California-based real estate agency Gerrity Group has acquired Arvada Marketplace at 7370 West 52nd Avenue in Arvada.
Mark McGovern, Brian Cruz, and Morgon Fraser with CBRE Capital Markets’ Debt and Structured Finance team in San Diego, secured the acquisition financing for a 5-year term at a fixed rate.
“This is a strategic location for owning a regional shopping center in the Denver metro because of the traffic numbers and population growth,” said McGovern, senior vice president at CBRE. “We leveraged our extensive network of financial institutions and private investors to tailor a financing package that aligns Gerrity’s goals.”
Arvada Marketplace is a grocery-anchored shopping center located in a prime area as the closest regional shopping destination to downtown Denver and the cities of Arvada and Wheat Ridge. The property runs parallel to Interstate 70 and near the Wadsworth Blvd. interchange, establishing itself as one of the dominant retail nodes in the Denver metro.
The 284,637-square-foot regional center features a mix of national and local tenants, including Sam’s Club, Michaels, Ulta Beauty, and Five Below. At the time of the acquisition, the property was at 96.9% leased occupancy. There is currently 8,827 square feet of space available to lease.
As a vertically integrated owner and operator, the Gerrity Group team comprises experts in leasing, operations, finance, project management, and asset management. Gerrity also owns Aspen Grove and Jefferson Marketplace in Littleton, Highpoint Marketplace in Aurora, and Shops at Broadview in Englewood.
