This Week's Denver Deal Sheet: King Soopers-Anchored Shopping Center Sells For $34M
KPR Centers acquired University Hills, a grocery-anchored retail center in Denver, for $33.9M. The financing was secured by IPA Capital Markets, a division of Marcus & Millichap. The 100% leased property features a King Soopers, Michaels, Marshalls, Office Depot and Ulta.
The financing, structured as a five-year, fixed-rate, full-term interest-only loan, allows prepayment at par during the final year.
This acquisition is KPR’s first in the Colorado market and adds to the firm’s retail portfolio, which spans 18 states, 52 properties and 10M SF.
“In the current credit cycle, grocery-anchored large format retail has risen to become a favored product type with life companies,” said IPA Executive Managing Director Sunny Sajnani, who led the financing alongside Associate Director Travis Headapohl.
The deal was facilitated by IPA’s retail investment sales team, led by Tom Lagos, who represented the buyer.
SALES
Cushman & Wakefield arranged the $3.5M sale of a 5,160 SF retail property at 1375 Interquest Parkway in Colorado Springs that is fully leased on a triple-net basis to Fuzzy’s Taco Shop. The buyer, Patterson Living Trust, acquired the Class-A property for $678 per SF.
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Archer Capital Group purchased the 94-suite Residence Inn by Marriott at 5010 W. 88th Place in Westminster. Marcus & Millichap’s Miller-Gomes hotel team facilitated the sale. This was the 13th disposition this year for NewcrestImage, the seller.
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Turner Impact Capital entered the Denver market with the acquisition of two workforce housing communities in Aurora: the 165-unit Silverbrook and the 188-unit Canterra at Fitzsimons. Part of the $750M Turner Multifamily Impact Fund III, the properties serve tenants earning up to 80% of the area median income, such as teachers and healthcare workers, and include amenities like pools, fitness centers and communal spaces.
CONSTRUCTION AND DEVELOPMENT
Krusinski Construction Co. completed two build-outs for Santa Monica Seafood totaling 58K SF. The 33K SF Thornton facility and 25K SF Elkridge, Maryland, facility were transformed into seafood processing spaces featuring advanced refrigeration systems and specialized floors to support nationwide deliveries.
PEOPLE
Ambrose Property Group hired Matt Borner as a development manager to oversee projects for its national build-to-suit and speculative development teams. Based in the Denver market, Borner previously worked at Arco/Murray, Ware Malcomb, AtkinsRéalis and Granoff Architects.
THIS AND THAT
Denver City Council unanimously approved Denver's 2025 budget, the first in three years to pass without amendments. The $1.8B budget allocates $60M for nearly 1,400 affordable homes, $58M for economic development and small-business support, and $23M for eviction prevention.
