JLL Arranges $20M Financing for New Denver Retail Property
JLL has secured $20 million in refinancing for Central Park Retail, a 61,443-square-foot, Class A, multi-tenant retail center in Highlands Ranch.
JLL worked on behalf of the borrower, Shea Properties, to secure the 12-year, 3.65%, fixed-rate loan with a correspondent life insurance company lender. Loan proceeds will be used to refinance the borrower’s construction loan.
Completed in 2018, Central Park Retail is leased to 21 nationally and regionally recognized tenants, including Ent Credit Union, Rock Bottom Restaurant & Brewery, Shake Shack, Starbucks, Old Chicago Pizza and Taproom, Torchy’s Tacos and Orangetheory Fitness. The nine-building property can be expanded to 64,243 square feet via development of the final pad site.
Central Park Retail is at 1400 Plaza Drive within the Central Park Master Planned Community, which houses the 87-bed UCHealth Highlands Ranch Hospital; more than 300 high-end, under-construction multi-housing units; 200 under-construction, for-sale single-family residential units; and a three-acre park. Additionally, there are 2.1 million square feet of office space within a one-mile radius of the property and 90,085 residents with an average annual household income of $138,705 within a three-mile radius. The property is approximately 15 miles southwest of downtown Denver on one of only three gateway entry points of the broader Highlands Ranch community.
The JLL Capital Markets team representing the borrower included Senior Managing Director Eric Tupler and Senior Director Kristian Lichtenfels.
Photo courtesy of JLL