Legend Investment Group (LIG), a division of Legend Partners, LLP recently facilitated the sale of $5.48 million in multi-tenant strip centers. The sale of two 3-tenant retail strip centers concludes a successful 1031 exchange. 9854 Zenith Meridian Drive, Englewood, sold for $2,850,000 and 4490 Peoria, Denver sold for $2,633,664.
9854 Zenith Meridian Drive is a 6,029-square-foot retail center that is fully occupied by Starbucks, Altitude Salon, and Zen Wine & Spirits. With an end cap drive-thru and excellent visibility along Lincoln Avenue the property is ideally positioned.
4490 Peoria St is a 4,968-square-foot retail center that is fully occupied by Chipotle, Vaper Tech, and Tropical Smoothie. The property was a former Mexican restaurant that was redeveloped into a three-tenant building. Located on the corner of East 4th Ave and Peoria St., the property benefits from robust traffic counts, visibility, and access from the signalized intersection.
Peter Peluso with LIG sourced these opportunities directly for the buyers, Pert Maxima. Having just sold a management intensive asset the buyers were looking to trade into more passive net leased strip centers.
“The buyers were in a 1031 exchange and were unable to locate what they were looking for on the market, so we hit the pavement to find them the right opportunities. We were able to locate two centers that were fully occupied under net leases and with three tenants the asset profile and price points were right. Really glad we were able to work with Pert Maxima again and help them find two more great additions to their portfolio” Stated Peluso.
