ALTO Real Estate Enters Denver With Shopping Center Buy
- Oct 04, 2019
ALTO Real Estate has purchased Quebec Square, a Denver shopping center totaling more than 207,000 square feet. The company paid $42.3 million for its first asset in the metro. At the time of the sale, the property was 91 percent leased. Goldman Sachs secured a $28 million fixed-rate, seven-year loan for the acquisition.
Quebec Square last traded in 2015, when Inland American Real Estate Trust Inc. acquired it for $52.3 million, according to The Denver Post. Walker & Dunlop’s team in Los Angeles arranged the debt on behalf of ALTO Real Estate Funds.
Located at 7800 Smith Road in Stapleton, the property is approximately 5 miles from downtown, providing convenient access to Interstate 70 and to Quebec Street.
The shopping center is shadow-anchored by Home Depot, Walmart and Sam’s Club. The tenant roster includes Ross Dress for Less, PetSmart, Office Depot and Panera Bread.