It was a high price for The Shoppes at Highpointe.
The retail center at Interstate 25 and East Hampden Avenue – at one of the highest elevations in Denver – recently sold for $15 million, or $614.70 per square foot.
“The strong interest and price execution is a testament to the strong real estate fundamentals and quality of product that was developed here by D.H. Friedman Properties. Mr. Friedman built this property originally as a legacy asset,” Riki Hashimoto of Newmark Knight Frank said of the center.
The 24,402-sf center also benefits from its strong visibility, good access and high-profile tenant roster, which drew a great deal of interest from private and institutional investors, added Hashimoto, who represented the seller with Newmark Knight Frank’s Dan Grooters.
Friedman Properties built the asset in 2012 and sold it to an institutional buyer, Sun Life Assurance Company of Canada, according to public records, for a separate client account.
The fully leased center is home to tenants including Panera Bread, Sprint, Cricket Wireless, Shred415, Smashburger, Elements Massage, Santiago’s, Milk & Cake, Firehouse Subs, Kung Fu Tea and Taziki’s Mediterranean Grill.
The four-building retail center is part of the mixed-use Highpointe project, developed on the site of what was the first full-service Marriott hotel west of the Mississippi River, that also includes the Veranda Highpointe apartments and the HighPointe Assisted Living & Memory Care.