Lincoln Meadows Shopping Center Sells $2.95M
Parker, CO – Marcus & Millichap announced the sale of Lincoln Meadows, a 10,010-square foot retail property located in Parker, Colorado, according to Richard A. Bird, regional manager of the firm’s Denver office. The asset sold for $2,950,000 or $295 per square foot.
Cory Gross, a senior associate in Marcus & Millichap’s Denver office and member of the National Retail Group, had the exclusive listing to market the property on behalf of the seller, Sidford Capital. The buyer in this transaction was Parker Meadows, LLC. “We had sold this property to Sidford Capital just over one year ago for $2.1M when there were several vacant units in the center. Our client capitalized on an outstanding opportunity when he bought the building and leased up the remaining vacancies making for an impressive return on investment. The new owner plans to own this stabilized asset long-term and should enjoy continued rent growth in the future.” stated Gross.
Lincoln Meadows is located at 18366 Lincoln Avenue in Parker, Colorado. at the northeast corner of Lincoln Avenue and Twenty Mile Road. The property benefits from being located along the Lincoln Avenue Corridor with visibility to approximately 50,000 vehicles per day and a population of over 180,000 people within a five mile radius.
Lincoln Meadows is part of a Lowe’s anchored retail development and is currently 100 percent leased to six tenants including Sports Clips, Jersey Mike’s, Opa Grill and Pho Vy. Lincoln Meadows has become a true community center over the years by developing a strong loyal following in the surrounding areas and therefore sets the stage for long-term investment earnings.
Photo courtesy of Marcus & Millichap