Armstrong Capital Development LLC made its second retail purchase along the Front Range since December with its purchase of Arvada Connection.
The Denver-based private equity real estate investment, development and management company paid $17.5 million for the approximately 54,000-square-foot center at 5220 Wadsworth Blvd. in Arvada.
“We are very pleased to have invested in the Arvada market, an area that was particularly attractive to us owing to its strong demographics, exceptional growth and commercial vitality,” said Jarrett Armstrong, partner at ACD. The acquisition of the center, he added, furthers the firm’s growing portfolio of retail centers while advancing its strategy of acquiring well-located, e-commerce-resistant assets that provide a compelling balance of reliable income and additional development opportunities.
“In Arvada Connection, we immediately recognized an outstanding fit with our investment approach. From location and access to quality of tenancy and overall performance, it checks every box.”
ACD purchased the property from Walton Street Capital and Pine Tree Commercial. Brad Lyons and Matthew Henrichs of CBRE represented ACD in the transaction. The sellers retained ownership of the West and North Shops at Arvada Marketplace, which is adjacent to Arvada Connection.
Plans by ACD at Arvada Connection include refreshing the center with upgraded site work, improved monument signage and unified artistic enhancements.
“We are well-positioned to leverage our resources to realize the full potential of this acquisition and have high expectations for this property going forward,” added Armstrong.
At the time of sale, Arvada Connection was 95% leased to a mix of national, local, and community-oriented and personal service retailers. Tenants include Chick-fil-A, Chase Bank, Taco Bell, IHOP and SherwinWilliams. Its location fronting Wadsworth provides the center, comprising strip space and four outparcels, with visibility to more than 80,000 vehicles a day and neighbors major retailers such as Costco, Sam’s Club, Home Depot and Lowe’s.
Mike DePalma and David Dobek of SullivanHayes Brokerage are the exclusive listing agents for Arvada Connection.
In December, ACD purchased Sand Hill, a 10-acre Class A retail center currently under construction in Colorado Springs.
