Page 18AA —
COLORADO REAL ESTATE JOURNAL
— September 16-October 6, 2015
cent of the GLA;
• A 17,363-sf You Fit, accounting for 5
percent of the GLA;
• A 12,000 sf Dollar Tree, 3 percent of
the GLA; and
• A 10,000-f Old Country Buffett.
The center also is shadow-anchored
by nearby big-box retailers including
Costco, Home Depot and Lowe’s.
“This was basically a core-plus type
of asset, with some value-enhancement
possible,” Lyons said about the center,
which has 35 tenants.
The estimated population within a
3-mile radius is 121,439 and the median
household income in the same area is
$51,226. The average household income
within a 3-mile radius is $67,447.
“We believe Arvada Marketplace-
Connection’s outstanding visibility,
strong regional and national tenant
mix and ideal demographics make it
one of the dominant retail properties in
Denver’s western suburbs,” said Todd
Zinsmaster, executive vice president of
acquisitions and development for Pine
Tree, based in Northbrook, Illinois.
“It not only represents a significant
achievement – being our 75th prop-
erty – but also serves to strengthen our
portfolio as we continue our growth
strategy to acquire high-quality neces-
sity-based shopping centers across the
country with high barriers to entry,”
he said.
The center was constructed in 1987.
It is less than mile from Olde Town
Arvada and a new light-rail station that
will open next year.
“Olde Town Arvada – a registered
National Historic Place – and its prox-
imity to Arvada Marketplace-Connec-
tion presents a unique opportunity to
the success of the shopping center as
thousands of tourists visit Arvada’s
vibrant shopping district and micro-
breweries each year,” Zinsmaster said.
“We believe this acquisition is a com-
mitment to the community of Arvada,
including Olde Town, and look for-
ward to improving upon our shared
successes going forward,” he said.
Financing was provided by Bank of
America.
Other News
n
Western Centers
paid $4.95 mil-
lion for the 44,292-square-foot Parker
Road Care Center at 1330 S. Parker
Road in Denver.
The property, whose tenants include
a Just Brakes and a Western Conve-
nience Store, was only on the market
for 30 days before it was purchased.
The deal closed within 90 days after
Western Centers put it under contract,
according to
Matthew Henrichs,
who
listed it with fellow
CBRE
broker
Brad
Lyons.
It was the 16th property closed this
year by the Henrichs/Lyons CBRE
Retail Investment Sales team.
So far this year, the team has closed
$294 million in properties.
n
Tuff Shed Inc.
leased 6,500 sf at
12450 S. Parker Road in Parker.
Tim-
othy D’Angelo
of
Newmark Grubb
Knight Frank
represented the tenant
in the transaction and
Trevey Land &
Commercial Property
represented the
landlord.
n
Body Mind System,
a formal edu-
cation system that incorporates martial
arts knowledge and practices, leased
1,411 sf at Columbine Valley at 6856 S.
Lowell Blvd. in Littleton.
Dylan Hall
of
Sidford Capital LLC,
brokered the
deal.
s
