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Denver Retail Center Trades for $26.9M
TRC Retail paid $26.9 million for a shopping center in the West Highlands area of Denver. The center is on the former site of Elitch Gardens Theme Park. HGV sold the Highlands Garden Village at 4700 W. 38th Ave.
The shopping center spans five buildings and nearly 75,000 square feet of retail, commercial and office space. In addition to Sprouts Farmers Market and 24 Hour Fitness, the center is home to Starbucks, HealthOne, Comfort Dental and Glo Noodle House, among other local and national retailers.
The retail spaces are fully occupied, and nearly all tenants have leases structured with annual rental increases, according to Blue West Capital’s, the broker on the deal.
The Highlands Garden Village shopping center, built in 2006 and 2007, was listed for nearly $24.3 million with a 6.5% cap rate, according to marketing materials.
Robert Edwards and Tom Ethington, of Blue West Capital, represented the buyer and seller in this transaction.
- ◦Sale/Acquisition
