CBRE Completes $3.95 Million Sale of Centennial Retail Center
Denver, CO – CBRE Group, Inc., recently announced the $3.95 million sale of the retail center located at 8006 East Arapahoe Road in Centennial, Colorado. BS Property Investments of Denver purchased the 14,121-square-foot, seven-tenant property in a sale that closed April 1, 2016. Matthew Henrichs and Brad Lyons, both of CBRE’s Denver Retail Investment Properties, represented the seller, Arapahoe 8006, LLC, of Centennial, Colorado.
“Investor interest in the retail center at 8006 East Arapahoe was driven by the property’s high visibility and high barrier-to-entry location in one of South Denver’s top demographic trade areas,” said Matthew Henrichs, first vice president, CBRE Denver Retail Investment Properties. “Astute buyers were willing to pay a premium to acquire a fully leased, cash-flowing, multi-tenant shopping center of this caliber.”
Built in 1998, 8006 East Arapahoe sits on 0.76 acres. Current tenants are a mix of retail and service offerings, including Doctors Express Service Group, Alpha Bicycle, Darque Tan, Impressive Cleaners & Laundry and Pup E Luv Dog Grooming. The property was 100 percent leased at the time of sale.
The site is located on East Arapahoe Road between South Quebec Street and South Yosemite Street—minutes from the Denver Tech Center and less than 15 miles from downtown Denver.
“The East Arapahoe corridor has long been one of the most-coveted infill commercial trade areas in the Denver metro area,” added Henrichs. “With traffic counts along East Arapahoe Road in excess of 45,000 vehicles per day, 237,000 day-time employees within a five-mile radius and 86,000 residents living within a three-mile radius, the site points toward long-term value appreciation.”
Photo courtesy of CBRE