Dunton Commercial Closes on Two Retail Properties
Dunton Commercial, a privately held commercial real estate investment company located in Greenwood Village, recently acquired two retail properties in Colorado, in two separate transactions.
In a joint venture partnership with CentrePoint Properties, Dunton Commercial recently closed on the acquisition of Bowles Marketplace, a 155,000-square-foot neighborhood retail center in Littleton. The purchase price was $30.25 million, making it one of the largest Denver retail transactions in the last few years. The cap rate was 7.85 percent. The property was 93 percent occupied at acquisition. Tenants include ARC Thrift Store, Chuze Fitness, Sherwin Williams, O’Reilly Auto Parts, Plato’s Closet, and more.
“Bowles Marketplace has an attractive mix of resilient tenants whose businesses are essential services and retail goods to the surrounding community. The exceptional demographics and density in the area provide for long-term stability for this type of retail center” said Nate Melchior, principal of Dunton Commercial.
“We were able to acquire Bowles Marketplace at a very attractive going in cap rate. That, combined with a competitive debt market will provide good cash flow out of the gate,” said Tucker Manion, founder and president of Centrepoint.
Jon Hendrickson with Cushman Wakefield represented the seller in the transaction. There was no buyer-broker involved.
In partnership with Midtown National Group, Dunton Commercial also recently acquired The District, a mixed-use retail/office property in Lafayette, for $9.7 million. The center is a 53,322-square-foot 100 percent occupied by 10 tenants. Tenants include Button Rock Bakery, Front Range Brewing Company, Basecamp Co-working, Flatirons Community Church, Subway, and more.
“We were able to acquire the property for a very attractive cap rate, and well below replacement cost. In addition, the in-place tenants have very complimentary business and provide synergies to one another. Lafayette continues to see very strong growth in population, housing, and workforce, adding to our excitement for this acquisition”
Scott Crabtree with The Colorado Group represented the seller.
Dunton will continue to seek value-add and stable acquisition opportunities all along the front range of Colorado.