Hanley Investment Leads Sale of Denver Retail Center
- Feb 22, 2018
A roughly 87,000-square-foot shopping center in Denver has changed hands. Hanley Investment Group Real Estate Advisors represented the seller and the buyer, Phillips Edison & Co. Inc. and Midtown National Group LP, respectively. The sale price was undisclosed.
Located at 13019 W. Alameda Parkway in Lakewood, Colo., on approximately 8.3 acres, the center is situated in “the western suburb of Denver at a signalized intersection along Alameda Parkway, a major east/west thoroughfare connecting Interstate 25 and State Route 470 with 27,600 cars per day passing by,” said Executive Vice President Eric Wohl in prepared remarks.
Built in 1977, the grocery-anchored retail center was 99 percent occupied at the time of the sale and is anchored by Safeway, which occupies 60,028 square feet. The tenant roster includes 87 percent national and regional retailers, such as Safeway Fuel, The Garlic Knot Restaurant, H&R Block, Perfect Teeth and Play It Again Sports. The average household income within a 3-mile radius is approximately $92,000.
Executive Vice Presidents Eric Wohl and Kevin Fryman, together with President Ed Hanley, represented the seller in the transaction. In a recent transaction, Hanley represented a private San Francisco Bay Area family trust in the sale of a single-tenant office building in Sacramento, Calif.
“The market for core, grocery-anchored centers in infill markets remains strong with interest from both the institutional buyers and private 1031 exchange,” Hanley said in a statement.” In 2017, we saw an increase in supply as sellers recognize that today represents an ideal time to sell. There still remain limited properties available similar to the Safeway-anchored shopping center in both size and quality.”
Image via Google Street View