Article cited from Denver Business Journal
A 78,916-square-foot shopping center in Glendale has sold for $30 million, according to Arapahoe County public records.
Anchored by Petsmart and Bed Bath and Beyond, Cherry Creek Retail Center sold from Houston-based Weingarten Realty to Dallas-based Ramrock Real Estate and Lincoln Property Company, also headquartered in Dallas. It is located at 4300 E. Alameda Ave..
The location is completely built out, which creates significant barriers to entry for future competition, said Brad Lyons, executive vice president at CBRE, which represented the seller in this deal. He also said it was one of the few big-box centers located along Colorado Boulevard with proximity to Cherry Creek Mall – it’s less than one and a half miles away.
“The buyer was attracted to the huge residential densities and extraordinary wealth and spending power in the immediate trade area,” Lyons said.
Built in 1993, the Cherry Creek Retail Center’s location on the southeast corner of East Alameda Ave. and South Colorado Boulevard sees traffic in excess of 115,000 vehicles per day, according to CBRE. This submarket also has the lowest retail vacancy rate in the metro, at 3.9 percent, and the highest average triple-net lease rate, $32.22 per square foot. The metro’s average vacancy rate is 7.2 percent, and average triple-net lease rate is $18.90.