ARVADA – A 56,000-square-foot retail shopping center located on 5.85 acres in Arvada has sold for $17.5 million. Armstrong Capital Development, LLC (“ACD”), a Denver-based private equity real estate investment, development and management company, purchased the property, know as Arvada Connection, from Walton Street Capital in May. Brad Lyons and Matthew Henrichs of CBRE represented ACD in the transaction.
Located at 5220 Wadsworth Boulevard, Arvada Connection becomes ACD’s second retail undertaking along the Front Range in recent months, following on its December acquisition of Sand Hill, a ten-acre Class A retail center currently under construction in Colorado Springs. Arvada Connection further expands ACD’s growing portfolio of retail centers while advancing its strategy of acquiring well-located, e-commerce resistant assets that provide a compelling balance of reliable income and additional development opportunities.
“We are very pleased to have invested into the Arvada market, an area that was particularly attractive to us owing to its strong demographics, exceptional growth and commercial vitality,” said Jarrett Armstrong, partner at ACD. “In Arvada Connection, we immediately recognized an outstanding fit with our investment approach. From location and access to quality of tenancy and overall performance, it checks every box.”
Arvada Connection is currently 95 percent leased to a stable of national tenants including Chick-fil-A, Chase Bank, Taco Bell, IHOP and Sherwin Williams, in addition to a diverse complement of local and small-shop community-oriented and personal service retailers. Situated at a high-profile intersection fronting the Wadsworth Boulevard commercial corridor, the center benefits from strong visibility to more than 80,000 vehicles per day and enviable proximity to neighboring major retail drivers including Costco, Sam’s Club, Home Depot and Lowe’s.
ACD intends to refresh the center with upgraded site work, improved monument signage and unified artistic enhancements.
“We are well-positioned to leverage our resources to realize the full potential of this acquisition, and have high expectations for this property going forward,” Armstrong said.
ACD funded the acquisition of Arvada Connection through its ACD 2017 Fund, LP investment vehicle.