CBRE Completes $12.7 Million Sale of Serenity Ridge Marketplace Retail Properties in Aurora
Denver, CO – CBRE Group, Inc. recently announced the sale of more than $12.7 million worth of retail assets located in the Serenity Ridge shopping center in Aurora, Colorado.
A 23,801-square foot in-line retail center located at 25791 East Smoky Hill Road sold for $9.9 million on Sept. 1, 2016. The seller was Evergreen Development of Denver, who completed construction on the retail development last year. Matthew Henrichs and Brad Lyons of CBRE’s Retail Investment Services in Denver represented the buyer, a confidential California-based private capital investor.
Earlier this summer, the same buyer, represented by CBRE’s Henrichs and Lyons, purchased the 4,055-square-foot standalone Kneaders Bakery & Café located within the same development for $2.86 million. CBRE also represented the seller in the property sale, which closed July 29, 2016.
“These Serenity Ridge Marketplace transactions are hallmark examples of what is driving the continued inflow of west coast private capital to the Colorado retail market,” said Mr. Henrichs, first vice president, CBRE Capital Markets, Denver Retail Investment Properties. Working with his partner Mr. Lyons, 65 percent of the 82 unique buyers they have transacted with since 2011 have been based outside of Colorado.
“Outside investors are on the hunt for high-quality assets that can offer a yield premium to coastal markets,” added Mr. Henrichs. “Brand new, Class A retail developments like Serenity Ridge with its roster of long-term, triple-net leases and adjacent Kneaders Bakery & Café is just the type of investment to complement their portfolios.”
Built in 2015, Serenity Ridge is shadow-anchored by a 120,000-square-foot newly constructed King Soopers Marketplace. The in-line retail center was 100-percent leased at the time of sale to a diverse mix of tenants, including Subway, Papa Murphy’s, Pacific Dental Services, Supercuts and Serenity Dry Cleaners.
Also newly developed, Kneaders Bakery & Café sits adjacent to the in-line center at 25771 East Smoky Hill Road. The location opened May 2016. Its master franchisee, Four Foods Group, has appeared annually over the past five years on the Inc. 500 or Inc. 5000 list of America’s fastest-growing companies. They currently operate 37 Kneaders Bakery & Cafes across Colorado, Utah and Arizona with plans to reach 57 restaurants by the end of 2017.
The shopping complex is located at the southwest corner of East Arapahoe Road and East Smoky Hill Road in the southeast Denver submarket of Aurora.
Image courtesy of CBRE