{"id":1004712791,"date":"2024-05-07T04:02:06","date_gmt":"2024-05-07T12:02:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004712791"},"modified":"2024-05-07T04:06:43","modified_gmt":"2024-05-07T12:06:43","slug":"jcr-buys-denver-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jcr-buys-denver-shopping-center\/","title":{"rendered":"JCR Enters Colorado, Buys Denver Shopping Center"},"content":{"rendered":"\n

<\/p>\n\n\n

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\"Promenade
Promenade at Highlands Ranch received seven offers from investment companies. Image courtesy of Institutional Property Advisors<\/em><\/figcaption><\/figure><\/div>\n\n\n

JCR Cos. has entered Colorado with the $26.7 million purchase of Promenade at Highlands Ranch,\u00a0a 136,521-square-foot retail center<\/a> in Highlands Ranch. Grant Street Funding provided a $18.2 million acquisition loan, public records show. <\/p>\n\n\n\n

The previous owner, Dana Investments, had purchased the retail asset back in 2005 for $14.3 million, according to CommercialEdge data. Institutional Property Advisors brokered the current transaction. <\/p>\n\n\n\n

Promenade at Highlands Ranch came online in 1986. Its tenant roster includes a diverse mix of retailers such as State Farm, Club Champion Golf, Bike Source, Carpet Mill, Fitness Gallery and Taste of Philly, among others.<\/p>\n\n\n\n

IPA Senior Director Ryan Bowlby and Senior Managing Director\u00a0Drew Isaac represented the seller and procured the buyer.<\/p>\n\n\n\n

Denver’s retail slowdown<\/h2>\n\n\n\n

Located at 2660-2690 E. County Line Road, the retail center is near the intersection of State Highway 470 and University Boulevard, which allows easy access across the Denver metropolitan area. The Promenade at Highlands Ranch is in an area where the average household income reaches $150,000 and the daily traffic count sees approximately 170,000 vehicles.<\/p>\n\n\n\n

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READ ALSO:<\/strong> What 99 Cents Only\u2019s Demise Means for CRE<\/a><\/p>\n\n\n\n

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Denver’s retail sector continued to stand firm in the fourth quarter of last year thanks to its low vacancy rates, constrained new development and robust consumer foundation, according to a Hoff & Leigh report. <\/p>\n\n\n\n

However, the rising interest rates impacted the retail real estate sales and led to a slowdown. The metro’s investment volume totaled $765 million last year\u2014below the long-term average of $1.4 billion, the same research shows. Meanwhile, approximately 380,000 square feet of retail space were under construction across Denver, representing just 0.2 percent of the total inventory.<\/p>\n","protected":false},"excerpt":{"rendered":"

Institutional Property Advisors brokered the $26.7 million sale.<\/p>\n","protected":false},"author":3014,"featured_media":1004712796,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1587,21783,21742,21749,15],"tags":[35230,33445,48518],"class_list":["post-1004712791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-denver","category-investment","category-latest","category-retail","category-west","tag-institutional-property-advisors","tag-jcr-companies","tag-ryan-bowlby"],"acf":[],"yoast_head":"\nJCR Enters Colorado, Buys Denver Shopping Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"JCR Cos. has purchased Promenade at Highlands Ranch,\u00a0a 136,521-square-foot retail center in Highlands Ranch, Colo., for $26.7 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jcr-buys-denver-shopping-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JCR Enters Colorado, Buys Denver Shopping Center\" \/>\n<meta property=\"og:description\" content=\"JCR Cos. has purchased Promenade at Highlands Ranch,\u00a0a 136,521-square-foot retail center in Highlands Ranch, Colo., for $26.7 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jcr-buys-denver-shopping-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-07T12:02:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-07T12:06:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Promenade-at-Highlands-Ranch-e1715077802943.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1813\" \/>\n\t<meta property=\"og:image:height\" content=\"1361\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jcr-buys-denver-shopping-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jcr-buys-denver-shopping-center\/\",\"name\":\"JCR Enters Colorado, Buys Denver Shopping Center - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jcr-buys-denver-shopping-center\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jcr-buys-denver-shopping-center\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Promenade-at-Highlands-Ranch-e1715077802943.jpg\",\"datePublished\":\"2024-05-07T12:02:06+00:00\",\"dateModified\":\"2024-05-07T12:06:43+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"JCR Cos. has purchased Promenade at Highlands Ranch,\u00a0a 136,521-square-foot retail center in Highlands Ranch, Colo., for $26.7 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jcr-buys-denver-shopping-center\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/jcr-buys-denver-shopping-center\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jcr-buys-denver-shopping-center\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Promenade-at-Highlands-Ranch-e1715077802943.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Promenade-at-Highlands-Ranch-e1715077802943.jpg\",\"width\":1813,\"height\":1361,\"caption\":\"Promenade at Highlands Ranch. 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