Well-Positioned Strip Mall in Westminster Sells for $1.6M
A four-tenant strip center located at 2751 West 120th Avenue, Westminster, has sold for $1,641,000. Built in 2006, the 6,173-square-foot retail center is occupied by Edward Jones, Peak Physical Therapy, and Allied Healthcare Services.
According to Peter Peluso, vice president, Legend Investment Group (LIG), a division of Legend Partners, who represented the seller, a local private investor, Covid-19 has presented many unique challenges for retail property sales. “The mandated closure of so many businesses created a lot of uncertainty in the marketplace and with many investors being forced to shift focus from new projects to managing their current portfolios, transaction volumes slowed down. With the outlook moving forward improving we have seen renewed interest in new acquisitions, particularly surrounding properties occupied by critical industry tenants and those whose businesses have remained robust,” Peluso said.
This particular property is well positioned adjacent to the new Hyland Hills Recreation Facility, Fit by Hyland Hills, along one of Westminster main thoroughfares, providing excellent access and visibility to over 37,000 vehicles per day. This busy trade area supports over 4,100 businesses and nearly 46,000 households with average incomes over $110,000 within a 3-mile radius of the property.
“After owning the property for over a decade the sellers were looking to retire and the buyers were attracted to the strong fundamentals, excellent location in a rapidly growing trade area, and the net leases which offered limited management,” added Peluso.
Photo courtesy of LIG