KPR Enters Denver With $57M Retail Acquisition

KPR Facilities has bought College Hills, a 210,000-square-foot grocery-anchored heart. The $56.5 million acquisition marks the corporate’s entrance into Denver’s retail market.

Institutional Property Advisors brokered the off-market transaction, with Govt Director Tom Lagos engaged on behalf of the client. SITE Facilities offered the asset, in line with CommercialEdge information.

On the time of the deal, the retail heart was one hundred pc leased. The tenant roster boasts a various vary of outlets similar to King Soopers, Michaels, Marshalls, Workplace Depot, AT&T, PetSmart, Nice Clips, 5 Under, Financial institution of the West, Ulta Magnificence, Mika Sushi, Starbucks Espresso and Chick-fil-A, amongst others.

College Hills encompasses six buildings unfold throughout some 20 acres. Initially a strip purchasing heart inbuilt 1953, the property confronted decline however was revitalized within the Nineteen Nineties. College Hills Inc. acquired the land in February 1995 and a three way partnership between Goldberg Property Associates and Greystone Realty Corp. bought the asset in July 1996. The redevelopment was supported by the Metropolis and County of Denver, Metropolis Council, neighborhood teams and DURA.

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Positioned at 2750 S. Colorado Blvd. within the Glendale submarket, the purchasing heart serves round 420,000 people inside a 5-mile radius of the middle, with the common family revenue of roughly $130,000, in line with KPR. Attributable to its location in a wholesome market, the middle recorded greater than 3.6 million guests per yr.

Lively in 18 states, KPR Facilities owns roughly 10 million sq. ft of owned and self-managed properties. This yr, the corporate bought a 1.5 million-square-foot retail portfolio in Florida and the Midwest for $180 million. Kimco Realty Corp. offered the eight belongings.

Denver’s wholesome retail market

Denver’ retail market developments maintained stability this yr. Through the second quarter of 2024, the metro sustained a low emptiness price of 4.6 %, regardless of the restricted availability of house for tenants, in line with a Colliers report.

The typical asking price elevated to $19.06 per sq. foot, whereas funding slowed, reaching $351 million by mid-2024, in line with the identical supply. Round 121,000 sq. ft of retail house was delivered within the metro space within the second quarter, with over 468,000 sq. ft at the moment beneath development.