Transwestern Brokers Sale of Shopping Center in Denver’s Northwest Submarket
Denver, CO – Transwestern’s Denver office represented the Ann Hurley Hodgdon Trust in the sale of Independence Square, located at 4980 and 4990 Kipling St. in Wheat Ridge, Colorado. The 43,770-square-foot shopping center was acquired by an undisclosed family trust. Managing Directors Brad Cohen and Larry Thiel of Transwestern’s Denver Capital Markets Group brokered the transaction on behalf of the seller.
Independence Square is 78 percent leased to 16 tenants at below-market rates. Notable tenants include Vert Kitchen, Luke’s, A Steak Place and Subway. A newly constructed Natural Grocers by Vitamin Cottage sits just south of the property.
“Independence Square is a rare, value-add opportunity situated along the Interstate 70 and Kipling corridor, which has seen significant redevelopment over the past 10 years,” said Thiel.
The shopping center consists of two prominent retail buildings on 4.67 acres at the southeast corner of West 50th Ave. and Kipling Street. Built in 1984 and renovated in 2008, Independence Square is located near the future Gold Line light rail station. This station will bring 11.2 miles of RTD train service from Union Station through Northwest Denver, Adams County and Arvada, with the end-of-the-line stop located in Wheat Ridge.
“As the Denver metro area continues to grow, infill shopping centers such as Independence Square will continue to generate significant investor interest,” said Cohen.
Photo credit: Transwestern