CBRE Completes $4 Million Sale of Centennial Retail Center
Denver, CO – CBRE Group, Inc. recently arranged the $4 million sale of the 7,734-square-foot Class A multi-tenant retail property located at 6583 South Parker Road in Centennial, Colorado. Matthew Henrichs and Brad Lyons of CBRE Capital Markets, National Retail Partners, represented the seller, Kelmore Development of Centennial, Colorado. The buyer, a private capital investor out of Denver, purchased the property in a sale that closed Feb. 10, 2017.
“6583 South Parker Road was an attractive investment opportunity for a number of reasons, including its new construction and desirable location within an area with high barriers to entry and strong retail tenant demand,” said Mr. Henrichs, senior vice president, CBRE. “A property of this caliber aligned well with the activity we are seeing from private investors who are seeking out small format ‘A’ quality retail centers as a way to diversify their portfolio holdings.”
Built in 2016, the single-story retail center is 100-percent leased to four national retailers: Carpet Depot, Jersey Mike’s® Subs, Nationwide® insurance and Saj® Mediterranean Grill. The property sits at the intersection of South Parker Road and Arapahoe Road, one of the busiest non-interstate intersections in the state of Colorado with more than 128,000 vehicles per day.
“The state recently made a significant investment in redesigning the intersection of South Parker Road and Arapahoe Road to accommodate the high traffic volumes. Today access to the area is dramatically improved, and with its proximity to both the Denver Tech Center and the growing town of Parker, nearly every top-tier national retailer has a presence nearby,” added Mr. Henrichs.
Image courtesy of CBRE