InvenTrust Expands in Colorado
- Apr 28, 2015
InvenTrust Properties, formerly Inland American Real Estate Trust, has acquired The Shops at Walnut Creek, a 216,325-square-foot shopping center located in Westminster, Col., for $57.1 million.
The property, situated in a northwest suburb of Denver, was 93 percent leased at the time of the sale.
“Walnut Creek is a core retail asset in a high-barrier-to-entry market that enhances our current portfolio population density, income statistics and calculated average base rent,” Michael Podboy, InvenTrust’s executive vice president & CIO, said in a company release. “The premier location combined with its synergy with a nearby promenade will drive a steady flow of traffic to the center.”
The shopping center is anchored by national tenants such as T.J. Maxx/HomeGoods, Petsmart, Dollar Tree, and Michaels, with the top three largest tenants each having eight years of remaining lease term.
Overall, it has 14,524 square feet of available space, plus a potential 5,000 square foot outparcel, which, upon lease-up, will enhance the future cash flow and value of the property.
The property is located 15 miles northwest of downtown Denver, in a high traffic commercial node immediately off U.S. Highway 36, the main traffic artery linking Denver with Boulder. Its strategic location facilitates easy and convenient access from both Boulder and the rest of the Denver metro area.
According to Newmark Grubb Knight Frank’s 2015 Q1 Denver Retail Market report, 2015 as a whole is expected to post another strong year for Denver retail.
“The market has experienced very strong momentum for the past three years, especially for prime space in Class A centers; what is available is in high demand and filling quickly,” the report says. “National and regional retailers are still very interested in Denver but simply cannot find the required prime end-cap space.”
The northwest suburb currently has a 10.31 percent vacancy rate, with retail rental rates averaging $15.25 a square foot.
InvenTrust is no stranger to the area as it also owns and manages three other retail properties in central Colorado: Cheyenne Meadows in Colorado Springs, Quebec Square Shopping Center in Denver and Centerplace of Greeley in Greeley.