Colorado-Real-Estate-Journal_425682

October 16-November, 2024 - Page 19 www.crej.com Retail CLI ENT FO CUSED. NATIONAL REACH. EXCEPTIONAL RESULTS. 2 0 2 4 Q 2 A N D Q 3 S E L E C T T R A N S A C T I O N S Y O U R C O M M E R C I A L R E A L E S T A T E A D V I S O R Y L E A D E R S | 7 2 0 . 9 8 9 . 1 0 3 1 | B L U E W E S T C A P I T A L . C O M SIGN ED LEASES TENANT REP TENANT REP LANDLORD REP TENANT REP Planet Fitness Athmar Park DENVER, CO Dill Dinkers Five Pickleball Courts SAN ANTONIO, TX Bowls by KO Lakehouse Sloan’s Lake DENVER, CO Museum of Illusions Third Street Promenade SANTA MONICA, CA SOLD LISTI NGS MULTI-TENANT RETAIL MULTI-TENANT RETAIL COMMERCIAL CONDO SINGLE-TENANT RETAIL Highlands Garden Village Sprouts & 24 Hour Fitness Anchored DENVER, CO Chili’s & Jareds Corporate Backed Ground Lease AURORA, CO Signal Tree Drive New Construction FORT COLLINS MSA South Pearl Shops List-to-Close In Less Than 3 Months DENVER, CO by Avalon Jacka CENTENNIAL – A shopping center adjacent to the Moun- tain West region’s only Ikea store sold in August. B33 Centennial Promenade III LLC purchased Centennial Promenade, located at 9555 E. County Line Road, from GS Centennial LLC for $98.1 mil- lion in August, according to SKLD Information Services. The buying entity’s address is associated with Seattle-based Bridge33 Capital, and the sell- ing entity’s address is asso- ciated with Ohio-based Site Centers. Representatives for the buyer and seller could not be reached for comment. The 826,502-square-foot shopping center includes three larger multitenant build- ings, five smaller multitenant buildings and several outpad sites, according to a map on Bridge33’s website. The center’s location north- west of the Interstate 25-East County Line Road interchange provides strong visibility in the heavily trafficked Park Meadows retail corridor. The property is situated at a signal- ized intersection at East Coun- ty Line and Chester roads. Centennial Promenade has several retail spaces available. Bridge33’s Austin Tillack is the leasing agent for the prop- erty. The property is Bridge33’s fourth retail center in Colora- do. Its other properties include Belmar in Lakewood, Fair- ways Plaza in Centennial and Inverness Crossing in Engle- wood. The firm owns addi- tional holdings in 23 states. Other News n DENVER – A 2,033-square- foot, single-tenant retail prop- erty on South Pearl Street traded hands in an all-cash transaction for $1.33 million in September. Blue West Capital’s Josh Lorenzen and Robert Edwards represented the seller, which is listed as McPearl Properties LLC on Denver County pub- lic records. The undisclosed buyer, a local investor, was represented by Rachel Colo- rosa of Colorosa Commercial Properties. The sales price equates to $652 per sf, more than 1 times the area’s average sale price of $391 per sf, accord- ing to CoStar. The property at 1568-1570 S. Pearl St. is com- prised of two conjoined build- ings, built in 1900 and 1911. The property is occupied by boutique retail store 5 Green Boxes, which offers unique jewelry, accessories, garden wares, handcrafted home goods, gifts, greeting cards, gift wrap and seasonal items. The store has become a cor- nerstone of the historic South Pearl Street retail corridor. Property values and rents on South Pearl Street have continued to rise due to lim- ited retail space being avail- able, a statement from Blue West said. Vacancy in the area remains low at 0.7%, accord- ing to CoStar. The property is situated in an affluent area where the average household income is more than $168,000. The population within a 1-mile radius of the property is 18,160. “We generated interest from multiple groups within the first days of marketing," Lorenzen said. "This immedi- ate activity allowed for a quick marketing and sale process, taking less than three months from listing to closing.” Lorenzen and Edwards are also the listing agents for 1301 S. Pearl St., which has seen “significant interest” from potential buyers, including developer, local investors and private real estate companies, Lorenzen said. The team is actively working with sever- al groups seeking to acquire properties in the area. s Bridge33 acquires Centennial Promenade from Site Centers Josh Lorenzen Robert Edwards The property at 1568-1570 S. Pearl St., comprised of two conjoined build- ings, sold for $1.33 million.