Safeway Shadow-Anchored Retail Center in North Metro Denver Demonstrates Appeal of Online-Resistant Retailers and Access to Mass Transit
CBRE announced today that it recently completed the $7.45 million sale of the Colorado Marketplace retail center, located at 3744-3788 and 3944-3980 East 104th Avenue in Thornton, Colorado. Matthew Henrichs and Brad Lyons with CBRE Capital Markets’ National Retail Partners in Denver represented the seller, a private investor based in Colorado. The buyer, another confidential private investor, purchased the property May 18, 2018.
“Investors today are attracted to retail opportunities like Colorado Marketplace that serve as community-based hubs for goods and services resilient to online retailing, like grocery, restaurant and automotive care. The shopping center’s proximity to the future light rail extension was also a major draw as investors value the connectivity provided by mass transit,” said Matthew Henrichs, Senior Vice President, CBRE.
Built in 1998, Colorado Marketplace totals 31,106 square feet across two retail buildings that flank a Safeway grocery store. The Safeway building is owned by Safeway/Albertsons and was not included in the acquisition. Colorado Marketplace was 97 percent leased at the time of sale to a total of 17 tenants, including O’Reilly Auto Parts, Papa Murphy’s Pizza, H&R Block, Great Clips and Metro PCS.
“Eleven of the tenants at Colorado Marketplace are first generation occupiers that have been in place for more than 15 years—which speaks to the strength of the location and its stability in offering cash flow to an investor,” added Mr. Henrichs.
Located at the intersection of 104th Avenue and Colorado Boulevard, Colorado Marketplace is adjacent to the future RTD North Metro Rail Line (the N Line), a commuter light rail line that will run from Union Station to Thornton. The Thornton Crossroads Station will be located next door to the retail complex and is expected to open in 2019. The station includes a 900-unit parking garage with anticipated ridership of more than 1,100 commuters per day.