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.
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.
