SoCal Investor Snaps Up Arvada Shopping Center
Retail has recovered so strongly in Denver that investors are looking away from the urban core for deals—especially to places where growth seems primed because of new connections to the RTD. Arvada is one such market, with the Gold Line coming next year. Recently Starboard Realty Advisors of Irvine acquired the 83k SF Arvada West Town Center at 14455-14715 West 64th Ave, shadow-anchored by a Walmart, from a Colorado LLC.
“This type of retail asset is a relatively low-risk option for investors due to the high-exposure location, diversity of corporate and regional tenants, and a strong traffic-driving anchor like Walmart,” says Hanley Investment Group SVP Kevin Fryman. Kevin and president Edward Hanley repped the buyer and the seller.
Built in the early 2000s, the center is 89% occupied, mostly with national and regional chains. The property presented an opportunity to acquire a center with “below-market ground leases and upside potential through leasing up,” says Starboard partner and CEO William Winn.
As for Arvada, local growth is anticipated with the opening of the Gold Line next year. The line will originate at Union Station Downtown and include such local stations as Arvada Gold Strike, Olde Town Arvada and Arvada Ridge.