Out-of-state buyer acquires Littleton shopping center
A Safeway-anchored shopping center in Littleton recently traded between two out-of-state investors.
Phillips Edison, based in Cincinnati, purchased Roxborough Marketplace, the 44,230-square foot shopping center at 8355 N. Rampart Range Road, from Toronto-based seller Slate Asset Management. According to CoStar data, the property traded for $18.35 million. Brad Lyons and Tim Richey of CBRE represented the seller. The buyer’s representative was undisclosed.
Built in 2004, Roxborough Marketplace includes one anchor big-box building, three multitenant buildings and three developed pad sites, including one fuel pad. In addition to Safeway, the property is home to other national retailers, including Dominos, Sonic Drive-In and Chase Bank. According to CoStar data, the center is approximately 90% occupied.
Located at the intersection of North Rampart Range and Waterton roads, the property is only a few miles from both Roxborough State Park and Chatfield State Park. It also sits across from the new, 3,400-acre Sterling Ranch master-planned community, providing walkable access to grocery, banking and dining services for the approximately 33,000 residents living at the community.
“Roxborough Marketplace offers the only full-service grocery store within 5 miles, making it the main retail destination in the area for groceries and daily needs. The property has stable historic occupancy and it offers value-add potential through the lease-up of vacant space and the development of additional pad sites,” said Lyons.
Featured in the November 4-17, 2020, issue of CREJ
