A joint venture partnership between Dunton Commercial LLC and Centre Point Properties closed today on the acquisition of Westminster Plaza, a 98,975-square-foot retail center located in Westminster, for $20.1 million. According to Costar, the seller was Slate Asset Management.
Westminster Plaza was 95 percent leased to a diverse tenant base at the time of acquisition, some of which include Vasa Fitness, Chipotle, Buffalo Wild Wings, Dunkin Donuts, and Rent-A-Center.
The partnership continues to remain bullish on neighborhood retail assets in the Denver metro area and is excited to add to its existing portfolio of ownership within the market.
“This is an incredibly stable retail asset with great fundamentals. We were able to take advantage of the uncertainty in the market and acquire this asset at an attractive basis. In addition, our debt terms have been locked in for over two months, giving us an even greater advantage relative to the market.” Nate Melchior, principal Dunton Commercial LLC.
Brad Lyons and Matt Henrichs with CBRE’s National Retail Partners represented the seller in the sale.
According to CBRE research, overall retail sales volume in Metro Denver totaled $365.8 million in Q3 2022, pushing the YTD total to $1.3 billion.
