When Aspen Grove opened its doors in November 2001, it was heralded as one of the first open-air “lifestyle” centers in the Denver area.
The center, which was designed by Chicago-based Anthony Bellluschi Architects on 32.7 acres at 7301 S. Santa Fe Drive in Littleton, also was one of the first major retail developments near a light-rail stop.
One developer at the time said one way to think about Aspen Grove is as a Park Meadows without department store anchors.
Tenants include a movie theater, an Apple store and even a Tattered Cover bookstore.
Now, its original developer, Ohio-based DDR, has sold Aspen Grove.
The nine-building center with 266,970 square feet of space, was purchased by the Gerrity Group of Solano Beach, California, for $82 million.
The sales price equates to $307.15 per sf.
The center’s tenants generated $5.99 million in rent, which equates to about $224 in sales per sf.
Aspen Grove serves a high demographic area.
There are 7,134 people within a 1-mile radius with an average household income of $105,844, according to Gerrity Group’s website.
Within a 3-mile radius, there is a population of 83,285, with an average household income of $96,646.
The single-largest tenant at Aspen Grove is the Alamo Drafthouse Cinema with 31,693 sf. Some other tenants at Aspen Grove include:
• Pier One Imports, 10,523 sf
• The Gap, 10,762 sf
• Pottery Barn, 10,007 sf
• Talbots, 9,376 sf
• Kirkland’s, 8,839 sf
• Tattered Cover, 8,005 sf
• Apple Store, 6,281 sf
• Ulta Beauty, 8,740 sf
• Banana Republic, 8,089 sf
• Eddie Bauer, 5,536 sf
• Williams-Sonoma, 5,225 sf
• Lane Bryant, 5,280 sf
• Ted’s Montana Grill, 4,495 sf
• The Bistro at Aspen Grove, 4,165 sf and
• A 1,600-sf Starbucks.
Even today, Aspen Grove is practically in a class of its own, said John Winslow, principal of Winslow Property Consultants.
“This is a very unique shopping center that sets itself apart from a lot of other centers,” Winslow said.
“With parking to the south of the buildings, it really has pretty easy access and it has a great mix of tenants,” he said.
“It really is a great shopping center.”
