Colorado Real Estate Journal - April 19, 2017
The Northglenn Urban Renewal Authority approved agreements with Evergreen-104th & Huron LLC and Impala Capital LLC for the redevelopment of a “challenging” retail site. The $7.36 million construction project will get underway this summer to transform the 10.45-acre, 104,322-square-foot Huron Center in Northglenn. “This project is a great example of what urban renewal authorities can do to revitalize challenging retail areas by bringing stakeholders to the table,” said Rosie Garner, chair of NURA. “Thanks to a very dedicated developer and patience from our residents, the Huron Center will be transformed.” The retail center at 104th Avenue and Huron Street will be revitalized with the addition of a 35,669-sf automotive retail facility, a 21,773-sf neighborhood grocer and newly built 2,400-sf Arby’s restaurant. Under the agreements, Evergreen Devco Inc. will purchase the former Albertsons/ Rite-Aid building and property at 1000 W. 104th Ave. from NURA. The grocer and retail automotive facility will be located there. Evergreen Devco also will own the new Arby’s restaurant, which will be constructed next to Bank of the West. “Evergreen is thrilled to partner with the city of Northglenn and the Northglenn Urban Renewal Authority on this tremendous project, and we look forward to redeveloping this challenged property into a vibrant, attractive shopping center that will make Northglenn proud,” said Evergreen Devco Managing Partner Tyler Carlson. Impala will continue to own the rest of the center, which includes the east and west wings, and the two existing restaurant buildings near 104th Avenue. The total project with acquisition costs is estimated at $9.4 million, which includes $7.36 million for construction. The grocery store and retail automotive facility are scheduled to open by the end of the year and early 2018. Arby’s will also open in 2018. “This is a great day for the city,” said Mayor Joyce Downing. “This project will jumpstart the Huron Center. These new businesses are investing in the city while bringing in products and services of value to our residents.” “This has been a complex project from the beginning, but it will be worth everyone’s efforts when we see how this project will transform this property and revitalize the area,” said Debbie Tuttle, executive director for NURA and economic development manager for the city. Other News Regatta Square, a four-tenant retail center across from Trader Joe’s in Denver, recently sold for $2.97 million, or nearly $500 per square foot. A partnership out of Boulder, Medoc Properties Inc., purchased the 5,983-sf property from NetREIT. “It was a big number per square foot as small tenants in a prime corridor get big rents,” noted Dan Grooters of Newmark Knight Grubb Frank, who handled the sale with along with Riki Hashimoto of NGKF. Constructed in 1996, the fully leased Regatta Square was purchased as part of a 1031 exchange by buyers who saw the center as a stable, cashflowing deal. “This is what everyone wants, a stabilized, high-visibility retail center in a prime corridor. We had a lot of activity on this,” added Grooters. Tenants include Mici Italian, Bank of America, a nail salon and an Indian restaurant. H&M, Hennes and Mauritz Inc., one of the world’s largest fashion retailers, is opening a new Denver location. The approximately 20,000-sf store will open this fall at The Shops at Northfield Stapleton, located at Interstate 70 and Central Park Boulevard. The new location will offer a one-stop shopping destination for clothing for the whole family as well as separate “store within a store” sections for accessories. The Northfield Stapleton store also will carry the H&M Kids collection. H&M will join tenants such as Bass Pro Shops, Harkins Theatres, Macy’s, Old Navy and SuperTarget at the center. Sephora is set to join Denver Pavilions this summer. The beauty retailer will open a nearly 6,000-sf store at the property along the 16th Street Mall and Glenarm Place in downtown, in the former Victoria’s Secret space next door to Maggiano’s Little Italy. “Downtown Denver is on a roll and people are paying attention. By choosing the 16th Street Mall for a new location for its popular international brand, Sephora is sending a clear message that it is a place where national retailers can be successful,” said Tami Door, president and CEO of the Downtown Denver Partnership. “Recent additions to downtown Denver’s retail mix, including household names like Sephora, Target and Uniqlo, show that the center city is top of mind for key national retailers whose products and services meet the needs of downtown’s growing residential and employee population, and we expect this trend to continue.”