by Avalon Jacka at Colorado Real Estate Journal
LAKEWOOD – An outparcel at Colorado Mills traded hands for $6.41 million in an all-cash transaction.
Colfax Corner LLC purchased the building at 14255 W. Colfax Drive from 14255 LLC in September, according to Jefferson County public records. Bryce McNeely and Eric Diesch of Blue West Capital represented the seller, a local investment firm, in the transaction with the Colorado-based buyer, a 1031 exchange investor. The transaction closed in 60 days.
“We were able to generate multiple competitive offers and ultimately secure a full-price, all-cash transaction with a quick close,” McNeely said. “Investor demand for multi-tenant strip centers in Colorado remains very strong, particularly for well-located properties with strong credit tenants.”
The property received a “very strong level of interest” during the marketing process and generated multiple “competitive” offers, driven by the site location and creditworthy tenant mix, McNeely said.
“The demand for strip centers is exceptionally strong,” Diesch said. “Nearly every strip center our team has taken to market this year has generated multiple offers or entered into a competitive bidding process – this property was no exception. For owners contemplating a sale, now is an ideal time to capitalize on current market momentum.”
Built in 2004, the 10,000-squarefoot retail center is strategically located at a signalized entrance to Colorado Mills mall, the second-most visited mall in the state with 7l4 million annual visitors, per Placer.ai. Visible to 28,000 vehicles per day along West Colfax Avenue, the property is easily accessible from Interstate 70 and West Sixth Avenue. The four-unit building is fully leased to a strong tenant mix of regional and national brands, anchored by Chipotle and also occupied by Aspen Dental, Crisp & Green and WhichWich.
The sale highlights the strength of the suburban retail market in Denver and nationwide, McNeely noted.
“Well-located neighborhood and unanchored strip centers continue to attract multiple bidders and trade at competitive prices – a trend we expect to carry through Q4 and into the new year,” McNeely said.
As featured in CREJ
DEAL TEAM
Bryce McNeely and Eric Diesch
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