Sale of Shopping Center in Centennial Signals Demand for Retail Assets in Metro Denver
Arapahoe & Lima Center, a 28,461,000-square-foot shopping center in Centennial, has sold for $8,200,000 or $292 per square foot. Built in 2005, Arapahoe & Lima Center is located at 11405 & 11435 East Briarwood Avenue and features retail and dining space.
Ryan Bowlby, first vice president of investments, and Drew Isaac, senior managing director of Marcus & Millichap, represented the undisclosed seller and buyer.
The property is 91.4 percent occupied and tenants include: FedEx, Strive Pharmacy, Chicago Mike’s, Mathnasium, Max Taps, Fire Bowl Café, Landron Cellars, Allana’s Academy of Dance, Snappy Nails, and Ay Guey Mexican. Arapahoe and Lima Center benefited from robust post-pandemic leasing demand with four new tenants joining the center during that time period.
“We continue to see robust demand for neighborhood retail centers in the Denver metro area. We were able to generate multiple offers within the first two weeks of marketing, procuring offers from a wide range of investors located both here in Colorado and across the country,” said Bowlby.