Virginia Village Shopping Center in Denver Sells for $12.8M
Cushman & Wakefield recently advised the sale of Virginia Village Shopping Center, a 49,331-square-foot neighborhood shopping center located at S Holly St. and E. Florida Ave in southeast Denver. The property sold for $12.8 million, according to public records.
The property, named after the Virginia Village neighborhood where it resides, was originally built in 1957 but has since undergone multiple renovations, including its most recent upgrade and modernization in 2020. The center was 80% leased to 11 diverse tenants at the time of sale.
The property was acquired by a Denver-based private partnership for an undisclosed price. The seller was Denver-based Virginia Village Associates LTD, which was represented in the sale by Cushman & Wakefield’s Jon Hendrickson, Aaron Johnson and Mitch Veremeychik.
“This was a highly attractive retail investment. We received record activity and interest, but the process identified the perfect buyer that will lead the center into the next era for the neighborhood. There are numerous value add strategies available and our team is eager to see where it goes. Unanchored, inline centers have been generating more interest than at any time in my career,” said Executive Director Jon Hendrickson.
Comprising the addresses of 1417-1495 S Holly St & 5595 E Florida Ave, Virginia Village Shopping Center consists of a combined “L” shape configuration of multi-tenant inline space and one single tenant fuel pad with a convenience store. Situated on a total of nearly ±5 acres, the center also includes a plentiful 265 parking spaces.
4,488 SF Net-Leased Property in Castle Pines Sells in 1031 Exchange
Marcus & Millichap announced the sale of Service Street, a 4,488-square-foot net-leased property located in Castle Pines, according to Adam A. Lewis, regional manager of the firm’s Denver office. The asset sold for $4,041,000.
Drew Isaac and James K. Rassenfoss, investment specialists in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
The property located at 7282 Lagae Rd in Castle Pines has been successfully acquired by a private investor in a 1031 exchange transaction. The site is ideally situated near the Castle Rock Promenade & Outlets and is anchored by a King Soopers Center, offering a strong retail presence and high visibility in the area.
The acquisition features a brand-new building with a secure 20-year absolute triple net (NNN) lease, making it an appealing investment opportunity for the buyer. This long-term lease, combined with the property’s strategic location, aligns well with the investor’s objectives of transitioning from apartment holdings to more passive management through NNN leases.
The seller, a developer based in Arizona, worked closely with the buyer, a Colorado-based private investor. The investor utilized the 1031 exchange to facilitate the transition from apartment assets to NNN properties. The original transaction was handled by the apartment team, which subsequently listed and assisted with the acquisition of the Lagae Rd property. Marcus & Millichap arranged the financing for the deal, with support from Josh Sciotto of MMCC.
Brett MacDougall & Michael DeSantis of Unique Properties Announces the Following Sale:
Brakes Plus in Parker Sold with Long-Term Triple-Net Lease
Unique Properties, Inc./TCN Worldwide announced the sale of 18702 Cottonwood Drive, Parker. The buyer, DS Real Estate LLC was exclusively represented by Michael DeSantis and Brett MacDougall with Unique Properties, Inc./TCN Worldwide. The property sold for $3,333,263.
The newly constructed Brakes Plus facility, located at the intersection of Parker Rd and E-470, has been successfully sold with a 20-year absolute triple-net lease in place. This lease structure, featuring zero landlord responsibilities, annual rent escalations, and a national corporate guarantee, offered this investor a truly “hands-off” opportunity.
The property was acquired by a private family office based in Golden attracted by its prime location and alignment with their strategy of investing in local, stable assets. The competitive bidding process underscored the property’s strong market appeal and long-term investment stability.
“We are thrilled to have facilitated another successful transaction for DS Real Estate Holdings, especially for such a high-quality automotive facility,” said Brett MacDougall. “The buyer sought a stable, income-producing asset within the Denver metro area and was particularly drawn to the growth potential and solid fundamentals of Parker. This property, with its long-term corporately guaranteed lease, perfectly matched their investment goals.”
NorthPeak Commercial Advisors Brokers 14-Unit Multifamily Property in Lakewood for $3.5M
NorthPeak Commercial Advisors announced the sale of a 12,900-square-foot multifamily building located at 5269-5297 W Center Ave., Lakewood. The 14-unit property sold for $3.6 million.
Hunter Schaefer and Jack Sherman of NorthPeak Commercial Advisors worked with the seller in this transaction.
“We were happy to deliver an aggressive price for our seller in a tough market,” stated Schaefer. “The market gave us multiple challenges with rising interest rates, rising insurance costs, and winter leasing difficulty. After a 12-month listing process, our persistence and strong marketing platform helped us source a 1031 Buyer out of California.”
Pinnacle Announces Successful Sale of Two-Property Retail Portfolio
Pinnacle Real Estate Advisors, LLC announced the successful sale of 5500 & 5540 W 29th Ave, Wheat Ridge.
This two-property retail portfolio, comprising a total of 4,791 square feet, was sold for $1,150,000. Peter Sengelmann, vice president, represented the seller in this transaction.
“The seller approached me in early 2024 with the goal of selling this asset. We implemented a comprehensive marketing strategy, which included sending hundreds of thousands of targeted emails, distributing direct mail campaigns, and making extensive cold calls. The buyer noticed our brokerage sign while biking past the property, which ultimately facilitated the sale,” said Sengelmann.
