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COLORADO REAL ESTATE JOURNAL
— March 2-March 15, 2016
by John Rebchook
NAS Properties, headed by
local investor Nate Schnabel,
recently paid about $6.6 million
for the 48,283-square-foot Valley
Plaza Shopping Center in Auro-
ra.
The sales price equates to
$135.96 per sf for the strip center
at 1690 E. Quincy Ave.
Schnabel beat out a half-dozen
other investors for the property,
according to the listing broker, T.J.
Smith of Colliers International.
“We had seven offers after mar-
keting it for 30 days,” Smith said.
The center, with only one small
vacant space, is next to a Tar-
get, although the Target was not
included in the deal.
“I think one of the reasons there
was such strong interest in it is
because people liked that it was
shadow-anchored by a Target,”
Smith said.
“There would have been even
more interest in it if the Target
was included,” he added.
“It does have strong inline ten-
ants,” he said.
Anchor tenants in the center
include a Payless ShoeSource
and a Petco.
Smith represented a third-party
asset management firm, which
in turn represented the owner,
“a group out of Saudi Arabia,”
Smith said.
“I don’t know how they came
to own it,” Smith said. “Their
ownership goes back many,
many years.”
Even before the sale, Colliers
had been involved with the cen-
ter, which was built in 1994 at
Quincy and Buckley Road.
“About three or four years ago,
when it was only 50 percent or 60
percent leased, Colliers took over
the leasing and management,”
Smith said.
Thanks to Colliers, the center
is now about 95 percent leased,
making it attractive to buyers, he
noted.
The property attracted two
offers from California, one from
Washington and four, including
the winning bid from NAS Prop-
erties, from Colorado, he said.
Other News
n
OliverMcMillan,
in a joint
venture with
Invesco Real
Estate,
recently paid $169.59
million for the prime Clayton
Lane site in Cherry Creek, public
records indicate.
The seller,
AmCap Inc.,
hadpaid
$96million for theproperty atUni-
versity Boulevard and First Ave-
nue in 2006, according to public
records. The sales price represents
a 76.7 percent premium to what
AmCap paid.
A spokesman for OliverMcMil-
lan declined to comment beyond
a news release, but according to
its website, the San Diego-based
OliverMcMillan plans to “rede-
velop the site into a true mixed-
use community. The former Sears
building, which now sits vacant,
will be demolished to make way
for a pedestrian-friendly street that
runs throughout, connecting the
various uses and retailers.”
OliverMcMillan has not yet sub-
mitted any plans for the redevel-
opment of ClaytonLane to the
city
of Denver,
said
Andrea Burns,
spokeswoman for Community
Planning and Development.
The property has more than
182,000 square feet of retail in six
buildings and underground park-
ing.
AmCap previously said it
planned to redevelop the proper-
ty, which it considered the crown
jewel of its portfolio.
“We are pleased to be partnering
with Invesco Real Estate on this
exciting property located in such
a distinct and vibrant neighbor-
hood within Denver,”
Dene Oli-
ver,
CEO of OliverMcMillan, said
in a statement.
“We look forward to being a
part of the Cherry Creek North
community.”
n
Five retail tenants have leased
a total of 13,292 sf at the 353-unit
MileHouse
luxury apartment
community at 6750 E. Chenango
Ave., just west of the Denver Tech
Center.
Mile House was developed by
Holland Partners. Urban Legend
is in charge of leasing the 31,140
sf of retail and restaurant space
in the community, which is off of
Belleview Avenue, west of Inter-
state 25.
Recent tenants at MileHouse
include:
•
Los Chingones,
the Mexi-
can dining concept by chef
Troy
Guard.
This 3,483-sf restaurant is
the secondGuardhas opened. The
first is at 2461 Larimer St. in down-
town Denver
•
OrangeTheory Fitness
is
scheduled to open its 3,317-sf fit-
ness center inMarch.
•
Crushed Red Urban Bake
and Chop Shop
recentlyopeneda
2,865-sf restaurant that specializes
in fresh chopped salads and hand-
stretchedpizzas. It also serves craft
beers and wines.
•
Backcountry Delicatessen
recently opened a 2,212-sf restau-
rant.
•
Corbus Coffee
signed a 1,415-
sf lease and expects to open in
June.
All of these tenants are typically
found in urban, not suburban,
locations.
“Urban concepts are continu-
ing to make their way into the
Denver suburbs, and MileHouse
is becoming a hub,” said
Scott
Menefee,
a senior development
director at Holland.
“We’re excited to be able to
deliver great restaurants and
retailers to everyone residing in
the south metro Denver area,” he
added.
n
An unidentified buyer paid
$1.62 million for a Big O Tires
property at 3740 E. 104th Ave. in
Thornton.
Justin Krieger,
a senior
adviser at
Pinnacle Real Estate
Advisors LLC,
represented the
buyer in the all-cash transaction.
“My buyer was in a 1031
exchange and was specifically
looking for single-tenant, net-
leased properties in metro Den-
ver,” Krieger said. “We looked at
a lot of properties before deciding
on this one, and my buyer was
particularly interested due to the
great location and proximity to the
proposed FasTracks station and
the increase in traffic that is pro-
jected to bring.”
n
Mutz Pet Goods and Gifts
Inc.
leased 3,536 sf at 13691 Colo-
rado Blvd. in Thornton.
Carolyn
Martinez
and
Michael Linder-
man,
brokers with
Newmark
Grubb Knight Frank,
represented
the landlord in the transaction.
n
Spinster Sisters,
a natural
skin care products company based
in Golden, leased 595 sf of retail
space at
Backyard on Blake
at
3070 Blake St. in the River North,
or RiNo, neighborhood in Den-
ver.
Alexander F. Becker,
a vice
president of
Real Estate Con-
sultants of Colorado LLC,
rep-
resented Spinster Sisters in the
transaction.
s
Retail
This center recently sold for about $6.6 million.
Clayton Lane sold for $169.59 million. (See Other News)
