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| Jon Hendrickson |
LITTLETON, CO – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, announced the sale of Kipling Marketplace,
a 90,124-square-foot, grocery-anchored shopping center located 15 miles
southwest of downtown Denver in Littleton, Colo.
The $12,350,000 sales price equates to $137 per square foot.
Jon
Hendrickson, vice president investments in Marcus & Millichap’s Denver
office, represented the seller, an-out-of-state pension fund advisor, and the
buyer, Phillips Edison and Co.
“Kipling
Marketplace is an established, Safeway-anchored shopping center with value-add
characteristics,” says Hendrickson. “The property is a true neighborhood
shopping center, has strong surrounding demographics, and is located at a
vibrant intersection that will continue to make the property a viable shopping
center for many years to come.”
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| Kipling Marketplace, Littleton, CO |
The center is located at the northwest corner of South
Kipling Parkway and West Belleview Avenue at 5005 South Kipling St. in
Littleton. Average household income within a one-mile radius is $92,500 and
15,500 people live within a mile of the property.
Built in 1983 on almost 11 acres and substantially renovated
in 2009, Kipling Marketplace features three multi-tenant buildings, the Safeway
and a Safeway fuel pad site. At the time of the sale, the property was 94
percent leased to 18 tenants.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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