Quebec Village Shopping Center, a 125,000-square-foot shopping center located at 8223 South Quebec Street in Centennial, has been sold to Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, for $31 million. The acquisition represents CRC’s second retail center in the greater Denver area, joining Thornton Town Center, a 266,000-square-foot center purchased by CRC earlier this year.
CBRE’s Brad Lyons represented the seller, Kensington Development Partners, in this transaction.
“Quebec Village Shopping Center presented the rare opportunity to acquire an irreplaceable asset in a high-barrier Denver retail corridor at a significant discount to replacement cost,” said Josh Dinstein, CRC’s co-chief investment officer. “Denver is a top MSA featuring nearly three million residents and, with more than 43,500 square feet of space currently available for lease, there is tremendous optionality to significantly transform the tenant roster and add substantial long-term value. Adding a second asset locally in the Denver submarket creates operational efficiencies and strengthens our regional leasing relationships.”
The center also includes a 43,000-square-foot space leased to Amazon Grocery that is currently dark, providing additional long-term flexibility as the property’s tenant mix evolves.
Built in 1988 Quebec Village Shopping Center is situated at the signalized intersection of S Quebec Street (more than 25,000 vehicles per day) and E County Line Road (more than 32,000 vehicles per day). Located within the Park Meadows trade area, the shopping center is near national retailers such as The Home Depot, HomeGoods, IKEA, Ross Dress for Less, Sam’s Club, and Walmart. Current tenants include national brands such as Chase Bank, GNC, and Starbucks Coffee.
“The vacant anchor space gives us an opportunity to introduce new uses that complement the existing tenants and serve the Centennial community,” said Kristina O’Keefe, SVP, retail operations. “Our in-house leasing team will draw on CRC’s retail relationships to attract a mix of retailers, restaurants and service providers that gives people more reasons to visit Quebec Village Shopping Center.”
According to Placer.ai, a third-party research group that tracks consumer visits, foot traffic at the Starbucks Coffee at Quebec Village Shopping Center ranks in the 98th percentile in Colorado. More than 230,000 people live within a five-mile radius, and the daytime population includes nearly 220,000 workers, including those at the nearby Denver Tech Center. According to data research company Esri, household growth is expected to grow more than 5.4 percent and median household income is predicted to grow more than 14 percent over the next five years. The Denver MSA ranks among the top 20 U.S. metropolitan areas by population.
Since the start of 2021, CRC has acquired approximately $1 billion worth of retail real estate.
