CentrePoint Buys Shopping Center Near Denver for $26M

CentrePoint Properties has snapped up a 76,000-square-foot shopping center west of Denver for $25.5 million.

The Denver-based investor bought the Edgewater Public Market at 5505 West 20th Avenue, five miles from Denver in Edgewater, the Denver Business Journal reported.

The seller was LCP Development, a sister firm of LCP Management, based in Denver. The deal works out to $336 per square foot.

In 2019, LCP created the shopping center by redeveloping a former King Soopers building.

The Edgewater Public Market has 16 restaurants, a brewery, a cocktail bar and 17 shops, nearly all of which are independently and locally owned. It also has three buildings that house a Shake Shack, Syrup, Veterinary Emergency Group, Adelita’s Cocina y Cantina and four fitness centers.

It hosts a Monday Night Movie series from July to October, live music, special events around most holidays and bi-monthly pop-up markets.

A CentrePoint executive called it “the centerpiece shopping and dining destination” in the neighborhood.

“We believe Edgewater Public Market stands as one of the best market halls in Colorado,” Tucker Manion, CEO of CentrePoint, said in a statement. “The LCP team has done a tremendous job with the redevelopment, creating a vibrant and inviting space for the community.”

Visitors to the Edgewater Public Market will not see immediate changes, according to CentrePoint.

Centrepoint, founded in 2008, is an opportunity-focused real estate firm active in Colorado and Arizona, with more than $400 million in assets under management, according to the company. The Edgewater Public Market is the third addition to its Fund I portfolio.

— Dana Bartholomew