GlobeSt.com
DENVER CO-The 138,334-square-foot Mission Commons Shopping Center in nearby Westminster has sold for $14.5 million, according to brokers from the local office of Marcus & Millichap who negotiated the sale. The center, at the at northwest corner of West 88th and Wadsworth Boulevard, a six-lane highway, is 89% occupied by a mix of national and local retailers, including anchors Sears Outlet, Big 5 Sporting Goods and Bally Total Fitness.
The property, which was built between 1983 and 2006, was listed by senior vice president Garrette L. Matlock, senior director of the Marcus & Millichap National Retail Group, along with Jon D. Hendrickson, senior associate and member of the national retail group. The property attracted multiple offers, primarily from private investment groups.
The buyer, a locally based private investment group, acquired the center from a Colorado-based private investment group and assumed a $12 million loan in the mid-5% interest range with four years remaining before maturity. The sale included a $150,000 credit to the buyer toward maintenance.
The center is situated on a 14.68-acre site and is in a market area with an average household income of more than $73,000 per year within a one-mile radius, with traffic counts averaging more than 60,000 vehicles per day. One of the anchors, Bally Fitness, has emerged from bankruptcy and reaffirmed its lease. Other tenants include the Hoffbrau Bar and Restaurant, Souper Salad, Wild Birds, Long John Silvers, America’s Best Contacts, Beauty Supply and Great Clips.
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