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| Willow Run Shopping Center, 12900--12910 North Zuni Street, Westminster, CO |
IRVINE, CA– Faris Lee Investments, the nation’s largest
retail-specialized investment advisory firm, has completed the $10.8 million
sale of Willow Run Shopping Center located at 12900-12910 N. Zuni Street
in Westminster, CO, a northwest suburb of Denver.
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| Richard Chichester |
Built in 2000 and situated on nearly 11 acres, the
91,565-square-foot property was 80 percent leased at the close of escrow and
includes grocery store anchor tenant, Safeway, as well as Allstate, Subway and
neighborhood retailers.
Other outlying tenants at the center that weren’t part of the
sale included JPMorgan Chase, Conoco Philips, and McDonalds.
Richard
Chichester, Jeff Conover, and Tom Chichester of Faris Lee
Investments represented the seller, TNP SRT Willow Run, LLC from San Mateo,
Calif. Shaun Riley of Faris Lee
Investments represented the buyer, Denver-based Gart Investment Company. The
closing cap rate on the property was 6.56 percent.
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| Tom Chichester |
With strong
surrounding demographics, a well-designed site plan, success of other nearby
retail centers, and a good physical appearance with minimal deferred
maintenance, Faris Lee’s market analysis of the property identified that the
missing ingredient in turning the center around was a proactive owner and
property manager with experience in the Colorado market.
“Faris Lee’s
marketing strategy was to target local Colorado-based investors/owners who understood
the immediate area. With a history of ownership in the Colorado market, Gart
Investment Company was at the top of our list of investors we believed would
see the value in the asset and proactively utilize its tenant and management
relationships to fully maximize the investment,” said Conover.
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| Jeff Conover |
“Willow Run offered
the buyer a property well below replacement cost at a low price-per-square-foot
of $118,” added Riley. “Additionally, the buyer appreciated the upside
opportunity through leasing the 20 percent vacancy, creating potential for
additional cash flow and added value.”
Willow Run Shopping
Center is strategically located at the signalized, hard corner intersection of
N. Zuni Street and W. 128th Avenue. There are more than 245,000 consumers and
67,500 daytime employees within a three-mile radius of the property. It is also
near Home Depot, Kohl’s, Staples and Petco.
For a complete copy
of the company’s news release, please contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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