Hutensky Capital Partners III LLC paid $48 mil for Northglenn Marketplace, a 439k sf, community center in Northglenn, CO, within the Denver MSA. Built in 1999 and located at 10578 Melody Dr, the center is situated on just over 55 acres at the confluence of the 25 Fwy, a major north-south corridor through the Denver area, and 104th Avenue, the dominant east-west thoroughfare with combined daily traffic counts of nearly 200,000.
At the close of escrow, the property was 63% occupied. Over the past few years, the center had lost some key junior anchor tenants including Sports Authority, Marshalls, ULTA and Borders Books. However, several of the existing retailers have enjoyed strong sales including Ross, PetSmart and shadow-anchored Lowe’s.
Donald MacLellan and Rick Chichester with Faris Lee Investments represented the seller, HQ8-10401-10450 Melody Lane LLC. The property was marketed as a unique value-add redevelopment opportunity in one of the most dynamic markets in the U.S.