Thursday, September 18, 2014

Grocery-Anchored Shopping Center in Littleton, CO Sells for $12.35 Million


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.”

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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