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Denver Power Center Sells for $57M

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The property previously traded for $42.2 million in 2019. The post Denver Power Center Sells for $57M appeared first on Commercial Property Executive.

aerial image of Quebec Square — Quebec Square comprises 11 buildings. *Image courtesy of JLL Capital Markets*

ALTO Real Estate Funds has sold Quebec Square, a 207,611-square-foot retail power center in East Denver. Big Ben Private Real Estate I LP, a RRNW Group fund managed by Capital Asset Management, purchased the asset for $56.7 million.

Wells Fargo Bank provided a $38.9 million loan for the transaction, according to CommercialEdge data. JLL represented the seller.

ALTO had acquired the power center for $42.2 million back in 2019, financing the purchase with a $28 million loan from Goldman Sachs, CommercialEdge also shows.

Built between 2002 and 2003, Quebec Square encompasses 11 buildings spread on some 22 acres. Due to its location and tenant roster, the property has approximately 3.4 million annual visits.

Shadow-anchored by Walmart, Home Depot and Sam’s Club, Quebec Square features a diverse mix of regional and national tenants such as Ross Dress for Less, Office Depot, PetSmart, Big 5 Sporting Goods, Game Stop, Famous Footwear, Five Below, Crumbl Cookies, Arby’s and Domino’s Pizza, among others.

Located at 7506 E. 36th Ave., the shopping center is near the intersection of Quebec Street and Interstate 70, in an area where the daily traffic count reaches around 245,000 vehicles. The retail property serves 125,500 residents within a 3-mile radius, with the average household income of approximately $153,252, according to JLL.

Managing Director Jason Schmidt and Director Austin Snedden led the JLL Capital Markets team that represented ALTO.

A mixed bag for Denver’s retail scene

Denver’s retail market trends reflected mixed tendencies in the first quarter of this year. Investment sales reached $210.5 million, outpacing the $166.4 million recorded in Q4 2024, according to a recent CBRE report.

Meanwhile, the metro saw negative absorption and an availability rate of 4.9 percent—a 10-basis-point increase over the quarter, but a 10-basis-point decrease compared over the year. Average asking rents rose to $21.65 per square foot in Q1, marking the highest level in the past five years.

The post Denver Power Center Sells for $57M appeared first on Commercial Property Executive.