CREJ - page 49

August 19-September 1, 2015 —
COLORADO REAL ESTATE JOURNAL
— Page 9AA
Retail
by John Rebchook
ArciTerra Group recently
paid just under $19.4 million for
the 135,751-square-foot Seven
Hills Plaza shopping center in
Aurora.
The purchase apparently was
the first Denver-area acquisi-
tion by Phoenix-based ArciT-
erra.
“I believe it was their first
local acquisition,” said Mat-
thew Henrichs, who listed,
marketed and sold the property
at East Hampden Avenue and
Tower Road with fellow CBRE
broker Brad Lyons.
There was a lot of interest
in the property from prospec-
tive buyers, which is typical in
today’s hot Denver area retail
market.
“I will tell you, generally
speaking, we always have quite
a few offers on all of our list-
ings and Seven Hills Plaza was
no different when we ran it
through the listing process,”
Henrichs said.
The sale price was the equiva-
lent of $142.89 per sf.
“ArciTerra is a syndication
group and one of the things
that really appealed to them is
that they purchased it priced
well below replacement cost,”
Henrichs said.
The head of ArciTerra could
not be reached by press time.
But according to ArciTerra’s
website, among other asset
types, it is interested in mult-
itenant retail centers and well-
anchored neighborhood com-
munity centers and value-add
opportunities.
ArciTerra targets properties
priced from $2 million to $250
million.
Seven Hills Plaza, built in
1985, was sold by a Minne-
apolis-based group called CRE
Aurora LLC.
It had a fairly high vacancy
rate when it sold.
“It was about 86 percent
occupied at the time of the sale,
which really gave it great value-
add potential,” Henrichs said.
“These types of assets are
very sought after, because there
is a very limited supply of them
on the market,” Henrichs said.
He said several letters of
intent already were in the
works at the time of the sale.
The property is continuing to
be leased by Rich Otterstetter
and Jeff Germain of the Crosbie
Group.
Spaces are available from 1,200
sf to 8,510 sf, according to a
Crosbie Group brochure.
The anchor tenant is the Movie
Tavern, which takes 35,974 sf.
Other tenants include:
• 24 Hour Fitness, 9,200 sf;
• Napa Auto Parts, 6,152 sf;
• Music Go Round, 6,000 sf;
• Encore Dance, 5,100 sf;
• Crossroads Bible Church,
4,000 sf;
• Play it Again Sports, 3,680
sf; and
• 7-Eleven, 2,560 sf.
“There also is a Natural Gro-
cer’s by Vitamin Cottage that is
under construction nearby the
property,” Henrich said.
“The Natural Grocers wasn’t
part of the collateral, but it kind
of shadow anchors it,” he said.
Seven Hills Plaza has a great
location, he added.
“It is at a very strong regional
intersection of Hampden and
Tower,” Henrichs said.
“It is an area that has very
strong demographics,” he said.
Indeed, the average house-
hold income within a one-mile
radius of Seven Hills Plaza is
$75,781. Within a three-mile
radius it is $79,968.
Other News
n
Sigma Systems Inc.
paid
$1.7 million for an 8,900-square-
foot building on a 23,400-sf site
at 2305 S. Colorado Blvd. in
Denver.
Sean Kulzer, Mike
DePalma
and
David Dobek
of
SullivanHayes Properties
represented the buyer in the
transaction.
n
An unidentified buyer
paid $968,400 for the 12,258-sf
Ralston Trade Center
at 9840
W. 59th Place in Arvada. The
multitenant building was fully
occupied at the time of the sale.
Justin Krieger
and
Jeff John-
son
of
Pinnacle Real Estate
represented the buyer from
California that purchased the
property as part of a 1031
exchange.
“The demand for retail prop-
erties in metro Denver remains
strong,” Krieger said.
He said a number of buyers
wanted the Ralston Trade Cen-
ter, as it is a value-add deal.
“The low in-place rents and
nearby proposed developments
created a lot of buyer interest in
this property,” Krieger said.
“In addition, the fact that the
property was priced just below
$1 million also got a lot of atten-
tion because it’s getting harder
to find multitenant retail prop-
erties in metro Denver at that
price point,” Krieger said.
n
AutoZone
leased 7,240 sf
at 5365 S. Wadsworth Blvd. in
Littleton. AutoZone was rep-
resented in the transaction by
Courtney Dahlberg Key
and
Donald M. Miller
of
Sullivan-
Hayes Properties.
n
Carefree Spas
leased 6,500
sf from
Kimco
at the Market at
Southpark at 7937 S. Broadway
in Littleton.
Courtney Dahl-
berg Key
and
Brian Shorter
of
SullivanHayes Properties
represented Kimco in the trans-
action.
n
Highland Tap & Burger
leased 4,595 sf from
Sloan’s
Lake Apartment LLC
at the
Sloan’s Lake Alexan apartment
community being developed
by Trammell Crow Residen-
tial at 1565 Raleigh St. in the
Sloan’s redevelopment of the
former St. Anthony Hospital
site across from Sloan’s Lake in
northwest Denver.
Sean Kul-
zer, Mike DePalma
and
David
Dobek
represented both sides
in the transaction.
s
Orchard Town Center
welcomes new tenants
Orchard Town Center, a
914,000-square-foot open-air
retail center, announced that
seven new retailers will open
at various times over the next
several months.
Bitto Bistro is the new opera-
tor of the former Wine & Cheese
Restaurant and Wine Bar.
Katie Eile is an Irish restau-
rant and pub, and an affiliate of
Katie Mullen’s in downtown.
The restaurant will occupy 6,644
square feet.
Crushed Red is a fast-casual
restaurant offering chopped-to-
order salads and fresh-stretched
pizza. Crushed Red will operate
a 2,673-sf space.
Designer optical eye care cen-
ter, 20/20 EyeVenue will open a
3,085-sf space.
Rusty Bucket Restaurant and
Tavern is a casual tavern offer-
ing comfort food. Rusty Bucket
will occupy 4,500 sf.
Marshalls is a discount retail
chain that will open a 23,000-sf
store.
Maurices is a 5,000-sf store,
offering fashion for women.
“Since acquiring the property,
our goal has been to significant-
ly upgrade and rebrand the cen-
ter with new amenities, while
bringing in new retailers,” said
David Malin, vice president of
acquisitions and development
at Vestar. “We will continue to
enhance the customer’s shop-
ping experience, and are focused
on maintaining a vibrant and
exciting tenant mix.”
Orchard Town Center is
located at 14697 Delaware St. in
Westminster.
New-to-market retailers
join Cherry Creek
As Cherry Creek Shopping
Center prepares for the grand
opening of its four-level RH
Denver, The Gallery at Cherry
Creek, it announced new retail-
ers that will be opening in the
redeveloped space.
Tory Burch is an American
lifestyle brand that is known for
color, print and eclectic details,
offering shoes, handbags,
watches, accessories, and home
and beauty products.
DavidYurman is a fine jewelry
and luxury timepiece designer
for men, women and children.
The remodeled valet plaza
will feature new restaurant,
801 Chophouse. The restaurant
offers USDA prime beef, jet
fresh fish and an award-win-
ning wine list.
Cherry Creek Shopping Cen-
ter is located at 3000 E. First Ave.
in Denver.
Park Meadows adds
restaurant and retail
Park Meadows Mall wel-
comes a new restaurant and two
new retailers.
The Melt offers hamburgers,
grilled cheese sandwiches and
hand-crafted fountain sodas.
The 708-square-foot store is the
first location outside of Califor-
nia.
Lolli & Pops is a candy shop
offering unique sweets from all
over the world, including choc-
olate from Madagascar, sour-
belts from Spain and sodas from
Japan. The 2,050-sf store is the
only location in Colorado.
Ivivva, created by Lululemon,
creates athletic wear for active
girls. The 2,025-sf store is the
first location in Colorado.
Park Meadows Mall is located
at 8401 S. Park Meadows Center
Drive in Lone Tree.
s
Seven Hills Plaza is at East Hampden Avenue and Tower Road.
Seven Hills Plaza in Aurora recently sold.
Orchard Town Center, located in Westminster, announced seven new
tenants will move in.
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