A portion of the Standley Lake Marketplace retail center recently sold in an online auction sale for $3.34 million.
A private investor out of Colorado Springs purchased the property comprising 55,446 square feet and 21 retail suites, eight of which were vacant (45 percent) at the time of sale, at 8393-8533 Church Ranch Blvd. in Westminster.
The sale didn’t include three large retail spaces located within the marketplace, including the Scandinavian Designs store at 10180 N. Wadsworth Parkway as well as the future Vasa Fitness center.
“A high vacancy rate can be cause for concern, but in this case it didn’t tell the whole story. We knew the average retail vacancy rate in the area was strong and that Standley Lake Marketplace was preparing to announce that Vasa Fitness was backfilling the vacant anchor space formerly home to a Safeway grocery store. So, in this case, high vacancy equated to tremendous valueadd potential,” said Matthew Henrichs of CBRE Capital Markets, National Retail Partners, in Denver.
Henrichs and Brad Lyons of CBRE Capital Markets, National Retail Partners represented the seller, an undisclosed entity.
“We are seeing a resurgence in investors aggressively pursuing value-add opportunities in Colorado. True value-add has been hard to come by in the retail arena over the past three years. However, the recent wall of maturity of CMBS loans is slowly adding inventory to the market. Investors with patient money and cash on hand are poised to take advantage of such opportunity.”
Constructed in 1999, Standley Lake Marketplace is situated on 5.07 acres near the intersection of Church Ranch and Wadsworth.
Current tenants include Papa Murphy’s, Cost Cutters, H&R Block, Edward Jones, Pizza Hut, Jenny Craig, Rocky Mountain Integrative Academy, Trinity Chiropractic, Desert Sun Tanning, We Kick Inc., Nail Avenue, Standley Lake Marketplace Liquors and Westminster Calvary Church.
CBRE was hired to facilitate the auction in conjunction with Ten-X, an online real estate marketplace.
“Auction sales do not always involve listing brokers, but in this case engaging CBRE meant we were able to create additional interest in the property, hold site tours and help potential buyers understand the property fundamentals,” added Lyons. “Considering the value-add potential of this investment, it was critical to be able to tell the property’s complete story.”
