Grocery-Anchored Retail Center on Federal Blvd Fetches $14.9M
Brentwood Center, a 33,494-square-foot retail shopping center consisting of eight buildings on 13.36 acres in Southwest Denver, has sold for $14.9 million. According to CoStar, Brentwood Center is the largest retail property to sell in Denver this year and the largest since 2016.
The property is located at 1951, 2095, & 2099 South Federal Boulevard and 2000 South Hazel Court in Denver, and spans from Jewell Avenue to Evans Avenue along Federal Boulevard at the entrance to the Harvey Park neighborhood.
The property was approximately 84 percent leased by 30 tenants at closing and is anchored by a Save A Lot grocery store and includes other large tenants such as Family Dollar, Burger King, and Aaron’s.
Justin Krieger, principal at Pinnacle Real Estate Advisors, LLC represented the seller, a Denver-based partnership, and procured the buyer, a Denver-based private investor, in the transaction.
“Despite fears about COVID’s effect on retail, the demand for this asset was extremely strong. Investors who understand the durability of grocery-anchored centers occupied by daily needs tenants aggressively pursued this opportunity, and we received multiple offers from around the country from both traditional retail investors as well as developers who saw the opportunity to control a large infill site along three major corridors.” said Krieger.