IRVINE, Calif., October 11, 2017 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $48 million sale of Northglenn Marketplace, a 439,063-square-foot community center in Northglenn, CO, within the Denver MSA.
Donald MacLellan, senior managing partner, Rick Chichester, president and CEO, and Patrick Toomey, senior managing director with Faris Lee Investments represented the seller, HQ8-10401-10450 Melody Lane LLC. The buyer was Hutensky Capital Partners III LLC.
At the close of escrow, the property was 63 percent 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. Faris Lee marketed the property as a unique value-add redevelopment opportunity in one of the most dynamic markets in the U.S.
“Faris Lee had been advising the ownership over the past several months on how best to position the asset in order to maximize the value of the center,” said MacLellan. “We hired a strong boutique leasing team from Sullivan Hayes to collaborate on a strategic business plan to help potential buyers see a new revitalized vision of what the property could be, including identifying a demand for an entertainment component. We also worked with the City of Northglenn and the Northglenn Urban Renewal Authority to create incentives for a redevelopment program.”
Built in 1999 and located at 10578 Melody Drive, the center is situated on just over 55 acres at the confluence of the 25 freeway, 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.
The greater Denver market has been thriving in recent years and is the sixth fastest growing city in the nation and has the third best state economy.
About Faris Lee Investments: Faris Lee Investments is a leading retail advisory and investment sales firm. The company’s high-level retail investment advisors and sophisticated financing experts develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Cumulatively, Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee’s senior advisors are skilled in disposition and acquisition strategies, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, visit www.farislee.com.