Update: HFF announced the sale of this property on July 24, 2017. For a list of commercial real estate properties currently on the market, please click here.
Holliday Fenoglio Fowler, L.P. (HFF) is marketing for sale Willow Creek Shopping Center, a 163,412-square-foot neighborhood retail center in the Denver-area community of Centennial, Colorado. The real estate investment sale listing consists of three buildings and four freestanding pad sites (two are not included in the sale). Willow Creek Shopping Center presents a unique opportunity to acquire a neighborhood center that spans 21.391 acres and provides investors upside through the leasing of vacant space, including anchor and junior anchor spaces.
Originally built as a grocery-anchored shopping center in 1984, Willow Creek is an exceptional value-add opportunity that is currently 80.1 percent leased to 21 tenants. The retail center for sale was previously anchored by Safeway, but the store was one of nine in Denver that were closed as part of an overall market downsizing at the end of their lease term in 2015. A 15-year lease was recently signed by Vasa Fitness to backfill the Safeway space. Additionally, during the time the Safeway space was vacant, loss of shop space tenants was limited and reported sales remained at prior levels or increased. The ability to attract new tenants as well as retain existing tenants demonstrates the high quality of the commercial real estate listing.
The property is currently zoned for CG, which allows for commercial and mixed-use development. Willow Creek Shopping Center’s location on the northeast corner of Quebec Street and County Line Road, which, with a combined traffic count of more than 75,000 cars a day, makes it one of the busiest intersections in the area and the property suitable for a number of uses. The opportunity to work on obtaining government approvals while still collecting a consistent cash flow makes this an attractive redevelopment opportunity.
The retail property for sale is situated in the South Retail submarket just north of the approximately 20,000-acre Highlands Ranch master-planned community and a block north of one of only four Highlands Ranch’s access points to the C-470, one Colorado’s busiest highways with more than 115,000 cars a day. The center is strategically located to benefit from one of the highest-demographic populations in the state, and the surrounding area boasts a high concentration of upscale and affordable housing, making the South submarket one of the most desirable in the city.
Investors may bid on Willow Creek Shopping Center exclusively through RealINSIGHT Marketplace’s online auction site beginning on Monday, May 15, and ending on Wednesday, May 17. For more information on this commercial property for sale or other retail properties for sale in the Denver area, please contact Jules Sherwood, Chad Murray or Mark Williford in HFF’s Denver office. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.