$13 Million Sale of Creekside Shopping Center Latest Positive Sign for West Colfax Retail Market
Denver, CO – CBRE Group, Inc., recently announced the $13 million sale of the Creekside on Colfax retail center located at 1692 Wadsworth Boulevard and 7475, 7355 and 7205 West Colfax Avenue in Lakewood, Colorado. Brown and Associates of Westminster, Colorado, purchased the 43,863-square-foot multi-tenant center, which is shadow anchored by a national grocery and discount retail chain supercenter. Matthew Henrichs and Brad Lyons, both of CBRE’s Denver Retail Investment Properties, represented the seller, CPP Creekside at Colfax of Santa Monica, California. The property sale closed March 23, 2016.
“Amid the significant improvements happening recently along West Colfax, the sale of Creekside on Colfax presented an excellent investment opportunity for a strategic buyer,” said Matthew Henrichs, first vice president, CBRE Denver Retail Investment Properties. “Spanning Sloan’s Lake to Wadsworth Avenue, the West Colfax corridor is beginning to attract capital willing to make a significant investment in the area.”
Built in 2006, Creekside on Colfax includes four multi-tenant buildings over 5.4 acres. Tenants are a mix of restaurant, retail and service offerings including Chipotle, Payless ShoeSource, GNC, Jimmy John’s, GameStop and T-Mobile. The property was 87.5 percent leased at the time of sale.
Located at the northeast corner of West Colfax Avenue and Wadsworth Boulevard, more than 30,000 vehicles pass Creekside on Colfax each day. The retail center is five miles from downtown Denver, and the newly opened Lakewood-Wadsworth RTD Station is just one block south. More than 138,000 people reside within a three-mile radius of the shopping center.
Photo courtesy of CBRE