February 4-February 17, 2015 —
COLORADO REAL ESTATE JOURNAL
— Page 33
by John Rebchook
A Chicago-area real estate
investment trust has paid $52.25
million for the Quebec Center in
Stapleton and a nearby small strip
retail center.
Inland Real Estate Trust, based
in Oak Brook, Illinois, purchased
the center from Quebec Square 36
CML LLC, based in Solana Beach,
California.
Combined, the two centers have
191,029 square feet. Public records
show that Inland paid $43.4 mil-
lion for the 149,697-sf Quebec
Center. The center is shadow-
anchored by several big-box ten-
ants that were not part of the sale.
The limited liability company
purchased Quebec Center in 2013
from Forest City, the developer of
Stapleton, for $34.25 million. In
other words, it sold it for a 26.7
percent return after two years of
operating Quebec Center.
The LLC paid $228.70 per sf
to Forest City for Quebec Center
and sold it for $289.92 per sf.
Inland paid about $8.85 million
for the 8,966-sf strip center, or
$382.43 per sf.
Tenants in the strip center
include the UPS Store, Wester-
ra Credit Union, Panera Bread,
Jimmy John’s, AT&T, Panda
Express and American Family
Insurance.
Quebec Square is 97 percent
occupied and tenants include
PetSmart, Ross Dress for Less,
Office Depot, Party City, Big 5
Sporting Goods, Subway and the
Colorado Technical University.
The property is shadow-
anchored by a Walmart Super-
center, Sam’s Stapleton and a
Home Depot.
Stapleton is a vibrant real estate
market, said John Winslow, prin-
cipal of Winslow Property Con-
sultants.
“It is in one of the strongest
markets in Denver with the resi-
dential sales in the Forest City-
Stapleton area,” said Winslow,
who was not involved in the
transaction, but is a longtime
observer of the Denver commer-
cial real estate market.
“The demographics are there
for just about any type of busi-
ness,” Winslow said.
There are 10,327 people and
3,937 households within a one-
mile radius of Quebec Square at
7506. E. 36thAve.
The average household income
within a one-mile radius is
$73,137 and the median house-
hold income is $46,369. Themedi-
an age is 35.
Within a three-mile radius pop-
ulation and households are about
10 times larger, with a population
of 107,796 and 29,823 households,
although the average andmedian
incomes are about the same as
within a one-mile radius.
“We are pleased to add this
property to our retail portfolio,
as it matches our long-term strat-
egy of investing in multitenant,
necessity-based retail properties,
and believe it is well-positioned
for future growth,” the REIT said
in a statement.
“We believe Quebec Square is
a dominant retail property with
a solid national and regional ten-
ant lineup, strong demographics
and an ideal location trafficked
by more than 65,000 vehicles per
day,” said Christopher Covey,
senior vice president of transac-
tions for InlandAmerican.
InlandAmerican said it believes
there are limited competing
properties in the area and limited
vacant land for future retail devel-
opment, which should continue
the center’s experience of strong
tenant demand and lease renew-
als.
As of Sept. 30, InlandAmerican
owned 203 properties, represent-
ing approximately 23.5 million
sf of retail, industrial and office
space, 8,318 student housing beds
and 12,797 hotel rooms.
Other News
n
Sun Development LP
paid
$1.4 million to
Silco Oil Co.
for
a 20,685-square-foot gas station
at 12060 Sable Blvd. in Brighton.
Michael Bright
and
Dan Clay-
ton
of
BRC Real Estate,
which
is headquartered in Highlands
Ranch, represented the seller in
the transaction.
In another deal in which Bright
and Clayton represented Silco,
KMR Real Estate LLC
paid $1.15
million to Silco for a 2,390-sf gas
station at 295 S. Broadway in Den-
ver.
n
Smoker Friendly,
a tobacco
store, leased 5,150 sf at theArvada
Square Shopping Center at 9277
Ralston Road inArvada.
Gene Stone
of
Antonoff &
Co. Brokerage Inc.
was the list-
ing broker in the transaction.
Rich
Otterstetter
of the
Crosbie Real
Estate Group
was the cooperat-
ing broker.
s
Retail
This map shows Quebec Center, which recently was purchased by Inland Real Estate Trust.
