Marcus & Millichap Brokers Shopping Center Portfolio Sale

by Avalon Jacka published by Colorado Real Estate Journal

METRO DENVER – A two property portfolio of neighborhood shopping centers in the southwest metro area has sold for $11.2 million. Local investment firm Sidford Capital purchased the Athmar Park Shopping Center, located at 1865-2935 W. Mississippi Ave. in Denver, and the SouthPark Shopping Center, located at 131-151 and 201-215 W. County Line Road in Littleton. The portfolio totals 111,142 square feet.

The 58,204-sf Athmar Park Shopping Center is situated 5 miles from the central business district. Anchored by Family Dollar, the property was 77.5% occupied at the time of sale.

The 52,938-sf SouthPark Shopping Center is located within an affluent suburb just north of the Broadway exit of C-470. The property, which is shadow anchored by Dollar Tree and Goodwill, was 84.5% occupied at the time of sale. Ryan Bowlby and Drew Isaac of Marcus & Millichap Denver office had the exclusive listing to market the property on behalf of the undisclosed seller, a Southern California-based private investor. Bowlby and Isaac also procured the buyer.

“Neighborhood retail has proven to be one of the most sought-after sectors by commercial real estate investors today,” said Bowlby. “We generated a total of 10 offers on either or both properties, at a time when most commercial real estate investors were on the sidelines. While each asset has its share of deferred maintenance, these types of value-add retail centers are in short supply, particularly in the Denver metro area.”

Sidford Capital’s “boots on the ground” investment strategy focuses on adding value to retail, office/warehouse, manufacturing and storage space, a press release said. The firm does its own property management and general contracting, as well as most of its property leasing, with an in-house team, according to its website.