Transwestern Brokers Sale of Denver Retail Asset
- Mar 18, 2016
By Ioana Neamt, Associate Editor
Brad Cohen and Larry Thiel, managing directors in Transwestern’s Denver Capital Markets Group secured the deal on behalf of the seller. The buyer of the asset located at 4980 and 4990 Kipling St. in Wheat Ridge, Colo., has not been disclosed.
“Independence Square is a rare, value-add opportunity situated along the Interstate 70 and Kipling corridor, which has seen significant redevelopment over the past 10 years,” said Thiel in a statement. “As the Denver metro area continues to grow, infill shopping centers such as Independence Square will continue to generate significant investor interest,” added Cohen.
The Independence Square retail center was 78 percent leased at the time of sale. The center’s tenant roster includes Vert Kitchen, Luke’s, A Steak Place and Subway. A total of 16 tenants occupy space at the two-building property at below market-rates.
Located at the corner of W. 50th Ave. and Kipling Street, near the future Gold Line light rail station in Wheat Ridge, Independence Square was built back in 1984 and renovated in 2008. The property is conveniently situated adjacent to Natural Grocers and right across the street from a Super Target center, and provides easy access to downtown Denver, less than 10 miles away.
Image via Google Street View