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COLORADO REAL ESTATE JOURNAL
— August 5-August 18, 2015
by John Rebchook
Phillips Edison, based in
Cincinnati, recently paid $15.5
million for the 103,883-square-
foot Broadlands Marketplace
in Broomfield.
The Safeway-anchored cen-
ter, at West 144th Avenue and
Lowell Boulevard, sits on 12.4
acres in the 820-acre, master-
planned Broadlands develop-
ment.
The sales price equates to
$149.21 per sf.
The sellers were the Green-
wood Village-based Alberta
Development Partners and
Walton Street Capital, based in
Chicago.
The Safeway, with 58,632
rentable sf, occupied 56.4 per-
cent of the center.
In addition to Safeway, the
No. 2 grocer in the Denver area
after King Soopers, the center
includes national tenants such
as Great Clips, Edward Jones
and Subway.
There are a total of 21 tenants
in the center, which was 96.3
percent leased at the time of
the sale.
Phillips Edison said it does
not think the center needs
any significant renovations or
improvement.
Meanwhile, in another recent
retail sale, Boston Financial
Investment Co. and Nassau
East Real Estate LP recently
paid $5.2 million for the 10,140-
sf Tower Crossing in Aurora.
The sales price for the center
at 3501 and 3551 S. Tower Road
equates to $512.82 per sf.
John Propp, principal of the
John Propp Commercial Group
in Greenwood Village, handled
the sale for the sellers, living
trusts.
“The new buyer is an old cli-
ent of mine,” Propp said.
He arranged to sell the center
to the buyer, which is anchored
by a Starbucks, Chase Bank,
a Smile Brands/Bright Smile
dental office and Go Wireless,
but also lined up backup offers,
in case the sale did not close.
It did.
“It’s a perfect fit for the
buyer,” Propp said.
“It’s relatively new, it’s on
a great hard corner (at Tower
Road and Hampden Avenue)
and the tenants are so good
that you could almost describe
this as a small, trophy prop-
erty.”
The buyer benefitted because
the leases for the Starbucks,
which has 1,681 sf, and the
dental office, with 4,052 sf, are
coming due, he said.
“If they waited until the
new leases were signed, it
would have cost them another
$150,000 to $200,000,” Propp
said.
At the same time, the sell-
er benefits because the new
owner covers the cost of re-
signing the leases, such as his
commission, Propp said.
Dental offices never leave a
center, he said.
“They invest so much on
equipment and improvements
that they will sell to another
dental practice,” if the current
tenant leaves, he said.
“Honestly, I’d rather have a
dental office as a tenant than a
Starbucks,” Propp said.
One of the backup offers for
The Broadlands Marketplace in Broomfield is anchored by a Safeway.
John Propp recently sold Tower Crossing for $5.2 million.
Retail
