CO Retail Asset Trades for $11M
- Jul 05, 2018
SunCap Opportunity Fund LLC has acquired Broadridge Shopping Center in Littleton, Colo. Transwestern represented the seller, Transmark Co., in the $10.9 million transaction.
Located at 6905 S. Broadway, the asset comprises 75,831 square feet. Broadridge Shopping Center is currently 89 percent leased to 18 tenants, including YouFit Health Club, Mountain High Appliance, Andy’s Frozen Custard, Jackson Hewitt Tax Service, Manna Bakery & Deli, EZ Cleaner and Alphagraphics.
The property sits on a 9.9-acre site and offers 461 parking spaces. According to Transmark Co., 51 percent of the leased spaces and 59 percent of the rental revenue have remaining lease terms of seven years or more. Mountain High Appliance has invested $2.4 million into its tenant improvement, creating a showroom in its space. The former owner implemented a capital improvement plan on Broadridge, which included replacing the roofs and installing new roof-mounted HVAC systems across the property.
Active sales team
Managing Directors Brad Cohen and Larry Thiel of Transwestern’s Denver Capital Markets Group brokered the deal.
“We were able to attract a new buyer to metro Denver, SunCap Opportunity Fund, who has been active primarily in the Southeast U.S.,” Thiel told Commercial Property Executive. “The buyer worked with Goldman Sachs, who performed a seamless CMBS execution.”
Last December, the team represented Matrix Group in the $25.3 million sale of Waterpark II and III, two Class A office assets in Aurora, Colo. The properties were purchased by Kaiser Permanente, which already owned Waterpark I and wished to complete the portfolio.
Image courtesy of Transwestern