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COLORADO REAL ESTATE JOURNAL
— May 4-May 17, 2016
Retail
by John Rebchook
When commercial real estate
investors buy a prime property,
they often describe it as being at
Main and Main.
Sam Brown, a 45-year veter-
an of real estate investing in the
Denver area and Colorado, had
a bit different way to describe his
recent $13million purchase of the
Creekside on Colfax retail center
in Lakewood.
“Boardwalk and Park Place,”
Brown, principal of Westminster-
based Brown and Associates,
said about the 43,863-square-foot
center at the northeast corner of
West Colfax Avenue and Wad-
sworth Boulevard. About 30,000
vehicles pass the site daily.
“I bought it because it is an
incredible location,” Brown said.
“It’s at the confluence of two
major arteries and is shadow
anchored by a Walmart,” he said.
Creekside is 5 miles west of
downtown Denver and is a block
south of the recently opened
Lakewood-Wadsworth
RTD
light-rail station.
More than than 138, 000 people
reside within a 3-mile radius of
the center.
Brown also isn’t exaggerating
when he says Creekside is shad-
ow anchored by Walmart.
Often, when real estate folks
talk about a shadow-anchored
center, a major retailer might be
in the general vicinity.
In this case, Walmart is close
enough to cast a shadow on
Creekside on Colfax.
“It’s on the same property,”
Brown said. “You could walk to
Creekside, have lunch and then
walk to Walmart, without mov-
ing your car. We basically share
the same parking lot.”
Brown and Co. currently has
a portfolio of 15 properties and
Creekside on Colfax is its second-
largest holding. Only Mission
Commons at 88th Avenue and
Wadsworth is larger.
Brown has recently been
actively involved in the Denver
area retail scene.
“In the last year, we have devel-
oped one property and bought
three centers,” Brown said.
“I won’t do anything that is
farther than 45 minutes from my
home or office,” he said.
The one exception is the Out-
lets at Silverthorne. That is the
first factory outlet center in Colo-
rado, which he opened in 1988.
“I used to own the entire Sil-
verthorne center,” he said. Brown
still has a small position in it.
Matthew Henrichs and Brad
Lyons of CBRE’s Denver Retail
Investment Properties Group list-
ed Creekside on Colfax, at 7295,
7355 and 7474 W. Colfax Ave.
The seller was CPP Creekside
at Colfax, based in Santa Monica,
California.
“Amid the significant improve-
ments happening recently along
West Colfax, the sale of Creekside
on Colfax presented an excel-
lent investment opportunity for a
strategic buyer,” said Henrichs, a
first vice president at CBRE.
“Spanning Sloan’s Lake (in
Denver) to Wadsworth Boule-
vard, the West Colfax corridor is
beginning to attract capital will-
ing to make a significant invest-
ment in the area,” Henrichs said.
Built in 2006, Creekside on
Colfax includes four multitenant
buildings on more than 5.4 acres.
Tenants include a mix of res-
taurants, stores and services.
They include Chipotle, Payless
ShoeSource, GNC, Jimmy John’s,
GameStop and T-Mobile. The
property was 87.5 percent leased
at the time of sale.
“It has great tenants,” Brown
said.
He said it is a bit hard to clas-
sify.
“I would say of all the proper-
ties we own, maybe one of them
I would describe as a ‘turnkey’
operation,” which doesn’t need
any improvements, he said.
“But I don’t think I would
describe Creekside as value-
add,” he said.
Other News
n
BS Property Investments
of
Denver paid $3.95 million for the
14,121-square-foot, seven-tenant
retail center at 8006 E. Arapahoe
Road in Centennial.
Heinrichs and Lyons repre-
sented the seller,
Arapahoe 8006
LLC,
of Centennial, in the transac-
tion.
“Investor interest in the retail
center at 8006 E. Arapahoe was
driven by the property’s high vis-
ibility and high barrier-to-entry
location in one of South Denver’s
top demographic trade areas,”
Henrichs said.
“Astute buyers were willing to
pay a premium to acquire a fully
leased, cash-flowing, multitenant
shopping center of this caliber,”
he added.
Built in 1998, 8006 E. Arapa-
hoe sits on 0.76 acres. Current
tenants include
Doctors Express
Service Group, Alpha Bicycle,
Darque Tan, Impressive Clean-
ers & Laundry
and
Pup E Luv
Dog Grooming.
The property
was 100 percent leased at the
time of sale.
The site is on East Arapahoe
Road between South Quebec
Street and South Yosemite Street
– minutes from the Denver Tech
Center and less than 15 miles
from downtown Denver.
“The East Arapahoe corridor
has long been one of the most-
coveted infill commercial trade
areas in the Denver metro area,”
added Henrichs. “With traffic
counts alongEastArapahoeRoad
in excess of 45,000 vehicles per
day, 237,000 daytime employees
within a 5-mile radius and 86,000
residents living within a 3-mile
radius, the site points toward
long-term value appreciation.”
n
An unidentified buyer paid
$1.05 million for a 2,590-sf Shell
gas station-anchored center at
3645 Evergreen Parkway in Ever-
green. The sales price equates to
$403.46 per sf.
Cody Stambaugh, Peter Sen-
gelmann, Jeff Johnson
and
Matt Ritter
with the
Johnson
Ritter Team
at
Pinnacle Real
Estate Advisors
represented the
seller in the transaction.
“The sellers owned and operat-
ed the service station since it was
built in 1999,” Stambaugh said.
“There were many moving
parts to this transaction that
required us to extend closing
multiple times,” he added.
s
CBRE listed the Creekside on Colfax retail center, which sold for $13 million.
