Grocery-Anchored Shopping Center in Greeley Sells for $37.5M

Centerplace Greeley, a 152,000-square-foot Safeway-anchored shopping center in Greeley, has sold for $37.55 million, according to property records.

“Centerplace of Greeley dominates its region and features a tenant mix of predominantly national tenants that occupy 94% of the total gross leasable area,” said Ryan Bowlby, Institutional Property Advisors (IPA) senior director, a division of Marcus & Millichap. “We had a robust market response from investors nationwide that resulted in highly competitive best and final bidding round. The selected buyer, Slate Grocery REIT, quickly conducted due diligence and closed, despite the recent national economic turbulence.” Drew Isaac, IPA senior director stated: “Demand is outpacing supply of grocery-anchored, high-performing assets like Centerplace of Greeley.” Bowlby and Isaac represented the seller, InvenTrust Properties (IVT), and procured the buyer.

The center features Ross, Famous Footwear, Buckle, Bath & Body Works, Cold Stone Creamery, Bank of America, Sally Beauty, Tokyo Joe’s, and Heartland Dental. Greeley, the county seat of Weld County, has a vibrant local economy centered around agriculture, energy production and the University of Northern Colorado.