Cushman & Wakefield has arranged the $13 million sale of Leetsdale Marketplace, a 111,669-square-foot grocery-anchored retail center located at 7150 Leetsdale Drive in Denver.
Cushman & Wakefield’s Jon Hendrickson and Aaron Johnson represented the seller, Legacy Capital Partners, in the transaction. The property was acquired by a partnership led by Citivest Commercial.
“Leetsdale Marketplace is a center with an efficient layout, located in the center of Denver’s infill density. Those characteristics alone generate investor demand, but the obvious value add opportunities take demand to a new level,” said Hendrickson. “Grocery anchored, with leasing efforts underway for two additional junior box traffic generators, Leetsdale Marketplace is quickly returning to a vibrant, productive center in a short period of time.”
Originally constructed in 1992, the Property is arranged in an efficient “L” shaped angled layout with all storefronts facing Leetsdale Drive or Quebec Street. The center benefits from the topography with visibility from all angles at street level, and robust combined traffic counts of 74,000 vehicles per day at the intersection.
The center is currently 59% leased to 18 tenants. Save A Lot grocery is positioned as the anchor tenant, but offers significant upside should they ever vacate due to the gross lease structure and the limited target market they serve.
