CenterSquare Acquires Essential Service Retail Property North Bear Crossing
CenterSquare Investment Management has acquired North Bear Crossing—a 31,871-square-foot Essential Service Retail property (ESR) in Lakewood—for $10.35 million, according to a special warranty deed filed in Jefferson County.
The property encompasses 2585, 2589, 2595, and 2599 S. Lewis Way, at the signalized hard corner of Kipling Parkway (SR-391) and Morrison Street (SR-8), with excellent visibility to more than 55,000 VPD. The property is currently 86% occupied, with 40% of the tenant mix comprising national operators including Sports Clips, Domino’s, KFC/A&W, Moes BBQ, and F45.
“This investment aligns with our strategy to target unanchored, high-quality Essential Service Retail centers in strong demographic submarkets,” says a CenterSquare representative. “This acquisition marks CenterSquare’s third ESR investment in the Denver MSA and 61st nationally.”
Cushman & Wakefield Facilitates Sale of Sundance Plaza in Steamboat Springs
Cushman & Wakefield announced that the real estate services firm has arranged the sale of Sundance Plaza, a multi-tenant mixed-use retail and office property located at 225 Anglers Drive in Steamboat Springs.
Cushman & Wakefield’s Jon Hendrickson, Aaron Johnson and Mitch Veremeychik represented the seller, Brinkman Real Estate, in the transaction. The property was acquired by a Denver-based private REIT for an undisclosed amount.
“The sale of Sundance Plaza is a continuation of the demand for retail properties in supply constrained, high barrier to entry markets,” said Hendrickson. “The property generated substantial registrations and letters of intent from a diverse buyer pool, giving the seller the choice of selecting a purchaser that is passionate about the Steamboat community and will work to improve the asset.”
Sundance Plaza is a well-established retail center with complementary office suites. The property shares a drive lane with a Safeway grocery store and is currently 98% occupied. The center has abundant parking and excellent visibility from Highway 40, further contributing to its long-term viability as a retail destination.
The LeClaire-Schlosser Group of Marcus & Millichap Arranges the Sale of IN Self Storage in Estes Park
The LeClaire-Schlosser Group of Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of IN Self Storage, a 20,751-square-foot storage facility located in Estes Park.
Thomas Parsons, senior director of investments, Adam Schlosser, senior managing director of investments, and Charles “Chico” LeClaire, executive managing director of investments, in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a local LLC.
“Colorado mountain towns continue to be a desirable place for self-storage buyers because of the strong existing rents and barriers to entry limiting new competitors,” commented Parsons about the deal. The buyer was Ludlow Property Group, a Colorado-based self-storage investment group buying their 11th facility.
The property sits on around 1.88 acres of land, was initially constructed in 1978 and subsequently expanded in 1991. It contains eight single-story self-storage buildings with 175 non-climate-controlled drive-up units and seven outside parking units. The property is remote-managed and has many amenities, including a perimeter fence, electronic gated entry with a digital keypad at both the entrance and the exit, a leasing room with a kiosk and computer screen, security camera surveillance throughout the facility, asphalt driveways, and metal roll-up doors throughout.
Pinnacle Announces Sale of Multitenant Retail Investment in Lone Tree
Pinnacle Real Estate Advisors, LLC announced the successful sale of an 8,038-square-foot multi-tenant retail investment property located at 9447 Park Meadows Drive, Lone Tree. The property sold for $3 million.
Pinnacle brokers Cody Stambaugh, Elizabeth Morgan, and Kyle Moyer, represented the seller, Park Meadows and Merchants LLC, in the transaction. Kaufman Hagan Broker, Ryan Floyd and Investment Advisor, Colby Constantine represented the buyer.
Located in the Entertainment District of Lone Tree, the property is fully occupied by three long-term tenants, each with five or more years remaining on their leases.
“9447 Park Meadows Drive has officially sold after years of being on and off the market. The previous owners, who managed the property remotely from California, were hands-on in repositioning the investment for a 2025 sale. The new buyers acquired the asset through a 1031 Exchange and are stepping into a strong position with extended leases, a med spa tenant out of Las Vegas set to open by the end of 2025, and significant redevelopment plans proposed in The Lone Tree Entertainment District,” said Cody Stambaugh, senior advisor at Pinnacle Real Estate Advisors.
Lee & Associates Denver Leases 91,744 SF Industrial Space in Aurora
Lee & Associates announced the successful lease of a 91,744-square-foot industrial space located at 3700 N Windsor Drive, Suite 300, Aurora, 80011.
Lee & Associates Denver’s Ron Webert represented the tenant, Novelty Lights LLC, in the transaction.
After performing an exhaustive search for a new distribution center, looking in both the Southern and DIA markets, Novelty chose to relocate operations to Aurora.
“The economics of the transaction, and a more efficient distribution location, were the catalysts to Novelty’s decision to relocate from their current facility in Centennial,” explained Webert. “There were many great options to analyze in the DIA market, but the decision to locate in the Majestic Commercenter Park came down to the maturity of the 1,600-acre park, nearby amenities, and the reputation/experience of the Landlord.”
“We’re proud to be growing in Denver with a new building that nearly doubles our space. This expansion allows us to broaden our services and provide even more value to the community we’ve had the privilege to lead for 25 years,” said Jim Hardaway, COO of Novelty Lights.
Corner Retail Space in West Highland Just Leased
Kaufman Hagan announced the lease execution of 3641 W 32nd Ave, Denver, 80211. Kaufman Hagan Broker, Amanda Weaver represented the Landlord in successfully leasing out this retail space to the iconic Wax Trax.
Located on a prime corner lot in the heart of Denver’s West Highlands, 3641 W 32nd Ave will offer its new tenant a highly visible and versatile commercial space in one of the city’s most dynamic neighborhoods.
“Excited to share that Wax Trax is coming to the West Highlands! I represented the landlord in a 10-year lease at 3641 W 32nd Ave for this legendary Denver record store. Wax Trax has been a staple in Denver’s music scene for decades, and now it’s bringing that same energy to one of the most vibrant neighborhoods in the city. The West Highlands has a creative, local feel, and Wax Trax will make the perfect fit! This truly is my favorite neighborhood to work in. So far, I’ve placed two tenants on this thriving retail street, and I have two more prime locations available on W 32nd for the right concepts. It’s been so rewarding to play a small part in helping the neighborhood grow, change, and evolve while staying true to its local character,” says Amanda Weaver, broker, Kaufman Hagan Commercial Real Estate.
