CREJ - Journal

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March 18-March 31, 2015 — COLORADO REAL ESTATE JOURNAL — Page 29
by John Rebchook
The Denver office of HFF
recently arranged a $23.55 mil-
lion acquisition loan for Quebec
Square in Stapleton.
Quebec Square is a
207,561-square-foot regional
retail center at 7800 Smith Road.
HFF represented the buyer,
Inland American Real Estate
Trust Inc.
Inland, based in Oak Brook,
Illinois, paid $52.25 million for
the property, which included an
adjacent 20,000 sf of space.
“We believe Quebec Square is
a dominant retail property with
a solid national and regional
tenant lineup, strong demo-
graphics and an ideal location
trafficked by more than 65,000
vehicles per day,” said Christo-
pher Covey, senior vice presi-
dent of transactions for Inland
American.
“We are pleased to add this
property to our retail portfo-
lio, as it matches our long-term
strategy of investing in mul-
titenant, necessity-based retail
properties and believe it is well
positioned for future growth.”
Inland initially paid cash
for the center and then HFF
arranged for the loan, said Eric
Tupler, the senior managing
director for HFF’s Denver office.
That is typical for many real
estate investment trusts, such
as Inland, said Tupler, who
arranged the loan with HFF
Real Estate Analyst Matt Gan-
gaware.
Working on behalf of Inland
American Real Estate Trust
I n c . , H F F
placed the
10-year, fixed-
rate loan with
Nationwide
Real Estate
Investments.
HFF also will
service the
loan.
“There was
quite a bit of
interest in this transaction both
from life insurance companies
and CMBS lenders,” Tupler
said.
He said the lenders that
looked at the deal were thrilled
that Quebec Square is in Staple-
ton, one of the most success-
ful mixed-use, master-planned
communities in the U.S.
“They really liked the location
and everything in Stapleton
that is around Quebec Square,”
Tupler said.
“It truly is one of the strongest
submarkets in Denver,” Tupler
said.
“Stapleton is a primary trade
area for that whole northeast
sector of Denver,” Tupler said.
And the site will only become
stronger, as a nearby train sta-
tion will open in 2016, when
the line between Denver Inter-
national Airport and Union Sta-
tion opens, Tupler noted.
“Quebec Square, itself, has
become a true infill center,
as Stapleton has grown,” he
added.
Quebec Square was built in
2003 on slightly more than 22
acres.
The property is 97 percent
leased to national retail and res-
taurant tenants.
Ross Dress for Less, Office
Depot, PetSmart, GameStop,
Buffalo Wild Wings, Smash-
burger, GNC, Famous Footwear
and Jimmy Johnʼs are among
Finance
Famous Footwear is one of the tenants at Quebec Square, which is 97
percent leased.
Eric Tupler