Exclusive: Nuveen Snaps Up Denver Retail Asset
The property traded for 51.3 percent more than its 2018 sale price.
Nuveen Real Estate has acquired Highpoint Marketplace, a 113,833-square-foot retail center in Aurora, Colo., according to Yardi Matrix information. Gerrity Group sold the asset for $36.3 million or roughly $319 per square foot.
The property previously traded in 2018, when Gerrity acquired it for $24 million, public records show.
Located at 18730 E. Hampden Ave., the three-building property opened in 2001 on nearly 15 acres just east of South Tower Road. Highpoint Marketplace in in an residential area within 9 miles of the city center and 15 miles southeast of downtown Denver.
READ ALSO: Retail Market Trends
The retail center last underwent renovations in 2007. Anchored by a 55,580-square-foot Safeway, the property also has fitness, beauty, health and dining tenants such as Wendy’s on its roster. CM Commercial Partners oversees leasing.
Denver’s retail investment volume goes up
Retail sales in the Mile High City went up roughly 20 percent year-over-year as of June, according to a Marcus & Millichap report. Properties in the Southeast submarket were especially in high demand, as transaction volume more than doubled in the 12 months ending in June.
Together with Highpoint Marketplace, six retail properties traded within a 5-mile radius year-to-date through August, Yardi Matrix data shows. The assets totaling 749,246 square feet sold for a combined $86.7 million, the per-square-foot price averaging $128.
You must be logged in to post a comment.