Stapleton Retail Center Sells for $42.25M
Marking its first acquisition in the Denver market, ALTO Real Estate Funds, has acquired Quebec Square, a 207,611-square-foot, 91 percent leased, dominant shopping center in Denver’s Stapleton neighborhood. The property was purchased for $42.25 million.
Quebec Square is home to top national retailers and is strategically positioned along the highly trafficked Quebec Street and only a mile from I-70. The area is positioned for continued population and economic growth.
“Quebec Square is a huge win for our fund to get a foothold in the Denver market, one of the fastest growing and most desirable areas in the US,” says Yaniv Melamud, CEO and co-founder of ALTO Real Estate Funds, “With an irreplaceable location, limited competition, and dominant anchors, the asset is generating strong cash flow from day-one, with the potential to add value over time through lease-up of vacant suites and improvement of the tenant mix. The asset is shadow anchored by Home Depot and Walmart, both generating high sales volumes and traffic, and will assist to maintain center’s position in the market and increase tenants’ demand for space.”
The acquisition of Quebec Square was financed with a $28 million, 7-year term loan at an attractive fixed rate from Goldman Sachs. Walker & Dunlop’s Los Angeles Capital Markets Team secured the debt on behalf of ALTO Real Estate Funds.