pueblo West Marketplace located at 1021 North Market Plaza in Pueblo West. Matthew Henrichs, Parker Brown and Brad Lyons with CBRE Capital Markets, National Retail Partners, represented the seller, Riverbend Developers LLC of Denver.
“Investors are increasingly looking for retail properties that offer durable cash flow with tenant rosters that are resistant to e-commerce. Sitting next door to a Safeway grocery and offering a tenant line-up that includes a mix of food and service-oriented retailers made Pueblo West Marketplace particularly attractive. Investors also liked its location as many are trying to enhance their real estate portfolios with properties in secondary markets,” said Matthew Henrichs, Senior Vice President, CBRE.
Built in 2000, Pueblo West Marketplace is a single-building, in-line retail strip center fully leased to 12 tenants, including Dollar Tree, H&R Block, T-Mobile, Supercuts, Papa John’s and Pueblo West Veterinary. The property is part of a larger retail destination that includes a Safeway grocery, Safeway Fuel and several pad site retailers.
“The mix of retailers at this destination—from restaurants and grocery to automotive and professional services—creates a lot of opportunity for crossover shopping and helps to drive daily traffic to the center. In fact, the majority of retailers located at Pueblo West Marketplace have been in place for more than a decade—a great testament to the strength of the property,” added Parker Brown, Associate, CBRE.
Pueblo West Marketplace is located at the intersection of Highway 50 and North Purcell Boulevard in the heart of Pueblo West, about 20 minutes west of Pueblo, and 45 minutes south of Colorado Springs.
M&J Wilkow, MetLife Buy Shopping Center in Metro Denver
M&J Wilkow Ltd., along with MetLife Investment Management, has acquired The Southlands, a retail center located in southeast Aurora. Southlands is the third retail center co-owned by M&J Wilkow and MetLife.
Developed in 2005, the 1.7 million-square-foot complex features retail and office space. Tenants include AMC Theatres, Dick’s Sporting Goods, H&M, Bed Bath & Beyond, Barnes and Noble, Ross Dress for Less, Ulta Beauty and Best Buy. Additionally, the center consists of a traditional power center component, an open-air lifestyle component (known as the Town Center) with fashion, food and entertainment and office space totaling more than 917,000 square feet.
NavPoint Real Estate Group’s Sells Office/Retail Building in Denver for $9.5M
NavPoint Real Estate Group announced the sale of a 77,339-square-foot office/retail building at 5353 W. Dartmouth Avenue in Denver. John Witt, Matt Call and Matt Kulbe of NavPoint Real Estate Group represented the seller, Express Commercial, LLC. Ken Voss of Re/Max Commercial represented the buyer, DJCB, LLC.
Pinnacle Real Estate Advisors, LLC announced the sale of 1220 Allison Street located in Lakewood. The 8,837-square-foot multifamily building sold for $1.77 million ($200 per square foot). Principal Kevin Calame represented the buyers Bannock Street Holdings, LLC, E&K Investing, LLC, and T&R Investments, LLC. Principal Matt Lewallen represented the seller 1220 Allison St, LLC.
- Pinnacle also announced the sale of 1571 North High Street in Denver. The 4 unit Victorian mansion for $1,705,000 ($426,250 per unit; $457.24 per square foot). Erik Toll and Jules (JB) Hochman represented the seller, a development group based out of Boulder. Brent Hubbell represented the buyer.
Marcus & Millichap announced the sale of 7-Eleven, a 3,070-square foot net-leased property located at 7451 S Gartrell Rd in Aurora. The asset sold for $3,495,000. The buyer, a limited liability company, was secured and represented by Jamie Medress, Mark Ruble and Scott Ruble investment specialists in Marcus & Millichap’s Phoenix office. Regional Manager Bob Kaplan assisted in closing this transaction.
- Nexus Commercial Real Estate has arranged the sale of Glenview Apartments, a multifamily property located at 16300 R. Colfax Avenue in Denver. Odgen Park Town Homes sold the property to 16300 Colfax Avenue Holdco LLC for $4.5 million. Jason Koch of Nexus represented the seller and buyer in the deal.
ARA Newmark announced The Lofts on College in Boulder sold for $18.1 million, located at 1350-1354 College Avenue. The 13 units sold for about $1.4 million per unit.
ARA also announced Westend, a LoDo apartment complex located at 3500 Rockmont Drive, sold for $128.7 million. This garden-style community has 390 units located on 11.6 acres.