Sprouts-Anchored Center Sells for $34M

Kensington Real Estate Group, based in Tustin, CA, has sold the 144,000-square-foot Fairfield Commons in Lakewood, CO for $34.3 million. The center, anchored by a newly developed and leased Sprouts Farmer’s Market, was acquired by the Phillips Edison Group.

Kensington had acquired the center on Wadsworth Avenue for $22 million; it was 40% vacant at the time. Following a major renovation and expansion, the seller was able to add a 20,000-square-foot Planet Fitness, and more recently, the 27,000-square-foot Sprouts.

Other tenants at Fairfield Commons include T.J. Maxx, Chili’s Bar & Grill, Black-Eyed Pea, Starbucks, Rue 21, Red Wing Shoes and Citi Financial.