Centennial Shopping Center sells for $17.9M

The sale included not only the King Soopers but also the inline shop space, which is home to tenants including T-Mobile, Great Clips, H&R Block, Pet Supplies Plus, Hand & Stone Massage & Facial Spa, Little Caesars Pizza and Perfect Teeth.

A national real estate investment trust that owns and operates a portfolio of open-air shopping centers recently purchased a King Soopers-anchored center in Englewood.

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Brixmor paid $17.9 million for the Centennial Shopping Center at 5050 S. Federal Blvd., according to public records. Centennial S C LLC was the seller.

The 113,660-square-foot center included King Soopers – a rarity in today’s market.

“It’s certainly hard to find a high-performing Kings on lease,” said Brad Lyons of CBRE, who handled the sale with CBRE’s Mike Winn and Tim Richey. Additionally, a number of offers were made on the property due to the scarcity of a grocery-anchored center like this, added Lyons.

The sale included not only the King Soopers but also the inline shop space, which is home to tenants including T-Mobile, Great Clips, H&R Block, Pet Supplies Plus, Hand & Stone Massage & Facial Spa, Little Caesars Pizza and Perfect Teeth. At the time of sale it was around 94% occupied.

Brixmor is anticipated to hold Centennial Shopping Center for the long term and upgrade the merchandising mix. King Soopers recently renovated its store at the center, where a number of renovations have taken place over the years.

The center also is located a little more than a half-mile from U.S. 85 at Federal and East Belleview Avenue, is surrounded by an average household income of $82,000-plus within a 3-mile radius and the King Soopers draws an average of 33,340 customers per week.

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Featured in CREJ’s July 17-August 6, 2019, issue

Jennifer Hayes has been an editor with the CREJ since 2000. Jennifer covers multifamily and retail news in the Denver metro area plus all property types in Colorado Springs and Southern Colorado. She also covers the finance market as well as solicits bylines articles and is editor of the Health Care Properties Quarterly. Before joining…