Denver area retail asset changed hand
Denver based Gart Properties LLC has enhanced its sizeable footprint in its home state with the acquisition of Orchard Plaza that is a 155,000 square foot retail and service center in Greenwood Village, Colorado.The company acquired the Denver area asset from Crown West Realty.
Gart paid $26.5 million for Orchard Plaza. Orchard Plaza’s four buildings range in size from approximately 28,000 to 47,000 square feet and are home to a variety of predominantly retail tenants. Names on the tenant roster include Starbucks, Federal Express and Specialty Appliance, as well as Primrose School and Greenwood Village Veterinary Clinic.
Gart plans to alter the tenant mix at the property to better accommodate market demand and to fill existing vacancies. The center is in a prime position to succeed, given metropolitan Denver’s strong market fundamentals. Substantial local population growth, employment growth and increased buying power have bolstered the retail market, which recorded a vacancy rate of just 4.4 percent in the second quarter of 2019, and 12-month positive net absorption totaling 1 million square feet, according to a report by commercial real estate services firm Hoff & Leigh Inc.
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