Colorado Real Estate Journal - March 2, 2016
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 Aurora. 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 marketing it for 30 days,” Smith said. The center, with only one small vacant space, is next to a Target, 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 tenants,” 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 center, 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 Properties, from Colorado, he said. Other News 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., had paid $96 million for the property at University Boulevard and First Avenue in 2006, according to public records. The sales price represents a 76.7 percent premium to what AmCap paid. A spokesman for OliverMcMillan declined to comment beyond a news release, but according to its website, the San Diego-based OliverMcMillan plans to “redevelop 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 submitted any plans for the redevelopment of Clayton Lane 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 parking. AmCap previously said it planned to redevelop the property, 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 neighborhood within Denver,” Dene Oliver, CEO of OliverMcMillan, said in a statement. “We look forward to being a part of the Cherry Creek North community.” 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 Interstate 25. Recent tenants at MileHouse include: • Los Chingones, the Mexican dining concept by chef Troy Guard. This 3,483-sf restaurant is the second Guard has opened. The first is at 2461 Larimer St. in downtown Denver • OrangeTheory Fitness is scheduled to open its 3,317-sf fitness center in March. • Crushed Red Urban Bake and Chop Shop recently opened a 2,865-sf restaurant that specializes in fresh chopped salads and handstretched pizzas. It also serves craft beers and wines. • Backcountry Delicatessen recently opened a 2,212-sf restaurant. • 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 continuing 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. 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 Denver,” 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 projected to bring.” Mutz Pet Goods and Gifts Inc. leased 3,536 sf at 13691 Colorado Blvd. in Thornton. Carolyn Martinez and Michael Linderman, brokers with Newmark Grubb Knight Frank, represented the landlord in the transaction. 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 Denver. Alexander F. Becker, a vice president of Real Estate Consultants of Colorado LLC, represented Spinster Sisters in the transaction.