Page 14 - December 5-18, 2018 Retail ORIGINAL “WAXMAN CAMERA” PROPERTY FOR LEASE ONLY 911-919 15th Street, Denver, CO 80202 • First floor and two upper floors, plus basement • Approximately 3,250 SF per floor, Rentable or 9,750 SF above ground* • Interior dimensions vary per floor ranging from 2,791-3,010 useable SF • Zoning: Downtown Theatre District (”D-TD”) • Taxes: Approximately $19,238 (2017) • Built in 1920, subsequent remodels • No parking included, but building is adjacent to parking lot available for daily rental • Excellent building signage opportunities - Building will have “wow” factor for signage • Long Term Ground Lease also entertained • Tenant Finish Allowance and Free Rent available to qualified tenants • 1 block from Colorado Convention Center and Performing Arts Center • Across the street from the Telecommunica- tions Center of Denver - AT&T, CenturyLink, Denver Main, and 910Telecom • Massive fiber optic intersection THE INFORMATION ABOVE HAS BEEN OBTAINED FROM SOURCES BELIEVED RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY WE HAVE NOT VERIFIED IT AND MAKE NO GUARANTEE, WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, ABOUT IT. IT IS YOUR RESPONSIBILITY TO INDEPENDENTLY CONFIRM ITS ACCURACY AND COMPLETENESS. THE INFORMATION CONTAINED HEREIN (INCLUDING, WITHOUT LIMITATION, PRICES AND RENTAL RATES) IS SUBJECT TO CHANGE AND/OR WITHDRAWAL WITHOUT NOTICE. SEPTEMBER 2017 Jeffrey Hirschfeld • 303.454.5425 1528 Wazee Street Denver, CO 80202 O 303.623.0200 F 303.454.5400 BUILDING DETAILS: by Jennifer Hayes A big-box retail center along Colorado Boulevard recently traded hands for a reported $30 million. The 78,916-square-foot Cherry Creek Retail Center at 4300 E. Alameda Ave. in Glendale was purchased by Ramrock Real Estate and Lincoln Property Co. “Cherry Creek Retail Center is one of the few big-box cen- ters located along Colorado Boulevard with proximity to the Cherry Creek mall. The location is completely built out, creating significant barriers to entry for future competition. The buyer was attracted to the huge residen- tial densities and extraordinary wealth and spending power in the immediate trade area,” said Brad Lyons, executive vice presi- dent with CBRE Capital Markets, National Retail Partners. Lyons, along with CBRE’s Mike Winn and Tim Richey, represent- ed the seller, Weingarten Realty. The sought-after asset sold for at an undisclosed cap rate, how- ever, Lyons noted, it will be one of the lowest cap rate power center trades in the Colorado market in 2018. Constructed in 1993, Cherry Creek Retail Center is fully occu- pied by PetSmart and Bed Bath & Beyond. The center is shadow anchored by one of the top-per- forming Super Target stores in the Denver area; is located on the southeast corner of East Alameda and South Colorado Boulevard, which equates to traffic counts in excess of 115,000 vehicles per day; and is approximately 1 mile from Cherry Creek Shopping Center. Additionally, the property is sit- uated within Denver’s Colorado Boulevard/Midtown submar- ket, which had the lowest retail vacancy rate in the metro area at 3.9 percent at the end of the third quarter – nearly half the metro average of 7.2 percent, according to CBRE. The submarket also had the metro area’s highest average triple-net lease rate of $32.22 per sf in the third quarter compared with a metro average of $18.90. Other News n P&P LLC recently purchased a retail, residential and office building along EighthAvenue for $1.69 million. The building at 820 W. Eighth Ave. comprises 7,651 square feet and had been owned and oper- ated by a local family for decades. Adam Riddle of Nexus Com- mercial Realty LLC represented the buyer. The buyer plans to make interior and exterior reno- vations as well as capitalize on the location of the property at the corner of Eighth and Santa Fe Drive. n WellHaven PetHealth CO LLC recently signed a lease for 5,236 sf of retail space at 2306- 2314 E. SixthAve. in Denver. NAI Shames Makovsky’s Dax Gitcho represented the landlord, UNIV & 6th LLC. n Andrew Clark leased 2,487 sf of space in Centennial, where a Giant brand bicycle shop will operate. Clark leased Unit B-6 at 12201 E. Arapahoe Road for the bicycle shop. Greg Johnson of Wheel- house Commercial represented the landlord. The tenant did not have representation. n The Denver metro retail mar- ket saw the delivery of more than 561,000 sf of new retail space – the greatest quarterly total this busi- ness cycle, according to CBRE’s third-quarter Marketview report. The Denver Premium Outlets, which opened in late September, delivered more than 328,000 sf to the northeast submarket – 96.1 percent of which was preleased. Additionally, most of the quar- ter’s 384,808 sf of absorption occurred at the outlets. Year-to- date absorption totals 339,256 sf – a stark contrast to the year-to-date net absorption of negative 36,497 sf in the third quarter of 2017. A total of 1.2 million sf was under construction in the metro Denver area at the end of the third quarter – a 23.1 percent decrease quarter over quarter. The report also noted that new activity and preleased deliver- ies reduced the market’s direct vacancy rate to 7.2 percent, down 11 basis points quarter over quar- ter but still up 39 bps compared with third-quarter 2017. The over- all availability rate also decreased, dropping 53 bps over the quarter to 8.5 percent – its lowest level since the first quarter of 2017. The average direct asking lease rate reached $18.90 per sf triple net in the third quarter – the second highest rate behind the $18.97 per sf triple net recorded in the third quarter of 2017. CBRE noted that the overall market’s 14 cents-per-sf quarterly increase was led by an 8 per- cent jump in the average asking rate in strip/inline centers. The average direct asking lease rate was the highest in the Colorado Boulevard/midtown submarket, which includes Cherry Creek ($32.22 per sf triple net) with the lowest in the Aurora submarket ($15.45 per sf triple net). During the quarter, 27 retail properties sold totaling $228.7 million in volume. Year-to-date sales volume hit $660.7 million, a 12.4 percent increase over a year ago. According to the report, recent investor demand has been largely focused on single-tenant net-leased properties that typi- Big-box center along Colorado Boulevard sells for $30M Please see Big-box, Page 45 PetSmart and Bed Bath & Beyond are the two tenants that occupy the Cherry Creek Retail Center.