Harvest Junction retail center sees broad investor demand

Harvest Junction
Harvest Junction is fully leased to tenants that include Best Buy, Dick’s Sporting Goods, Marshalls, Ross Dress for Less, Bed Bath & Beyond and many others.

A full spectrum of investor types took a look at buying the Harvest Junction retail center in Longmont, which records show sold for $61.15 million, or $166.20 per square foot.

A partnership of Chicago based private equity real estate firm Walton Street Capital LLC and Alberta Development Partners, a Greenwood Village based developer and investor, purchased the 367,918-sf center. RPT Realty sold Harvest Junction, which was fully leased at the time of the sale.

“The sale demonstrates the continued investor appetite for well-located, high performing retail real estate in the greater Denver area,” said Holliday Fenoglio Fowler Director Chad Murray, who represented the seller with HFF Director Aaron Johnson and Managing Director Barry Brown. “There was a ton of activity, especially for a power center in today’s market. It ran the gamut – pretty much every investor type was looking at it,” Murray said.

Harvest Junction sits on 46.15 acres of land at 205 and 210 Ken Pratt Blvd., the main east-west corridor between Longmont and Interstate 25. It is situated on the north and south sides of Ken Pratt Boulevard.

Major tenants in the center, completed in 2006, include Dick’s Sporting Goods, Marshalls, Ross Dress for Less, Best Buy, Bed Bath & Beyond, Michaels, Staples, Petco, DSW and Dollar Tree.

There reportedly were multiple offers for the property.

“Harvest Junction is a dominant center in a rapidly growing area north of Denver, making it a great addition to the buyer’s portfolio in the market,” Murray commented.

Featured in CREJ’s Feb. 6-19, 2019, issue

Jill Jamieson-Nichols has been an Editor with the Colorado Real Estate Journal for more than 15 years, providing coverage of office, industrial, hospitality and mixed-use development news in the Denver metro area, plus all property types in Northern Colorado, Boulder County and along the Highway 36 corridor. Prior to joining CREJ, Jill was Editor of Golden's community newspaper, The Golden Transcript. Jill earned a bachelor’s degree in mass communications from Colorado State University-Pueblo. When she's not keeping you up-to-date on the latest happenings in Colorado's commercial real estate market, Jill can be found cross-country skiing, exploring the outdoors with her dog, playing piano, reading, or hanging out with family and friends.