Multi-Tenant Retail Strip in Centennial Sells for $2.5M
Centennial, CO– Marcus & Millichap brokered the sale of Arapahoe Shoppes, a 12,768-square foot multi-tenant retail property located in Centennial, Colorado, according to Richard A. Bird, regional manager of the firm’s Denver office. The asset sold for $2,503,770 or $196 per square foot.
Bob Kaplan and Brandon Kramer, senior investment specialists in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a private investor.
“The Arapahoe Shoppes was a great deal to be a part of and really demonstrated the power of our platform, both internally and externally.” states Kramer. “There were some challenges to overcome, however we were able to identify multiple parties that had very high levels of interest in the property. To get over the revised list price, even after losing a main tenant was a testament to the long term value of the real estate.”
Arapahoe Shoppes is located at 10639 East Briarwood Avenue in Centennial, Colo. It is currently 66 percent occupied by a number of local and national tenants including Pizza Hut and a high end Liquor Store, and is well located behind a McDonald’s and Circle K gas station. The property also shares a main access road with a Walmart Supercenter and a new Top Golf development. The buyer will benefit from a value add opportunity through leasing the vacant space.
Photo courtesy of Marcus & Millichap