Kings Valley Marketplace in Conifer trades hands for $7M
A shopping center in Conifer sold for $7 million to a Colorado based buyer.
Kings Valley Marketplace LLC purchased Kings Valley Marketplace, the 55,300-square-foot retail center at 30403 Kings Valley Drive, from seller Kings Valley MCIF LLC. Heather Taylor and Bart Connolly of Impact Commercial Real Estate represented the buyer. The seller was unrepresented. Impact Commercial Real Estate handles leasing at the property.
Approximately 10 tenants occupy the two-story shopping center, including Conexsmart, US Forest Service, Leaderone Financial, Kings Valley Emporium, The Hemp Collective and Peaceworks as well as Kum & Go on a ground lease. According to public records, rents range from $11 to $14 per sf, and the retail and office suites range from 500 to 4,000 sf.
Taylor said the diverse tenant mix and stable rent roll made the asset a “viable purchase” for the buyer. Another draw was the building’s high interior and exterior quality. Built in 2008, Taylor said the property has been well maintained and only will need small improvements as tenants need them. She said the buyer has no major renovations planned.
The property is located on the south end of Conifer. It’s accessible by a population of 48,143 within the surrounding 10 miles. It also offers ample parking in a front and back lot as well as access from U.S. Highway 285, which according to the property listing sees an average traffic count of more than 20,000 cars per day.
Featured in the August 19-September 1, 2020, issue of CREJ
