Ramrock, Lincoln Buy Cherry Creek Retail Center
Ramrock Real Estate and Lincoln Property Co. have acquired the 78,916 SF Cherry Creek Retail Center at 4300 East Alameda Ave. in Glendale for an undisclosed sum.
Built in 1993, the Cherry Creek Retail Center is fully leased to two tenants: PetSmart and Bed Bath & Beyond. It is also shadow-anchored by one of the top-performing Super Target stores in the Denver area. Its location on the southeast corner of East Alameda and South Colorado Boulevard has traffic counts of more than 115,000 vehicles per day. The property also is about a mile from the 1M SF Cherry Creek Shopping Center, the region’s top mall.
Cherry Creek Retail Center is one of the few big-box centers along Colorado Boulevard with proximity to the Cherry Creek Mall, said CBRE Capital Markets Executive Vice President Brad Lyons, who, with Mike Winn and Tim Richey, represented seller Weingarten Realty of Houston.
Cherry Creek Retail Center is in Denver’s Colorado Boulevard/Midtown submarket, which has the lowest retail vacancy rate in the metro area at 3.9% as of the end of the third quarter — nearly half the metro average of 7.2% vacancy. The submarket also has the metro area’s highest average triple-net lease rate at $32.22/SF, compared with a metro average of $18.90.
“The location is completely built out, creating significant barriers to entry for future competition,” Lyons said. “The buyer was attracted to the huge residential densities and extraordinary wealth and spending power in the immediate trade area.”
