{"id":1004731644,"date":"2024-10-03T22:46:47","date_gmt":"2024-10-04T06:46:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004731644"},"modified":"2024-10-04T04:07:47","modified_gmt":"2024-10-04T12:07:47","slug":"kpr-enters-denver-with-57m-retail-acquisition","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kpr-enters-denver-with-57m-retail-acquisition\/","title":{"rendered":"KPR Enters Denver With $57M Retail Acquisition"},"content":{"rendered":"\n<p>KPR Centers has purchased University Hills, a 210,000-square-foot grocery-anchored center. The $56.5 million acquisition marks the company\u2019s entrance into Denver&#8217;s retail market.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/UniversityHills1-e1727958200832.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"3553\" height=\"2666\" data-attachment-id=\"1004731726\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/kpr-enters-denver-with-57m-retail-acquisition\/universityhills1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/UniversityHills1-e1727958200832.jpg\" data-orig-size=\"3553,2666\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"UniversityHills1\" data-image-description=\"&lt;p&gt;University Hills. Image courtesy of KPR Centers&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;University Hills. Image courtesy of KPR Centers&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/UniversityHills1-e1727958200832.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/UniversityHills1-e1727958200832.jpg\" alt=\"Aerial shot of University Hills\" class=\"wp-image-1004731726\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">University Hills recorded an annual visitor count exceeding 3.6 million. <em>Image courtesy of KPR Centers<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Institutional Property Advisors brokered the off-market transaction, with Executive Director Tom Lagos working on behalf of the buyer. SITE Centers sold the asset, according to CommercialEdge data.<\/p>\n\n\n\n<p>At the time of the deal, the retail center was 100 percent leased. The tenant roster boasts a diverse range of retailers such as King Soopers, Michaels, Marshalls, Office Depot, AT&amp;T, PetSmart, Great Clips, Five Below, Bank of the West, Ulta Beauty, Mika Sushi, Starbucks Coffee and Chick-fil-A, among others.<\/p>\n\n\n\n<p>University Hills encompasses six buildings on some 20 acres. Originally a strip shopping center built in 1953, the property faced decline but was revitalized in the 1990s. University Hills Inc. acquired the land in February 1995 and a joint venture between Goldberg Property Associates and Greystone Realty Corp. purchased the asset in July 1996. The redevelopment was supported by the city and county of Denver, the city council, neighborhood groups and DURA.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/unlocking-the-sun-belts-retail-potential\/\">Unlocking the Sun Belt\u2019s Retail Potential<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Located at 2750 S. Colorado Blvd. in the Glendale submarket, the shopping center serves around 420,000 individuals within a 5-mile radius of the center, with the average household income of approximately $130,000, according to KPR. Due to its location in a healthy market, the center recorded more than 3.6 million visitors per year.<\/p>\n\n\n\n<p>Active in 18 states, KPR Centers has a portfolio of approximately 10 million square feet of owned and self-managed properties. This year, the company purchased <a href=\"https:\/\/www.commercialsearch.com\/news\/kpr-centers-pays-180m-for-retail-portfolio\/\">a 1.5 million-square-foot retail portfolio<\/a> in Florida and the Midwest for $180 million. Kimco Realty Corp. sold the eight assets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-denver-s-healthy-retail-market\">Denver&#8217;s healthy retail market<\/h2>\n\n\n\n<p>Denver <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-market-trends\/\">retail market trends<\/a> kept stable this year. During the second quarter of 2024, the metro sustained a low vacancy rate of 4.6 percent, according to a Colliers report.<\/p>\n\n\n\n<p>The average asking rate increased to $19.06 per square foot, while investment slowed, reaching $351 million by mid-2024, according to the same source. Around 121,000 square feet of retail space was delivered in the metro area in the second quarter, with more than 468,000 square feet under construction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SITE Centers sold the 210,000-square-foot grocery-anchored property.<\/p>\n","protected":false},"author":3014,"featured_media":1004731726,"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":[35230,52150,48215],"class_list":["post-1004731644","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-kpr-centers","tag-site-centers-corp"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>KPR Enters Denver With $57M Retail Acquisition - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"KPR Centers purchased a 210,000-square-foot grocery-anchored center in Denver for $56.6 million. SITE Centers sold the asset.\" \/>\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\/kpr-enters-denver-with-57m-retail-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KPR Enters Denver With $57M Retail Acquisition\" \/>\n<meta property=\"og:description\" content=\"KPR Centers purchased a 210,000-square-foot grocery-anchored center in Denver for $56.6 million. 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She has been with the company for almost four years and joined the CPE-MHN team in 2022. Diana writes stories on different topics, mainly focusing on the affordable, senior, office and retail markets. 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