An established shopping center in Conifer recently sold at a price topping $10 million.
DCP Conifer LLC paid $10.58 million, or $122.03 per square foot, for Conifer Marketplace, an 86,659-sf center at 10853 U.S. Highway 285, with direct access and visibility from Highways 285 and 73.
Multiple offers were received on the asset from Colorado buyers as well as multiple out-of-state buyers from across the country – California, Ohio, New York, Florida and Washington, noted Chris Wiedenmayer of Legend Investment Group.
“The buyer ended up being an in-state group that really understands the Conifer market and sees the value of buying a stabilized retail center in a high-barrier-to-entry market,” explained Wiedenmayer, who, alongside Peter Peluso of Legend Investment Group, a division of Legend Partners, listed the property for seller Conifer Retail LLC.
Built in 1984 and renovated in 2012, Conifer Marketplace is anchored by Staples, O’Reilly Auto Parts and Anytime Fitness plus a wide range of additional national and local retailers.
Legend Partners also assisted in the leasing up of 12,500 sf at the center to Evergreen Mountain Sports and Colorado Furniture, which considerably increased the value of the center during its marketing, added Wiedenmayer.
Matt Call and Heather Taylor of NavPoint Real Estate Group represented the buyer in the transaction.
At the time of sale, Conifer Marketplace was 91 percent occupied. The center boasts an average household income greater than $117,000 in a 5-mile radius of the property and is a high-barrier-to-entry market due to a limited number of developable parcels, costly mountain topography and limited access to infrastructure.
