It was a “landmark” of a sale in Greenwood Village.
Sperry Equities, a California based full-service commercial real estate investment and management company specializing in the repositioning of underperforming real estate, acquired 170,000 square feet of retail space at The Landmark for $33.2 million. “It’s an asset that’s unique in and of itself.
It’s an entertainment- and restaurant-driven property,” noted Matthew Henrichs of CBRE, who brokered the sale with CBRE’s Mike Winn, Tim Richey and Brad Lyons.
The Landmark also is unique because of its history.
EWP-GV, an affiliate of East West Partners, took over as receiver of The Landmark property in November 2013, including the two residential towers and retail component, which included The Landmark Theatre as well as a variety of restaurants and boutiques.
“We assumed the role of receiver at The Landmark when the existing construction loans were purchased by GV Holdings LLC. The retail component of The Landmark was acquired alongside the remaining unsold residences and it was always our intention to refresh, renew and revitalize the property, and make it into a compelling investment for a long-term investor,” said Amy Cara, partner at East West Partners overseeing The Landmark. “It was a tight field of prospective buyers, but we felt that Sperry Equities had a great perspective on this center as an example of the new view of retail that focuses on dining and entertainment uses.”
Continuum Partners led an aggressive leasing effort, followed by Sognare Partners, with whom East West Partners engaged to oversee commercial leasing that boosted The Landmark’s tenant roster. New businesses to the retail center at 7600 Landmark Way include Onus iV Hydration, Early Bird Restaurant, Espresso Americano, Scissors & Scotch, CycleBar, Upstairs Circus, The Palate Food + Wine Bar and Bad Daddy’s Burger Bar.
At the time of contract, the retail component was 71 percent leased; however, the seller’s leasing momentum through the contract process brought the property to approximately 80 percent at the time of sale, added Henrichs.
“East West Partners did a phenomenal job changing the overall appeal of The Landmark and a great job of building leasing momentum,” said Henrichs. More than 10 offers were received on the property, which was purchased as a value-add play.
The sale of the majority of The Landmark’s retail space (Comedy Works owns its space) included a vacant pad with signage rights and Interstate 25 frontage that can accommodate up to 10,000 sf.
East West Partners also sold the final two residences at The Landmark in April, bringing total sales volume for the 107 unsold units to $85 million with an average sales price of $811,450 – more than a 20 percent increase over average sales values when the loans were acquired.
Sperry Equities plans for additional investment in the property and will continue to build on the investments made under East West Partners. Several new leases are being negotiated.
With the acquisition, Sperry Equities owns seven properties in the Denver area.
