A fully leased Lakewood retail center sold for $5.03 million.
California-based buyer Union Walk Central LLC purchased the Union Walk Retail Center at 180 S. Union Blvd. from the Matrix Group Inc. Union Walk Retail Center comprises 11,978 square feet.
Constructed in 2006, it is home to a variety of tenants, including Bruegger’s Bagels, Floyd’s 99 Barbershop and Jimmy John’s.
“Union Walk Retail Center was a great addition to our portfolio when we acquired it in 2012,” said John Webb, co-founder and president of Matrix Group. “However, Matrix Group is shifting its portfolio to include a higher percentage of industrial and flex spaces than we have held in the past. The sale of Union Walk and purchase of Huron Business Center supports this pivotal change for Matrix Group.”
The proceeds of the sale of Union Walk Retail Center, which was owned under the Union Walk/46th Avenue LLC group, will be used as a 1031 exchange for the acquisition of the Huron Business Center in Northglenn.
Dan Grooters and Riki Hashimoto of Newmark Knight Frank represented Matrix Group in the sale, which received a ton of activity and sold at full price, noted Grooters.
The purchase represents the second acquisition by the buyer in the Denver metro market as it also owns a similar retail center.