Arapahoe Plaza, a 37,933 square foot multi-tenant office building located at 7700 East Arapahoe Road in Centennial, Colorado, closed in April 2017. A private partnership fulfilling a 1031 exchange purchased the property for $4,825,000. Arapahoe Plaza is located near the intersection of Interstate 25 and Arapahoe Road.
“The property caters to tenants coming from the extensive surrounding executive and employee housing seeking a quality, small tenant environment,” said Johnson. “The asset provides numerous walkable restaurant and retail amenities rare in suburban submarkets. Investors were attracted to the improvements in the common areas and tenant suites, coupled with the strong historical occupancy.”
In June 2017, a local private partnership fulfilling a 1031 exchange bought Lincoln Center, a 16,392 square foot multi-tenant shopping center at 12501 and 12509 East Lincoln Avenue in Englewood, Colorado.
“Lincoln Center represents the current strength of the retail market,” said Hendrickson. “The property has a tenant mix of restaurants, services and local business all within an affluent, growing trade area of Metro Denver.”
Erindale Square, a 103,571 square foot multi-tenant shopping center located at 5881-5975 North Academy Boulevard in Colorado Springs, Colorado, closed in June 2017 for $8,100,000. The property was built in 1981 and 1988, and consists of three multi-tenant retail buildings as well as an additional single-tenant pad.
“Erindale Square was an opportunity for a California-based purchaser to acquire significant yield in a proven shopping center,” said Hendrickson. “The established surrounding neighborhood and substantial traffic volumes on Academy Boulevard will continue to support the tenant mix. The seller reinvested substantial capital expenditures to set up the property and buyer for long-term success.”