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Page 6AA — COLORADO REAL ESTATE JOURNAL — January 21-February 3, 2015
Retail
by John Rebchook
A California-based company
recently made its first real estate
purchase in Colorado.
JS Western Retail Investments,
based in Placerville, outside of
Sacramento, paid $8.2 million
for the Greenbriar Plaza Shop-
ping Center.
The 114,120-square-foot center
is on nine acres at 7041 and 7181
Pecos St.
Twenty-one tenants lease 100
percent of the space.
Tenants include Family Dollar,
Ace Hardware, Pizza Hut and
Grease Monkey.
JS Western Retail Investments
was represented by Chris Wie-
denmeyer of Legacy Retail
Group.
The seller was Denver-based
Real Capital Solutions, headed
by Marcel Arsenault. Real Capi-
tal was represented by Barry
Higgins of Marcus & Millichap.
“We had about a dozen offers
for it,” Higgins said.
Arsenault had owned it for a
long time, he said.
“Marcel picked it up in the
early 1990s,” Higgins said.
“He bought it as a part of
a portfolio from the RTC,” he
said.
The RTC, or Resolution Trust
Corp., was created to dispose of
assets owned by failed savings
and loans.
“I don’t knowwhat price Mar-
cel attributed to this, but his cost
basis was really low,” Higgins
said.
Arsenault didn’t sell it because
he wanted to take advantage of
the hot real estate market, Hig-
gins said.
“Actually, it was part of an
internal partnership,” Higgins
said.
“It was one of the last proper-
ties that a couple of his long-
time partners were in and
because they are pretty much
retired now, they wanted to sell
it,” Higgins said.
“He sold it to accommodate
them,” Higgins added.
“It was doing so well and
providing such great cash flow,
that Marcel didn’t want to sell
it,” he said.
“We liked this property as
it suited our investment appe-
tite to acquire well-located retail
assets in growing markets in
the Western states,” said Scott
Tiano, president of JS Western.
“The Denver market contin-
ues to improve as a whole and
Greenbriar Plaza is well-posi-
tioned to continue to fulfill the
demand for discount retailers
in this working-class neighbor-
hood,” Tiano said.
“With the Denver area becom-
ing increasingly less affordable,
young couples and families are
moving outward,” he contin-
ued.
“This property is in the direct
path of growth and we see this
asset increasing in value over
the next five years,” he said.
Greenbriar Plaza is located
within two blocks of residential
development, including Brook-
field’s Midtown project, which
has approximately 1,500 resi-
dences slated for development
with more than 200 already
completed and sold.
Additionally, it is near U.S.
36 and Interstate 25, providing
easy access to the Boulder cor-
ridor as well as Denver.
It also is near I-70, providing
east-west access.
Bryan Gortikov, director at
the Los Angeles-based George
Elkins Mortgage Banking Co.,
arranged financing for the
acquisition of Greenbriar Plaza.
An Aurora retail strip center sold for $1.8 million.