Faris Lee Investments Completes Sale of Willow Run Shopping Center
- Nov 20, 2013
Faris Lee Investments has recently announced it has completed the $10.8 million sale of Willow Run Shopping Center in Westminster, Colo.
Located at 12900 – 12910 North Zuni Street in the northwestern suburb of Denver, the shopping center was built in 2000 and is situated on about 11 acres of land. There are more than 245,000 customers and 67,500 daytime employees within a three-mile radius of the property.
At the close of escrow the 91,565-square-foot property was 80 percent leased. The anchor tenant of Willow Run Shopping Center is the grocery store Safeway, while other tenants include Allstate, Subway and neighborhood retailers. Outlying tenants at the center, that weren’t part of the sale, include JPMorgan Chase, McDonalds and Conoco Philips.
The seller, San Mateo, Calif.-based TNP SRT Willow Run LLC was represented by Richard Chichester, Jeff Conover and Tom Chichester of Faris Lee Investments. Shaun Riley of Faris Lee Investments represented the buyer, Denver-based Gart Investment Company.
“Faris Lee’s marketing strategy was to target local Colorado-based investors/owners who understood the immediate area,” Conover says. “With a history of ownership in the Colorado market, Gart Investment Company was at the top of our list of investors we believed would see the value in the asset and proactively utilize its tenant and management relationships to fully maximize the investment.”
The closing cap rate on the property was 6.56 percent. “Willow Run offered the buyer a property well below replacement cost at a low price-per-square-foot of $118,” Riley says “Additionally, the buyer appreciated the upside opportunity through leasing the 20 percent vacancy, creating potential for additional cash flow and added value.”
For more Denver market data, click here.
Photo Courtesy of: www.farislee.com