CBRE announced today it has completed the sale of the 78,916-square-foot Cherry Creek Retail Center, located at 4300 East Alameda Avenue in Glendale, Colorado. CBRE’s Brad Lyons, Mike Winn and Tim Richey represented the seller, Weingarten Realty of Houston, Texas. The property was purchased for an undisclosed sum by Ramrock Real Estate and Lincoln Property Company in a sale that closed Oct. 22, 2018.
“Cherry Creek Retail Center is one of the few big box centers located along Colorado Boulevard with proximity to the Cherry Creek Mall. The location is completely built out, creating significant barriers to entry for future competition. The buyer was attracted to the huge residential densities and extraordinary wealth and spending power in the immediate trade area,” said , Executive Vice President with CBRE Capital Markets, National Retail Partners.
While the cap rate is being kept confidential, Mr. Lyons added that this will be one of the lowest cap rate power center trades in the Colorado market in 2018.
Built in 1993, the Cherry Creek Retail Center is fully leased to two tenants: Petsmart and Bed Bath & Beyond. It is also shadow-anchored by one of the top-performing Super Target stores in the Denver area. Its location on the southeast corner of East Alameda Avenue and South Colorado Boulevard equates to traffic counts in excess of 115,000 vehicles per day. The property is also located approximately one mile from the 1 million-square-foot Cherry Creek Shopping Center, the top regional mall in Colorado.
Cherry Creek Retail Center lies within Denver’s Colorado Boulevard/Midtown submarket, which has the lowest retail vacancy rate in the metro at 3.9 percent as of the end of Q3 2018, nearly half the metro average of 7.2 percent vacancy. The submarket also has the metro’s highest average triple-net lease rate, $32.22 per sq. ft. in Q3, compared to a metro average of $18.90.