Page 4AA —
COLORADO REAL ESTATE JOURNAL
— December 3-December 16, 2014
by John Rebchook
The Zurich Insurance
Group, commonly known as
Zurich, recently paid $17.2 mil-
lion for the recently completed,
Sprouts-anchored Markets on
Broadway shopping center in
Englewood, near Cherry Hills
Village.
Zurich, based in Zürich,
Switzerland, outbid numer-
ous others for the sought-after
property, said Brad Lyons, who
represented the seller with
fellow CBRE team members
Matthew Henrichs, Kyndal
Hayes, Ron Urgitis and Brady
O’Donnell.
The seller was Denver-based
Cadence Capital Investment,
headed by real estate veteran
Bill Rothacker.
The sale price equates to
$483.40 per square foot for the
two-building, 35,581-sf center
that was 100 percent leased at
the time of the sale.
In addition to Sprouts Farm-
ers Market, other tenants in the
center include Five Guys Burg-
ers and Fries, Mattress Firm,
SuperCuts and Jersey Mikes.
“This was one of the premier
core retail assets in the Denver
area,” Lyons said.
“It generated a tremendous
amount of interest,” he said.
“These types of opportunities
do not become available that
often.”
There was widespread inter-
est from prospective buyers,
both in- and out-of state.
“There was a lot of institu-
tional interest and interest from
some private guys,” Lyons
said.
This marks Zurich’s first pur-
chase in the Denver area, he
said.
“Colorado has been on their
targeted ‘buy’ list for quite
some time,” said Lyons, who
dealt with the international
insurance company’s New
York office.
The sale reflects the stature
of Denver from the perspective
of institutional investors that
invest in real estate globally,
Lyons said.
“Denver is moving into one
of the ‘gateway’ markets from
institutional investors that
in the past might have only
looked at cities in California
and the East Coast, and Chi-
cago,” Lyons said.
Institutional investors are
finding markets such as Den-
ver more attractive than other
markets, where prices offer
slim rewards.
“I think everyone knows that
a grocery-anchored center such
as Markets on Broadway sells
for a lot per pound,” Lyons
said.
In this case, the center was
even more sought after than
a typical suburban grocery-
anchored center.
“It’s really an infill devel-
opment that is very close to
Cherry Hills Village, which has
the highest demographics in
the Denver area,” Lyons said.
“There just aren’t many
examples of centers like this
one, because of its infill nature.”
The Los Angeles-based Wil-
son Retail Group represented
Zurich.
Wilson did not name Zurich,
only describing it as an interna-
tional insurance company.
The buyer paid all cash,
according to Wilson.
“This newly constructed,
high-quality asset in a thriv-
ing Denver submarket offered
the key fundamentals it was
seeking, including ease of man-
agement and a full roster of
national tenants on long-term
leases,” said Geoff Tranchina
of Wilson.
“Situated on just under three
acres, the Markets on Broad-
way is well-located on the
northwest corner of Belleview
Avenue and Broadway, one of
the busiest traffic corridors in
the area,” Tranchina said.
“It is also less than one mile
from Cherry Hills Village, one
of Colorado’s most affluent res-
idential communities,” he said.
Other News
n
Prime Management
acquired 4930 and 4950 Colo-
rado Blvd. in Denver from
F&F
Properties
for $4.95 million.
The 20,379-square-foot retail
building and 44,780-sf indus-
trial building are both one
story and were built in 1958
and 1955, respectively.
The properties were both
fully occupied at the time of
sale.
Jeffrey McClintock
and
Mat-
thew McClintock
with
New-
mark Grubb Knight Frank
rep-
resented the seller.
n
Cherry Street Partners LLC,
headed by two local investors,
paid $1.14 million, or $175.17
per sf, for a 6,537-sf
Family Dol-
lar
store at 2848 Colorado Blvd.
in Denver.
Rob Edwards
and
Tom
Ethington
of
Pinnacle Real
Estate Advisors LLC
represent-
ed the buyer in the transaction.
“Like most Colorado Bou-
levard investment properties,
this single-tenant, net-leased
Family Dollar sold quickly,”
Edwards said.
“The property has high traffic
counts, excellent visibility, and
a national credit tenant with
strong store sales,” he said.
s
Retail
Sprouts anchors the Markets on Broadway, which recently sold.
To reserve ad space, please contac
r 303-623-1148
For editorial content, please contact
3-623-1148
