TRC Retail has picked up a 75,000-square-foot shopping center in Denver for $26.9 million — a sum $2.6 million above its asking price.
The Newport Beach, Calif.-based investor led by Tim Pettit bought the Highlands Garden Village at 450-4700 West 38th Avenue, in West Highlands, the Denver Business Journal reported.
The seller was HGV Commercial, an affiliate of New York-based Jonathan Rose Companies, which developed the shopping center.
The deal works out to $359 per square foot. Brokers Robert Edwards and Tom Ethington of Blue West Capital represented the buyer and seller in the sale.
The Highlands Garden Village, built in 2006 and 2007, was listed for $24.3 million with a 6.5 percent cap rate, according to a marketing brochure.
“The property features the closest 24 Hour Fitness and Sprouts to Downtown Denver,” Edwards, managing partner of Denver-based Blue West Capital, said in a statement. “The marketing process quickly attracted offers from across the country.”
The fully occupied shopping center spans five buildings of shops and offices at Tennyson Street and 38th Avenue.
In addition to Sprouts Farmers Market and 24 Hour Fitness, the center is home to Starbucks, HealthOne, Comfort Dental and Glo Noodle House, among other local and national retailers.
The center appears to be TRC Retail’s first in Colorado. The company once known as Terramar Retail Centers, founded in 1996, owns and operates shopping centers in California, Texas and Washington, D.C., according to its website.
In March, TRC bought a 115,000-square-foot shopping center in upscale La Cañada Flintridge, near Los Angeles, for $66 million, or $594 per square foot. TRC now owns seven shopping centers in Los Angeles.
— Dana Bartholomew
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