A California-based privately held owner and operator of retail properties in the western United States grew its Colorado portfolio with the purchase of Highpoint Marketplace.
Gerrity Group paid $24 million for the Safeway-anchored center at 18870 E. Hampden Ave. in Aurora. The grocery-anchored neighborhood shopping center comprises 113,833 square feet.
“There was quite a bit of interest in the property as there have been very few grocery anchored centers that have sold in Colorado in 2018,” explained Jason Schmidt of JLL, who represented the seller, CNA Enterprises Inc., with JLL’s Patrick Devereaux.
Additionally, “It’s rare to find a Safeway on a lease and to find the opportunity to create a little value,” added Schmidt.
Built in 2001, Highpoint Marketplace was 90 percent occupied. In addition to Safeway, the center also is home to tenants such as Wendy’s, H&R Block, Edward D. Jones, Core Power Yoga and Great Clips.
Gerrity Group also owns Aspen Grove and Jefferson Marketplace in Littleton.
The company acquires, leases and manages neighborhood and community retail real estate in partnerships with institutional investors. In addition to its Colorado properties, Gerrity also invests in major metropolitan areas in California, Washington, Oregon, Nevada and Arizona.