Parker Retail Center Leased by Hobby Lobby and Planet Fitness Sells for $11M
PARKER – A two-tenant box retail center located at 10901 S. Parker Road, has been sold to a California-based private investor for $11 million. The 94,772-square-foot retail center offers current long-term leases with Hobby Lobby and Planet Fitness.
Matthew Henrichs and Brad Lyons with CBRE represented the seller, Pace Properties of St. Louis, Missouri.
The property, known as Parker Crossroads, benefited from a number of recent renovations including improvements to the roof and parking lot. Parker Crossroads is shadow anchored by a nearby Safeway and was 100 percent leased at the time of sale.
“While many investors have stayed clear of retail box tenancies over the past several years, this sale demonstrates that not all larger format retailers are created equal,” said Henrichs, Senior Vice President with CBRE Capital Markets, National Retail Partners in Denver. “Hobby Lobby and Planet Fitness are two of the strongest and well-capitalized privately held retail brands in the country, and their consistent strong performances created an excellent investment opportunity for the buyer.”
Built in 1994, Parker Crossroads sits on 9.3 acres of land and is located at the prominent intersection of S. Parker Road and Mainstreet, offering storefront and signage exposure to more than 54,860 vehicles per day. Over 64,000 residents live within a three-mile radius of the retail center, with an average household income of $121,300.
The Denver retail market posted positive net absorption for the fourth consecutive quarter with Q1 2019 net absorption exceeding 396,000 square-feet, according to a recent CBRE report. The average direct asking-lease rate reached an all-time high of $19.60 per square-feet triple net, a 4.9 percent increase year-over-year. Investment sales priced $3 million and greater totaled $113.9 million and averaged $202.79 per square-feet.
Photo courtesy of CBRE