JCR Enters Colorado, Buys Denver Shopping Center
JCR Cos. has entered Colorado with the $26.7 million purchase of Promenade at Highlands Ranch, a 136,521-square-foot retail center in Highlands Ranch. Grant Street Funding provided a $18.2 million acquisition loan, public records show.
The previous owner, Dana Investments, had purchased the retail asset back in 2005 for $14.3 million, according to CommercialEdge data. Institutional Property Advisors brokered the current transaction.
Promenade at Highlands Ranch came online in 1986. Its tenant roster includes a diverse mix of retailers such as State Farm, Club Champion Golf, Bike Source, Carpet Mill, Fitness Gallery and Taste of Philly, among others.
IPA Senior Director Ryan Bowlby and Senior Managing Director Drew Isaac represented the seller and procured the buyer.
Denver’s retail slowdown
Located at 2660-2690 E. County Line Road, the retail center is near the intersection of State Highway 470 and University Boulevard, which allows easy access across the Denver metropolitan area. The Promenade at Highlands Ranch is in an area where the average household income reaches $150,000 and the daily traffic count sees approximately 170,000 vehicles.
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Denver’s retail sector continued to stand firm in the fourth quarter of last year thanks to its low vacancy rates, constrained new development and robust consumer foundation, according to a Hoff & Leigh report.
However, the rising interest rates impacted the retail real estate sales and led to a slowdown. The metro’s investment volume totaled $765 million last year—below the long-term average of $1.4 billion, the same research shows. Meanwhile, approximately 380,000 square feet of retail space were under construction across Denver, representing just 0.2 percent of the total inventory.
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