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April 1-April 14, 2015 — COLORADO REAL ESTATE JOURNAL — Page 7AA
Retail
1800 Larimer Street, Suite 1700, Denver, CO 80202 T 303.892.1111
Leasing Advisory  Global Corporate Services  Investment Sales and Capital Markets  Consulting
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Congratulations,
justin Kliewer.
“2014 retail Broker of the Year”
-DMCAR Award
Select clients
represented
By John Rebchook
Greenwood Village-based Mill-
er Real Estate Investments recent-
ly paid just under $17.5 million
for the Marston Park Plaza shop-
ping center in Littleton.
“We were really excited to buy
it when it became available,” said
Steve Shoflick, president of Miller
Real Estate.
“We believe this sits right in the
heart of one of the best and most
dynamic retail corridors in the
entire Denver area,” Shoflick said.
The 101,590-square-foot cen-
ter, originally built in 1985, is on
almost 10 acres at South Wad-
sworth Boulevard and Belleview
Avenue.
It was about 95 percent leased
when it sold.
It was listed, marketed and sold
by the Legend Investment Group.
An affiliated company, Legend
Real Estate Group, took over
the leasing of the center in 2010,
when the occupancy rate was
only 60 percent.
Tenants in the center include
Chase Bank, Hacienda Colorado,
Performance Bike, the Tile Shop,
Subway, Little Caesar’s Pizza,
Max Muscle and Edible Arrange-
ments. Chase built its store on the
site in 2012.
“And it’s shadow-anchored by
just about every major retailer
you can name,” Shoflick said.
Nearby big-box retailers
include Costco, Walmart, Sam’s
Club, T.J. Maxx, Whole Foods,
Lowe’s, Office Depot, Super Tar-
get and Best Buy.
“And when you look at every-
thing that is happening at the
Southwest Plaza Mall, this really
is Main and Main for that retail
corridor,” Shoflick said.
Miller Real Estate will make
some improvements to the center.
“It probably needs some lim-
ited upgrades to make it even
more attractive to tenants and
consumers,” Shoflick said.
The buyer and the seller, Dia-
mante Real Estate out of Colo-
rado Springs, were represented
by Chris Wiedenmayer and Kyle
Underwood of Legend Invest-
ment Group.
“There was a huge amount
of demand for the center,” said
Wiedenmayer, a vice president at
Legend Investment Group.
“We had seven or eight offers
and we narrowed it down to
three,” he said. “It was only on
the market for two weeks before
we had it under contract.”
In addition to offers from
the Denver area, a number of
groups outside of Colorado
also wanted it, he said.
“We had buyers from New
Jersey, California and Colorado
interested in buying it,” he said.
The demographics in the area
are very strong, according to Leg-
end’s research.
Within a three-mile radius,
there is a population of 112,553.
The average household income is
$94,408 in a three-mile radius and
the median household income is
$80,434.
The daily traffic count at Wad-
sworth and Belleview tops 55,000.
“It is pretty rare for an infill
site like this to become available,”
Wiedenmayer said.
“And there are some real barri-
ers to entry,” he said.
“There really isn’tmuchground
available to build another center
to compete with it,” he said.
Marston Park Plaza also is a
turnaround story.
Underwood increased the occu-
pancy rate by 58 percent by bring-
ing tenants to the center – Chase
Bank, Tile Shop, Hall Medical,
Creer Dental, Max Muscle and
All State Insurance.
He also renewed leases with
several other key tenants.
“Legend Investment Group
provides our clients with a team
of real estate professionals who
are experienced at maximizing
the value of retail properties by
leasing them to quality tenants
and positioning them for sales to
potential buyers, both locally and
nationally,” Wiedenmayer said.
“We work in conjunction with
Legend Retail Group, deliver-
ing a high-level connectivity that
provides property owners with a
unique opportunity to fullymaxi-
mize the value of their retail prop-
erties,” he said.
Meanwhile, Miller Real Estate
likely will own Marston Park
Plaza for quite some time.
“We probably will hold it for
longer than usual,” Shoflick said.
“We view this as a very stable
asset to own for the long term,”
Shoflick said.
“We are also actively looking
for other retail investments in the
Denver area,” he said.
“We are very bullish when it
comes to Denver.”
Other News
n The Pepper Living Trust paid
$4.32 million to Mazur Mazur
for a 7,000-square-foot building
at 9185 Westview Road in Lone
Tree.
The listing broker in the trans-
action was Jeffrey L. Hirschfeld
of Antonoff & Co. The cooperat-
ing broker was Mike Pepper of
MKP Holdings.
n An unidentified buyer paid
$510,000, or $45.13 per sf, for an
11,299-sf parcel at 14211 E. Sixth
Ave. inAurora.
John Propp, president of John
Propp Commercial Group, rep-
resented the seller, McDonalds
USA LLC, in the transaction.
n Azure Furniture Company
Inc. leased 6,500 sf at 4999 Jackson
St. in Denver.
The landlord, Darrell Jones,
was represented by Bill Reilly
of Sperry Van Ness/The Group
Commercial.s
Marston Park Plaza recently sold for almost $17.5 million.
Marston Park Plaza was 60 percent leased in 2010. Now it is 94 percent
leased.